MGM Mirage Project CityCenter in Las Vegas, Nevada real estate construction has been increased by 670,000 square feet for this mammoth real estate project, although, the the components of the Las Vegas mixed use residential and casino project were unchanged.
Because of the strong sales of the Las Vegas luxury condominiums with an expected November 2009 opening there has been revised revenues and costs estimates.
Last week MGM Mirage raised the Project City Center Las Vegas high rise estimated cost due to the huge size of this Strip project. With the complexity and size of this development the price has gone up from $7 billion.
The projected net cost of construction rose from $4.3 billion to $4.7 billion. There has also been an increase of gross proceeds from condo sales to $2.7 billion. These figures don’t take into account of pre-opening expenses of $200 million.
MGM Mirage hasn’t stated how the 670,000 square feet would be utilized.
MGM Mirage also announced this week that it will buy several parcels of Las Vegas land for $575 million on the north end of the Las Vegas Strip near the Sahara Casino. This land equals 78 acres. Guess what? Another resort destination on the Strip similar to the 66 acre Project CityCenter real estate further south.
Reservations have also been converting to contracts for several luxury condominiums at the Vdara condo-hotel tower 1,543 units.
Reservations are now being accepted for the two 335 unit Veer Las Vegas condominium towers.
Later this year The Harmon condos are expected to release units for reservations. Source: AP
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