Malinvestment or Xanadu?
When the MGM Mirage announced it was building the CityCenter project five years ago, it spurred even more development in what was then the best of times for Las Vegas real estate and gaming markets. Now the $8+ billion project is set to open in the worst of times for Sin City, and just a week after MGM's partner Dubai World requested a debt deferment.
MGM Mirage chairman and CEO Jim Murren now calls CityCenter "a giant life preserver for Southern Nevada." Working folks down on the Strip aren't so sure.
Comments (2)
HL
I vote Xanadu.
Viva Las Vegas, home of dreams.
Published: November 30, 2009 2:06 PM
Hard Rain
I was in Vegas for last year's World Series of Poker. It was my first time there and I did take note of the CityCentre which was still under construction.
The first thing that came to my mind was: "Uh oh, Skyscraper Index!"
Published: November 30, 2009 5:25 PM