•MGM's CityCenter to Cut Prices 30% at Closing for Las Vegas Luxury Condos

Discussion in 'Economics' started by ByLoSellHi, Oct 5, 2009.

  1. This is pure desperation to keep those who can bail from doing so.

    Will it be enough should be th eonly question.


    CityCenter Announces Price Cuts of 30% at Closing
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    By Heather Burke

    Oct. 5 (Bloomberg) --
    MGM Mirage said its CityCenter Las Vegas construction project announced that a 30 percent price reduction will be offered at closing to the existing buyers of CityCenter’s three luxury residential offerings: The Residences at Mandarin Oriental, Las Vegas, Veer Towers and Vdara Condo Hotel.
    Last Updated: October 5, 2009 16:32 EDT
  2. Just think....what a GREAT place to set up a Hedge Fund office!!!

    CITY CENTER right on the strip.......very tempting....oh, the irony of a Hedge Fund in Las Vegas in the City Center and on the STRIP! :eek:

    :cool: http://www.citycenter.com/ :cool:

    Several of my trader friends know I have been talking about this for about a year now.....get into City Center and start running the automated and longer term set ups. Play a little Blackjack in the evenings and have some great entertainment and dining when ever you want....damn that would be a blast! :cool:
  3. niteowl8


    +1 Man, that would be sa-weet! :cool:
  4. OK....Here is my "City Center Trading" company mandated weekly itinerary.....

    Monday...... Monday Night Football and Poker or Blackjack after the game!

    Tuesday..... Poker or Blackjack night!

    Wednesday...... Adventure day after globex closes at 1:15 pm ( http://www.paratoyslasvegas.com/index.htm ).

    Thursday...... SHOW & Diner night ( https://boxoffice.wynnlasvegas.com/shows_info.html ).

    Friday......... CLUB Night ( http://www.bodyenglish.com/ )

    Saturday...... Play football at Spring Mountain Park or go play golf.

    Sunday........ Watch football and then go do some flying in the local area.

    :cool: :eek: :D :cool:
  5. :eek: :cool: :eek:

    Very sweet AMT
  6. S2007S


    The hype is over, MGM opening up its first hotel, adding another 1500 rooms to an already crowded 100,000+ room strip. By early 2010 all 7000+ rooms will be available. Lets see how one of the biggest projects in history plays out in one of the worst recessions in decades.

    First hotel opens at CityCenter project in Vegas

    (AP) – 4 hours ago

    LAS VEGAS — Owners of the CityCenter casino complex unveiled its first hotel Tuesday, opening the first 1,500 rooms available at the $8.5 billion development and hoping it will be a catalyst to boost Las Vegas tourism after two years of decline.

    "I will promise you that next year will be better than this year," said MGM Mirage CEO Jim Murren.

    Murren said during a short ribbon-cutting ceremony at the Vdara Hotel & Spa that after five years developing the CityCenter complex, it's time to celebrate what more than 10,000 construction workers built and what 12,000 employees will run.

    "It's going to be party central around here for a few weeks," he said.

    CityCenter is co-owned by the Las Vegas-based MGM Mirage and Dubai World, the investment arm of the Persian Gulf state.

    Most of the 67-acre project on the Las Vegas Strip is being opened in phases this month. The Crystals retail shopping mall and the 392-room Mandarin Oriental open this week, while the centerpiece Aria Resort & Casino opens Dec. 16, adding 4,004 hotel rooms to the saturated Las Vegas market. Two condominium towers will open in January, and a 400-room boutique hotel has been delayed until at least late next year.

    Competitors worry the added rooms could depress rates further in a market where many hotel-casinos have had to slash prices to keep their beds filled.

    The Vdara is a 57-story, nongambling and nonsmoking condominium hotel connected with other CityCenter features and the plush Bellagio hotel next door. Its features include a large Nancy Rubins canoe-starburst sculpture outside its front doors, and a boutique spa and salon inside with 11 treatment rooms.

    Murren acknowledged board members and billionaire investor Kirk Kerkorian, who was not present. Murren said Kerkorian and others' ability to envision a project beyond what already existed in Las Vegas made CityCenter possible.

    Kerkorian, 92, has longtime ties to Las Vegas and twice built the largest hotels in the city, but said in a statement that CityCenter may be the best project he's been a part of.

    "Of all the wonderful Las Vegas properties with which I've been associated, CityCenter is simply the most amazing," said Kerkorian, who owns a 37 percent stake in MGM. "I'm extremely excited to see the public's reaction and look forward to seeing how it changes Las Vegas."

  7. sounds like fun but you can't enjoy yourself in the evenings when the market opens at 6:30AM.