City Center Hoped To Make Waves in Vegas- Part 2
In March of this year Dubai World filed a lawsuit against MGM Mirage alleging that City Center’s construction was mismanaged from the start. The lawsuit almost sent the entire project into bankruptcy, but both parties were able to come together to solve the problem just one month later. That settlement kept City Center funded and development on schedule. Murren stated, “We were able to resolve our differences once we were able to sit down and discuss the matter.” Many industry insiders believed that they would not be able to iron out differences and predicted that The City Center would be caught in limbo, sending the city into turmoil. Fortunately, that was not the case and plans are moving forward once again. Murren added, “It was like we were driving down a bumpy road in the dark with no streetlights. But we were able to work through any issues.”
Murren is calling the Aria one of the “most luxurious and technologically advanced hotels in the world” and said the resort will “set the bar for room rates in Las Vegas.” Closing sales on the high-rise luxury condominium suites won’t begin until early 2010. Also, Murren said company officials will evaluate plans for CityCenter’s Harmon Hotel next year. Work on the Harmon was halted after it ran into construction issues. The building, which had been planned for 47 stories, was topped off at 26 stories and the project’s condominium component was canceled. Murren said the building has been sealed, but it will cost at least $170 million to complete.
Gaming Commissioner Dr. Tony Alamo Jr. said “This is a 12-round fight and you’ve been beat up for six rounds. City Center is the seventh round and you’re staging a comeback.” Most officials are hopeful about the City Center and putting a lot of faith into its power when it opens early next year. They are hoping it truly is the big project needed to bring people into its doors and visiting Las Vegas again. Hopefully the casino, retail stores and high-end luxury condominiums will bring more customers in to help turn around the economy.
Tags: City Center, economy, Las Vegas
