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Las Vegas is still suffering. The recession was particularly hard on the area because of its one industry of gambling. Though gaming operators were hopeful, they have yet to see the numbers even come close to what they were pre recession. Their first order of business was to create City Center. This was a billion dollar facility that was to open with huge numbers. Originally it was hoped that City Center would be the savior of the struggling market. It is a multi-use urban complex. MGM Resorts International and Dubai World were the ones to bring the project to the city and planned huge offerings with it. There are 2,400 condominium units, 4,800 hotel rooms, a high end retail location, entertainment center, conference center and retail center for rental. Overall it was an $11 billion investment into the city. The problem is that though the city officials had a lot of hope in the building, it proved to not perform as expected.

Las Vegas official’s next wanted to go back to the drawing board and bring yet another large gambling center upgrade to their market. Now the Cosmopolitan Hotel is the center of the change. Nevada Gaming Commission officials want to push forward and get the hotel a gaming license. The casino is scheduled to open right before the holidays in December of this year. The resort has 100,000 square foot of casino space and holds just over 3,000 rooms. Though parts aren’t going to be finished until next year, it still is a lofty project that most likely is going to be instrumental in changing the market. Las Vegas officials are pushing as hard as possible to return the city to its former gaming excellence. It could take time though. Now that officials are investing so much money into its development, they are heftily hoping that the aggressive marketing they are embarking on will pay off. Only time is going to tell whether or not the moves of officials are going to pay off in the end financially. There is a lot of competition in the market right now and that is pushing against the La Vegas economy.

Las Vegas casino operators are hoping for a market turnaround. Since the recession the city has taken a hard hit. At the height of the recession the city’s unemployment rate was well into the double digits. That left thousands of area residents in financial turmoil. According to reports from Clark County, approximately 15% of people were out of work and that adds up to about 125,000. The problem with an unemployment rate that high is that it causes other problems. First of all, it causes a growth in defaults on home loans. The number of defaults in mortgage loans were up to 60% at the height of the recession for the city of Las Vegas. The high unemployment rate also meant that the economy continued to suffer because people had no discretionary funds to fuel back into the economy. It caused a lot of problems for local businesses that also struggled.

Despite the bad news, the Las Vegas casino industry is still hopeful. For example, casinos are still building promotions and taking on big-dollar endeavors. City Center was one billion-dollar project. This was built on the Strip and it brought a myriad of positive changes to the market. Shopping centers, condonium complexes, convention centers and casinos were all built up in an effort to attract new customers into the market. Thus far City Center has not been as successful as hoped, but it is still a new project. Experts are hoping that as the market continues to regulate itself, City Center will grow into what its developers had in mind in the first place.

The coming months will be telling for the casino market in Las Vegas. City officials are hoping that all the combined efforts for advertising and promotions that bring customers in, will work. They are creating deep discounts and packages for tourists who are planning on visiting. With some great discounts, Las Vegas may still be able to turn around but even experts know that it will take time for that to happen. Watch out for the discounts and take advantage of them- it is a great time to get in on the fun of Las Vegas.

The big news last year was Las Vegas’ City Center. It was a billion dollar renovation of the gambling location that promised to revamp the city. Las Vegas suffered a huge blow during the recession. Numbers were down drastically over the past eighteen months and now the entire state of Nevada is still reeling. City Center is a complex filled with movie theaters, shopping, office buildings, hotel space and gambling locations. Developers were hoping that it was going to help turn the local economy around. Unfortunately, it hasn’t. The added growth of online gambling sites hasn’t helped.

The Las Vegas Strip has suffered in income just like the rest of the world’s economy. In fact, cities in the US that relied upon gambling as their sole or predominant revenue stream ended up in difficult positions with the recession. They were a lot like Detroit, Michigan. Detroit was known for its automobile manufacturing industry. When the automobile industry came crashing down pre-recession, it meant that the manufacturing plants began closing one by one. That was difficult news for the thousands of people employed at the plants and for the state’s economy that was dependent on manufacturing as revenue.

The same thing happened with cities that relied on gambling. Las Vegas in particular was hard-hit. Studies have shown that within the city, 60% of homes are either in foreclosure or the owners are in some form of default on their mortgages. That is why so many residents and legislators were depending on the City Center to bring them out of the financial difficulties. They were hoping the gambling mega- center would be the answer and spur more gamblers into the area. MGM has thus far had one problem with City Center after another. During development, many of the mid-level to high-priced condominium units have remained unsold, retail outlets have not seen the numbers they hoped for and convention centers have not been booked as anticipated. All together these are creating a problem for Las Vegas and MGM. Now they are facing the fact that though people are once again gambling, they are also very picky with their gambling activities. It may take a long time for Las Vegas to return to its old revenue levels it did pre-recession. Hopefully City Center will be instrumental in the turnaround.

MGM Mirage Chairman and Chief Executive Officer Jim Murren hopes to have a few minutes to discuss employment problems with President Obama. If given the chance, Murren has said that he wants to discuss job issues with the President. Murren believes that the MGM Mirage is the perfect place to start discussions on job creation. After all, the casino’s 8.5 billion City Center construction is projected to create 12,000 new jobs for the market.  If Murren has the opportunity to sit with the Commander in Chief, he would like to discuss the possibility of creating new job openings, and has good reason to believe not only that the President will speak with him but also that he has a valuable idea for job promotion. After all, MGM Mirage’s $8.5 billion CityCenter project created 12,000 jobs and was the largest privately-funded development ever in the United States. “We did it without any government help, and we’re proud of that,” said Murren, who has discussed job creation on national cable television shows. He added, “Job creation is something I’m passionate about and it now seems to be a priority of the White House.”

The CityCenter is expecting President Obama to visit shortly after the grand opening this December, hopefully to congratulate Murren on a fine job creating new jobs for Americans.  A failed terrorist attempt to blow up a jet airliner on Christmas Day and the State of Union address earlier this month delayed the trip. Murren is scheduled to introduce Senate Majority Leader Harry Reid at an event at Aria, CityCenter’s centerpiece hotel-casino. Reid is then expected to introduce Obama.  While the two men will be in the same place at the same time, there is still no guarantee they will have time to talk privately. Last fall, Murren appeared on a series of television campaign ads for Reid, touting how the Senate majority leader “saved CityCenter” by calling bank executives to help MGM Mirage secure the final financing needed for the project. Murren, a Republican, said he’s part of the group “Republicans for Reid.” Although Murren is a strong Republican, he argues that any American, regardless of his political affiliation, should relish the opportunity to meet the leader of the free world.  “It’s an overwhelming opportunity for any American to meet the president of the United States.”

The Las Vegas City Center is a point of debate for two major players in the Las Vegas circle.  MGM Mirage and Perini Building Co. are disputing payment of almost $500 million from the total construction budget of $8.5 billion for the City Center development. All of this arguing has lead to some serious consequences.  In a filing Friday with the Securities and Exchange Commission, the casino operator said the project’s primary contractor intends to file mechanic’s liens to collect on $492 million in construction bills. To support their position, a filing by the MGM Mirage was also introduced.  In the filing, MGM Mirage and Dubai World, its 50-50 joint venture partner in City Center, said the amount owed is far less, primarily due to construction defects that halted building of the Harmon Hotel.

One specific point of conflict is the Harmon tower. The Harmon tower was delayed and reduced in size because county officials said reinforcing steel wasn’t spaced at intervals to support it as designed. “While City Center’s investigation into the general contractor’s potential liability regarding the Harmon Hotel is continuing, there can be no assurance at this point as to the ultimate outcome of any action City Center may undertake,” according to a company statement in the SEC filing. MGM Mirage said the amount being claimed against Perini may exceed the amount of City Center’s estimated remaining liability to the general contractor. A message left with Perini Building Co. by The Associated Press on Friday was not immediately returned.

MGM Mirage spokesman Gordon Absher said Friday postconstruction settling disputes are not uncommon. “While $492 million is a significant figure, it is a small fraction when compared to the overall budget for City Center,” Absher said. He added that MGM Mirage wants to try and resolve the matter quickly because small contractors who worked on the project are waiting to be paid. “We’re hoping to have a speedy resolution to this,” he said. Another, although unmentioned, reason the Mirage is eager to have the new hotel opened is that it will produce millions in revenue and help the severely hurting Las Vegas economy.  The 67-acre City Center development opened in December.

Those who think Las Vegas is a one dimensional city focused mainly on gambling might be surprised to see changes happening in the city.   One surprise is the opening of a new Pub right in the center of downtown Las Vegas.  “I am pleased to announce the opening of my newest concept and to bring a Public Urban Bar to the heart of Las Vegas,” said Chef Todd English. “City Center is a state-of-the-art, innovative destination and it was an obvious location choice for Todd English P.U.B. I look forward to helping locals and tourists alike to enjoy a unique pub experience, one pint at a time.” The interior of the Pub is distinct and sets itself apart from other facilities.  Todd English P.U.B., located just off the park between Crystals and ARIA Resort & Casino, has an open-air appeal with high ceilings and floor-to-ceiling windows allowing guests to enjoy the beauty and stunning architecture of City Center. When patrons first walk into the Todd English P.U.B. space, they experience the elongated bar that runs throughout most of the restaurant and is flanked with wooden booths and long party tables.

The bar is perfect for the beer connoisseur as well. One of the highlights at Todd English P.U.B. is more than 50 international bottle, keg and cask beers including rare finds such as Van Diest Fruli Strawberry, Rogue Chocolate Stout and Strongbow Cider. Carvery. Grill. Raw Bar. There is a lot more than beer to be found at the Pub, thought.  Including a diverse menu.  A prominent feature on the menu at Todd English P.U.B. is The Carvery, a selection of rotisserie-cooked meats such as prime beef, roasted chicken or duck, brisket, Greek leg of lamb and more served by the half- or full-pound. Patrons create a custom “deconstructed” sandwich by selecting their choice of bread from sourdough and thick-cut rye to grilled pita and challah and a wide variety of sauces such as pineapple mint jelly, horseradish sour cream and black truffle mayo and more. “I wanted a menu that would match our exciting atmosphere,” said English. “By featuring a variety of upscale appetizers at an affordable price, alongside our signature Carvery and Raw Bar, there is something for everyone’s taste at Todd English P.U.B,” he said.

The sudden replacement of Susquehanna Financial Group’s lead gaming analyst has created a plethora of questions by Wall Street analysts.  Was Robert LaFleur bounced because he was overly critical of MGM Mirage? Did Rachael Rothman of Wedbush Morgan replace him because she offered Susquehanna restaurant and gaming coverage? Or was Rothman hired because she spent seven years at Merrill Lynch with one of her new supervisors? No one knows exactly what happened but an analyst said, “It’s a brutal business,” regarding LaFleur’s Feb. 12 departure.

That morning, LaFleur released a weekly report charting rate fluctuations for City Center’s hotel rooms.  Just after the questions began,  Susquehanna released a statement saying gaming would be temporarily suspended, “due to the departure of the analyst from the firm.” A statement later announced Rothman’s hire. LaFleur, was as shocked as anyone by the news.  Those close to him, however, believe this will not be his only highly held position with a gaming commission.  MGM Mirage shouldn’t expect a free pass from Rothman, who gave the casino operator an “underperform” ranking in January. She said MGM Mirage was “overly aggressive” on expected proceeds from a planned Hong Kong stock offering.

Rothman is expected to be brought in slowly and will not immediately be given all the responsibilities LaFleur took on. Among the companies Susquehanna said Rothman would watch are The Cheesecake Factory and Chipotle Mexican Grill, along with MGM Mirage and Las Vegas Sands Corp. “Rachael was a colleague of mine at Merrill Lynch where I witnessed first hand her client reach and impact,” said Cory Carlesimo, Susquehanna’s head of cash equities. For the analyst, there are innumerable obstacles to overcome with respect to gaming. They provide commentary on a company for a firm’s clients, even if the firm has ownership in the operations.  Some analysts are viewed as too close to the companies they cover. Others are considered overly critical.

Former Jefferies & Co. analyst Larry Klatzkin got caught up in a flap over Las Vegas Sands stock in 2007. He issued a research note containing bogus information. The company disputed the report, but only after a $12 stock-price jump. He also ran opposite of other analysts by touting Las Vegas Sands when it had lost 95 percent of its value. In 2008, slot machine giant International Game Technology experienced financial trouble. Critical comments from Stifel Nicolaus’ Steve Wieczynski prompted an IGT spokesman to call him “the analyst who hates us more than anyone.” The spokesman and most of IGT’s then-management are gone. Wieczynski still follows the company.

The City Center project has been in the news for quite a while now. City Center is a huge $8.5 billion project set to be open in Las Vegas. The center 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. So far owners are planning on building an additional 4,000 hotel rooms with the facility. The vision is huge and thus far it is on schedule. Owners are hoping that the center is able to spur on growth within the Las Vegas market again. Kirk Kerkorian, 37%-owner of the MGM part of the deal said, “Of all the wonderful Las Vegas properties with which I’ve been associated, City Center is simply the most amazing. I’m extremely excited to see the public’s reaction and look forward to seeing how it changes Las Vegas.”

The City Center is now ready to start closing on sales of its 2,400 high-rise condominiums. Developers have chosen to sell the properties via Private National Mortgage Acceptance Company, or PennyMac. The company will be a lending source for all buyers of the condominiums and condo-hotel units. There are three residential towers to sell, Vdara, Veer Towers and Mandarin Oriental. PennyMac will develop seller financing programs for all three locations. City Center CEO Bobby Baldwin said, “PennyMac will be a resource to help our customers to assess their financing options and assist them with the closing of their purchase.” Already about 1,100 condominium units are expected to close beginning in January of 2010.

All buyers need to have a down payment of 20% of the purchase price and that number ranges from $500,000 for studio condominiums to $9 million for the penthouse suites in the Mandarin oriental. PennyMac will work with buyers on all properties and they have a fixed rate and a variable rate option for qualified buyers. In October the City Center came down with prices about 30% due to the lagging market. Buyers have to agree to keep their properties for a minimum of 18 months. 

The Las Vegas Sands is a casino that is having a hard time. Recently Moody’s Investors Service announced that the casino organization’s ratings were not looking good. Moody’s Investors Service confirmed Las Vegas Sands “B3″ junk corporate family rating, probability of default rating, and long-term debt rating. The agency also raised the company’s grade liquidity rating to “SGL-2″ from “SGL-3.”

The ratings took into consideraton many positive movements by the company. They have a good liquidity margin, debt position and ability to remain compliant with debt contracts. Other events include converting $600 million of exchangeable bonds into equity, the repayment of $500 million in debt for its Macau subsidiary and amendments to the credit facility for its unit in the Chinese gambling gathering. Keith Foley, Moody analyst, said, “In Macau, more friendly gaming policies from the local government, limited supply of new gaming tables in the near term, and expectation of no further stringent enforcement by the Chinese government over tourist visitations to the enclave support stable growth for the sector’s revenues.”  That’s good news for the organization. They are hoping for a turnaround now that the economy is set to begin leveling itself off. For a long time the recession made growth in the land-based casino market next to impossible. This is being taken as confirmed truth that the company will survive and make a profit in years to come.

Despite the good news, there are still some financial challenges. Part of it is the Las Vegas economy that is overall distressed. The Las Vegas community as a whole is having difficulty maintaining itself and a turn-around is no where in sight. In fact, the housing market is one of the worst in the country. The number of foreclosures in the city and neighboring areas is astounding. Defaulting loans are still a main issue in the state and they are coming one by one into the market. Each one is bringing the Las Vegas market down even further.

The Las Vegas Sands is a casino that is trying to make a comeback. Despite bad news, there is still some light at the end of the gambling tunnel. The City Center in Las Vegas is a new facility being built and everyone is hoping it will have the power to help turn Las Vegas around.

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.”