Pressure on MGM Mirage as CItyCenter funding and completion remain in question

MGM Mirage bonds fell dramatically today as the 9 billion dollar Las Vegas CityCenter project, still slated for a December opening, struggles under the pressures of global recession. CityCenter's two key funders are MGM and Dubai World. They are seeking new sources of funding to complete the project, one of the world's most expensive developments.

Howard Hughes Business Plaza CES 2009 266

Howard Hughes Business Plaza CES 2009 266
Originally uploaded by JoeDuck

During my trip to CES I spent time walking the route between Paradise and the Strip which led me throught the new buildings along Howard Hughes Drive, Las Vegas.

The area was eerily quiet and empty even during business hours and I got the idea (still not confirmed) that most of the beautiful and huge buildings were vacant, a product of a US and Las Vegas commercial real estate boom that that has now busted, leaving the CityCenter project in limbo and these buildings unfinished.

I still need to check some stats to confirm as there were some lawyers and real estate offices here and perhaps these are just really nice huge offices without much staff, but I think this is a vision of what is hitting all of the country hard right now - economic deleveraging at an unprecedented pace.

Thank you Las Vegas, McCarran Airport, CES 2009, and Cirque du Soleil

Thanks to McCarran Airport's internet broadband Wifi (which is free) I'm able to write this post, check email, and get work done all as I wait for my Allegiant flight home from a week in Las Vegas attending the CES Consumer Electronics Show, one of the world's most important tech gatherings. Although this year's show was somewhat smaller than last year it still attracted thousands of press, thousands of exhibitors, and over 100,000 attendees. Official numbers are not yet available but I think this year will show about 114,000 vs about 130,000 last year.

Another thanks is to Cirque du Soleil for the LOVE Show Tickets. My fellow Technology Reporter John and I enjoyed one of the world's finest shows in the amazing Beatle's LOVE theater at the Mirage. I was totally impressed with the beautiful choreography to the Beatle's amazing music and the spectacular virtuosity of the amazing Cirque Performers.

CityCenter Project Jobs

The Las Vegas CityCenter project, one of the largest construction efforts in the world, will soon be completed and CityCenter is accepting applications for thousands of jobs to staff this mega complex.

Here are more details at the CityCenter Jobs Website

Thanks to Vegas Bill for the heads up on this announcement.

Mirage Hotel and Casino, Las Vegas

Mirage Hotel and Casino, LasVegas 156
Originally uploaded by JoeDuck

The Mirage is home to the Las Vegas Strip's famous exploding volcano, recently "remodeled" to be even more spectacular.

The Mirage also hosts Cirque de Soleil's "LOVE" show which features the music of the Beatles along with the fantastic performances of the Cirque performers.

Treasure Island "TI" Las Vegas

Treasure Island "TI" Las Vegas 149
Originally uploaded by JoeDuck

The Mirage Group has sold a major Las Vegas Strip property, TI aka Treasure Island, to develpor Ruffin for $775,000,000. Ruffin recently closed his deal to sell the New Frontier which landed him a cool 1.3 billion.

More over at Bill's Las Vegas Real Estate blog

Encore Opens

Steve Wynn's 2.3 Billion Dollar Encore to the magnificent Wynn is called the Encore. It opened Monday night and the Las Vegas Sun has the story:

Las Vegas Sun 2

Las Vegas Sun 1

I'll be posting photos from the Encore in a few weeks at Flickr