Las Vegas Banking on $8.5B CityCenter to Help City Rebound
Ft. Lauderdale 12/01/2009 04:00 PM GMT (TransWorldNews)
The CityCenter, the biggest investment property in Las Vegas history, is set to open on Tuesday, according to Associated Press.
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The 5,900-room resort, which cost $8.5 billion, is a 67-acre, six-tower complex of striking hotels, gourmet restaurants, swank shops and a single casino located at the heart of the Las Vegas Strip. The crown jewel of the CityCenter, which is owned by MGM Mirage (NYSE: MGM) and Dubai World, is the Aria Resort & Casino, which has 4,004 rooms and opens Dec. 16.
The Nevada Gaming Commission hopes the CityCenter will help Nevada's unemployment, which hit a record 13.3 percent in September.
According to the Las Vegas Convention and Visitors Authority, most of about 40 projects that have been proposed or started haven't determined completion dates.
Construction started on three projects that would add 9,390 rooms to the Strip, but Boyd Gaming's $4.8 billion Echelon, the Fontainebleau Las Vegas and an addition at Caesars Palace are all on hold. The $3.9 billion Cosmopolitan casino-resort is scheduled to open next to CityCenter in September 2010, but it's now owned by Deutsche Bank (NYSE: DB) after the developers fell into foreclosure.
CityCenter will have nearly 6,800 units open early next year with 400 more hotel rooms planned.
While marketed to high-end customers, rates for a room at CityCenter on Dec. 20 start at $129 at the boutique Vdara, $149 at anchor resort Aria and $345 at the luxury Mandarin Oriental.
Aria has about as much casino space as the Bellagio next door and offers 15 places to dine. The rest of the complex has 12 restaurants, ranging from cafes to classic French cuisine by Pierre Gagnaire, a Michelin three-star chef opening his first U.S. restaurant.
There are also 670 condominium-only units opening in January and a 400-room Harmon Hotel & Spa, though it won't open until at least late next year.
MGM Mirage and Dubai World hired 12,000 workers from a pool of 175,000 applicants, calling it the largest employment opportunity in the U.S. this year. However, the end of construction at CityCenter will mean about 10,000 laborers must find other projects -- something nearly impossible in Las Vegas these days.
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