The $8.5 billion CityCenter casino complex designed for the Las Vegas Strip had been stalled over financial issues between two of the funders, but now an agreement has been reached and the mega project is set to complete on time.
"MGM Mirage said Dubai World, the investment arm of the Dubai government, would drop a lawsuit it filed against the Las Vegas-based casino company, which is majority owned by investor Kirk Kerkorian.
The pact secures MGM Mirage's payment obligations for construction costs with its Circus Circus Las Vegas casino and adjacent land. MGM Mirage and Dubai World each agreed to fund their remaining payments for CityCenter with letters of credit, and the lenders agreed to immediately fund $1.8 billion to finish the project, rather than wait until each partner had fully paid its share.
The company said CityCenter is now on track to be open by December 2009, with the Harmon Hotel & Spa opening in 2010."
FULL STORY: MGM Mirage, Dubai reach pact to finish CityCenter
Mega Development or Mega Disappointment?
CityCenter in Las Vegas is the most expensive development in U.S. history. As it settles into it surrounds, will the project attain visionary status, or will it be just another casino?
Las Vegas Faces a Challenging and Uncertain Environmental Future
Excessive heat will impact the desert city in the coming years, and major steps need to be taken now to change its course.
Norman Foster-Designed Tower to be Demolished in Las Vegas
Around the corner from buildings by Daniel Libeskind and Rafael Vinoly (just to name two) in the CityCenter section of the Las Vegas Strip, a never-complete building, designed by Forster + Partners, stood empty for years. Not for long.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
AI Traffic Management Comes to Dallas-Fort Worth
Several Texas cities are using an AI-powered platform called NoTraffic to help manage traffic signals to increase safety and improve traffic flow.
Podcast: Addressing the Root Causes of Transit Violence
Deploying transit police is a short-term fix. How can transit agencies build sustainable safety efforts?
Minneapolis as a Model for Housing Affordability
Through a combination of policies, the city has managed to limit the severity of the nationwide housing crisis.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
