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MGM 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.

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

Dubai World now owns half of MGM Mirage Project CityCenter Las Vegas. The Persian Gulf state investment subsidiary financially controls 9.4 percent of the MGM Mirage gaming company and 50 percent of the $8.4 billion Las Vegas Nevada real estate.

MGM Mirage joint-venture partner Dubai World received permission Tuesday from Michigan gaming regulators to increase its ownership in the casino giant to almost 15 percent.

Continue reading Dubai World Now Owns Half Of MGM Mirage Project CityCenter Las Vegas

Dubai World and MGM Mirage in second joint venture for Las Vegas real estate.

Istithmar Hotels FZI, subsidiary of Dubai World, Kerzner International Holdings and MGM Mirage entered into a joint venture to 40 acres of land on Sahara Avenue and the corner of Las Vegas Strip.

The commercial real estate is yet to be named and the construction for this multibillion dollar resort is planned for construction in 2009 and completion in 2012.

Three months ago a partnership between Kerzner International Holdings and MGM Mirage for a equal partnership to develop the land was announced.

Continue reading Dubai World & MGM Mirage In Second Joint Venture For Las Vegas Resort

Project CityCenter and MGM Mirage Las Vegas has $5.1 billion invested by Dubai World. The real estate developer of the World and Palm developments off the coast of Dubai agreed to purchase a 50 percent ownership in 9.5 percent of MGM Mirage common stock, which would cost $2.4 billion, and 50 percent in Project CityCenter real estate for $2.7 billion.

CityCenter Las Vegas is expected to finish in the last quarter of 2009. The mega resort will contain 2,650 luxury condos in several towers, a 4,000 room resort casino, 470,000 square feet of entertainment and retail space and two 400 room non gaming luxury hotels.

Continue reading Project CityCenter and MGM MIRAGE Has $5 Billion Invested By Dubai World

Dubai Hotel will overtake MGM Grand Hotel as world’s largest.

Of the 20 largest hotels in the world, Las Vegas has 15 on the list. Totaling over 75,600 rooms, Las Vegas’ 15 hotels account for 76.3 percent of those rooms.

Get all the details on the 20 largest hotels in the world.

In a town that thrives on size - just look at our resorts - our civic ego may take a blow in a few years when the world’s largest Dubai hotel in the United Arab Emirates.

For now, Las Vegas is home to the three largest hotels in the world, including Las Vegas MGM Grand Hotel, and seven of the top 10 and, in fact, 15 of the top 20.

But Asia Asia Dubai Hotel, with 6,500 rooms, is expected to be the king of the hill when it opens in Dubai in 2010, knocking MGM Grand Hotel off its current perch.

Dubai’s fantastic, even bizarre developments, including a ski slope in the desert and man-made islands shaped like palm fronds, helped draw some 6 million tourists last year to a tiny desert land that is fast running out of oil.

And on the Strip, there’s the added attraction of all the other large hotels.

Continue reading Dubai Hotel Will Overtake Las Vegas MGM Grand Hotel As Largest