MGM Mirage has hired counsel for a possible bankruptcy filing by an $8.6 billion resort and casino development in the heart of the Las Vegas strip.

MGM Mirage, controlled by billionaire investor Kirk Kerkorian, and investment partner Dubai World appear unlikely to make a $220 million payment due Friday on City Center — a massive project under construction on 67 acres. MGM Mirage hired law firm Weil, Gotshal & Manges LLP to help prepare a possible Chapter 11 court filing for City Center, as well as to explore other options, according to people familiar with the matter.

A filing could come this weekend, depending on talks among MGM, its lenders and Dubai World, these people said. Of course, there always a possibility that any filing for court-protection could be averted if the talks lead to an agreement. MGM Mirage once saw City Center as the next step in the evolution of both the company and Las Vegas.

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