MGM's CityCenter Las Vegas Cuts Condo Prices by 30%
MGM Mirage announced on Monday that condo prices at their CityCenter project on the Las Vegas strip would be cut by 30% as a results of the sinking economy. The $9 billion dollar property is scheduled to begin opening December 1st with the non-gaming Vdara Hotel debut, followed by the non-gaming Mandarin Oriental Hotel premiering December 4th. The showplace Aria, CityCenter's main attraction hotel-casino with 4,000 rooms, comes online December 16th.
Price reductions will apply to all past buyers as well as current buyers of the high-end, $500,000 up to $9 million, condos with a Las Vegas strip address. Project owners believe cutting hundreds of thousands of dollars from the price for this very limited quantity of prestigious strip address condos with result in closing on many of the properties. Some of the Vegas smart money opinions of the 30% cut say it will not produce enough closed deals on the condos to make any difference.
