Owners of City Center Hopeful It will Turn Around Economy
MGM Mirage CEO Jim Murren said, “I will promise you that next year will be better than this year. It’s going to be party central around here for a few weeks.” Murren is talking about the new City Center casino complex that was introduced to the Las Vegas market last week. The complex opened its initial 1,500 hotel room. Overall the development is set to cost builders $8.5 billion.
Despite huge costs, the market is hoping that City Center will propel it back into a thriving economy. It’s no secret that over the past year and a half the recession has left Las Vegas in a disaster of its own. Though it once was the hub of gambling, many people were forced to cut back on their spending during the recession. That of course included gambling and vacations. Industry analysts Kevin Braiden of Bankrate.com said, “No one was spending what little cash they had on gambling! But Vegas casinos had the same expenses…with a huge decline in revenue.”
The city is also feeling the push regarding housing. The Las Vegas housing market is suffering huge numbers of foreclosures and default loans. The market is suffering greatly and jobs are difficult to find. The hopes that are resting on the shoulders of City Center’s success, are huge.
CityCenter is co-owned by the Las Vegas-based MGM Mirage and Dubai World, the investment arm of the Persian Gulf state. The facility is spread out over 67-acres and is located on The Strip. The Crystals retail shopping mall and the 392-room Mandarin Oriental opened this past week. The Aria Resort and Casino is set to open next week. It will be a premiere gaming facility for gamblers worldwide to enjoy. It will bring an additional 4,000 hotel rooms to the Las Vegas market. The facility is huge and is expected to spur the economy into growth. Owners are hoping it will bring gamblers into its doors because of its vastness and premiere gaming, shopping, recreation, spa and golfing area. “Of all the wonderful Las Vegas properties with which I’ve been associated, CityCenter is simply the most amazing,” said Kirk Kerkorian, who owns a 37 percent stake in MGM. “I’m extremely excited to see the public’s reaction and look forward to seeing how it changes Las Vegas.”
Tags: Aria, City Center, Las Vegas, opening
