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New Game In Vegas: Mixed Use

Posted by: Chris Steins
Thanks to: Eric Arzola
30 December 2004 - 1:00pm

Instead of building a new megahotel MGM is spending $3 billion to transform 66 acres on the Las Vegas Strip into a mini-Manhattan.

In a hint of what may be the next transformation of Las Vegas, James J. Murren, President and CEO of MGM Mirage (and who was also an Art History and Urban Planning major at Trinity College) has anounced a new mixed-use development called CityCenter which will be the largest privately financed development project in the nation. "The site, between the Bellagio and the Monte Carlo, is about the same size as Rockefeller Center, SoHo and Times Square combined." The move away from themed casino hotels is due to slowing growth in the numbers of new gamblers, higher margins in entertainment & restaurants, and high real estate prices. But "for Mr. Murren, CityCenter is his chance to remake Las Vegas into a cosmopolitan city - and just as important, keep the city and his current properties filled from Sunday to Thursday."

Full Story: Is There Life After Blackjack? Ask MGM
Source: The New York Times, December 26, 2004
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