Build me a city center
MGM Mirage is banking on the evolution of Las Vegas from a resort destination to a metro market of which tourism plays a major role such as in Orlando and New York. With that in mind, a city center is definitely needed in Las Vegas to attract people.
According to MGM Mirage Chief Financial Officer Jim Murren, Las Vegas doesn’t have a city center. BUT, have no fear, they are going to build you one. MGM Mirage announced plans for Project CityCenter, a $7 billion development on 66 acres of land next to the Bellagio. Expected to open in 2009, it will include 3,000 luxury condos and over half a million square feet in retail and entertainment space.
You can probably also expect more grandoise projects with MGM’s name attached to it in the future. MGM Mirage currently owns the most land, 831 acres, all on the Strip. Another 358 acres can still be further developed.