Thursday, October 30, 2008

A New City Arriving in Las Vegas

It began almost 2 years ago as the vision of individuals and a company with the drive to do what it would take to create something never seen or thought possible before. To create its vision, MGM MIRAGE selected the best urban planners and 8 of the worlds best architects to create 1,200 feet of frontage on the Las Vegas Strip. The project has now been named the CityCenter, Las Vegas’ largest development ever planned.

According to Kerzner the project will be in the design and planning phase for the next year and construction is expected to begin in 2009 with an expected completion in 2012. The new resort will take up 40 of the 78 acres of land owned by MGM MIRAGE. The project is located at the corner of Las Vegas Boulevard and Sahara Avenue. Kirk Kerzner will lead the planning and design of this project. On Aug. 22, 2007 MGM MIRAGE and Dubai World announced their intent to begin a long term relationship where Dubai World will invest approximately $2.7 billion investment in CityCenter and up to $2.4 billion in purchases of MGM MIRAGE common stock. The mega companies will enter into a 50/50 split venture in the Las Vegas CityCenter project in Las Vegas and Dubai World will acquire a significant minority equity position in MGM MIRAGE.

CityCenter will consist of residential, resort, and retail complex’s. It is currently being developed by MGM MIRAGE on the Las Vegas Strip. MGM MIRAGE owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has investments in three other properties in Nevada, New Jersey and Illinois.

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