Positive CityCenter News in Vegas
Amid gloomy reports last week of more disappointing Las Vegas visitor numbers and gaming revenues, MGM Mirage offered a sliver of promising news: the company has secured more than half of the $3 billion in financing it is seeking to complete the $9.2 billion CityCenter Project (at least Phase One of it) by November 2009.
CityCenter is now known as being the most expensive privately funded construction project in U.S. History. 8,000 construction workers and 39 cranes will be on site at the peak of construction. The project will create 12,000 new permanent jobs when it opens.
The positive news came amid a week when the Nevada Gaming Control Board reported the gaming revenues along the strip fell more than 3% for the month of June. The Las Vegas Convention and Visitors Bureau, meanwhile, reported that average daily room rates dropped 16% also in the month of June.
The first phase of the MGM Mirage CityCenter, a gargantuan, $11+ billion, 68 acre project, is under construction on the Las Vegas Strip between Bellagio and Monte Carlo. The second phase will eventually occupy the space behind and between Monte Carlo and New York New York.
CityCenter will be an ultra modern, urban environment with nicely hidden parking structures. The project will be a mini-city with its own Fire Station, an on-site power plant and lots of pedestrian space. MGM Mirage is aiming achieved LEED certification for the project as outlined by the U.S. Green Building Council. Las Vegas is one of the leading cities for incorporating Green Technology.
Larry Hayden
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posted : 7:58 AM
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