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Aria Las Vegas resort named as Project CityCenter’s Las Vegas jewel of the $9.2 billion development on the Strip. MGM Mirage this week unveiled the name of the 4,004 room, 61 story high rise with two curved glass hotel towers.

Architectural company Pelli Clarke Pelli designed Aria’s 150,000 square foot casino area and the two hotel towers.

Continue reading Aria Las Vegas Resort Named As Project CityCenter’s Las Vegas Jewel

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

Elysium Properties applied for a $3.8 billion casino and Las Vegas hotel. Elysium applied two months ago to the Nevada Dept. of Business and Industry for the issuance of revenue bonds to cover the development costs for their real estate project.

The taxpayers nor the state of Nevada would be financially responsible for any debt of the project by Elysium. The department is the intermediary and helps place the debt into investment portfolios through the advice of an investment banking firm.

Continue reading Elysium Properties Seeks $3.8 Billion In Bonds For A Las Vegas Hotel

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

Lake Las Vegas real estate has been acquired by The Atalon Group after option payments on a $540 million mortgage loan was in default. The transfer of ownership, of the 3,592 acres of Lake Las Vegas, Nevada, is for an undisclosed amount.

The real estate in Las Vegas, NV transaction transfers interest to Atalon the Ritz Carlton Hotel, 400 acres of undeveloped land, three golf courses, a fourth in development and about a half a dozen businesses on the Strip.

Continue reading Lake Las Vegas Acquired by Atalon Group After Builders Loan Defaulted

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