Las Vegas City Center becomes symbol of trouble.
Posted by UtahCribs, Real Estate, Homes on April 9, 2009
I don’t know how many of you have seen the mess of the City Center Las Vegas? I was down in Vegas last weekend for a Real Estate Conference. That place is amazing. Huge, metal, construction, not finished, WOW! What is going to happen to the infamous City Center, once proclaimed the remake of Las Vegas?
In March, Dubai World, the development arm of the United Arab Emirates, sued MGM Mirage, claiming mismanagement and wanting out of further financial commitment.MGM Mirage was forced to inject an emergency $200 million to keep construction going.
Will they be able to pull out of this mess? If they are able to complete the project, it would be a huge win for the once booming desert town of Vegas.. Let us all hope that they do. I think it would be a huge symbol of hope if they can pull out of the economic nightmare they find themselves in. Just a little FYI, MGM Mirage needs to come up with another $800 million in order to access a financial credit line of $1.8 billion to complete the project! Anyone know any investors? :)
spencerjanke said
Oh you have got to love Las Vegas.. When I was down there a couple weeks ago, it was like a ghost town. Apparently nobody has any money to gamble with
I hope they finish the project, I agree that it would be a help to the moral of the city anyway..