In the 61 months between the announcement MGM Mirage was creating an urban metropolis on the Strip called Project CityCenter and Tuesday's planned opening of its first hotel, Vdara, the $8.5 billion development seemed to be on constant life support.
Almost as soon as MGM Mirage imploded the shuttered Boardwalk casino on May 9, 2006, to clear a major portion of the CityCenter site, the project seemed to be shrouded in bad news.
.
The recession, which led to the collapse of the credit markets, and other outside financial factors nearly derailed CityCenter, which saw its budget more than double beyond the initially announced $3 billion to $4 billion.
The project came within hours of filing bankruptcy at the end of March, which would have halted construction and shelved the jobs of 8,500 construction workers. With little time to spare, MGM Mirage was given permission to make a $200 million equity payment to keep the project funded.
The demise of the high-rise condominium market forced MGM Mirage to cut prices for CityCenter's 2,400 residential units by 30 percent in order to spur sales.
Read more by clicking the above link
Almost as soon as MGM Mirage imploded the shuttered Boardwalk casino on May 9, 2006, to clear a major portion of the CityCenter site, the project seemed to be shrouded in bad news.
.
The recession, which led to the collapse of the credit markets, and other outside financial factors nearly derailed CityCenter, which saw its budget more than double beyond the initially announced $3 billion to $4 billion.
The project came within hours of filing bankruptcy at the end of March, which would have halted construction and shelved the jobs of 8,500 construction workers. With little time to spare, MGM Mirage was given permission to make a $200 million equity payment to keep the project funded.
The demise of the high-rise condominium market forced MGM Mirage to cut prices for CityCenter's 2,400 residential units by 30 percent in order to spur sales.
Read more by clicking the above link
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