MGM Mirage Project CityCenter Las Vegas Adds Extra $1 Billion To Cost

Project CityCenter Las VegasMGM Mirage Project CityCenter Las Vegas adds an extra $1 billion to the cost of the mixed use development according to a filing. Previous cost of construction budget estimations was near $8.1 to $8.4 billion.

Nationwide skyrocketing construction costs has weighed very heavily on Las Vegas real estate market. This mega resort is owned 50 percent by Dubai World in a buyout they completed last year.

MGM Mirage is looking to repurchase millions of shares of the company’s stock.

Meanwhile, MGM Mirage announced Wednesday it would repurchase up to 20 million shares of the company’s stock. No timetable was given for the program. During the past three months 1.27 million shares have been purchased. A previous stock repurchase was approved in December. There is approximately 1.36 million shares still available for purchase. At the beginning of May, more than 278 million shares hare outstanding.

The development on the Strip includes $1 million for intangible assets, $2 million for preopening expenses and the biggest of all, $1.7 billion for the purchase of the land. The net project budget of CityCenter is $8.5 billion.

Recently, the topping off of 57 story Vdara Las Vegas hotel and condo development was completed. The centerpiece of the project includes a 4,000 hotel casino expects to have its topping off in three months. Located within the 76 acres of real estate are several other high rise developments in different stages of construction including, Veer Towers, Mandarin Oriental and the Harmon Hotel.

PhoneCall 702-505-6988 for VIP Las Vegas high rise search with a Las Vegas real estate agent.

MGM Mirage Project CityCenter Las Vegas adds an extra $1 billion to cost of construction.

Tags: , , , , , , | E-Mail This Post/PageEMail This Post | Print This Post/PagePrint This Post |

Comments are closed.

Google