One of the last major developments of Las Vegas's recent building boom, MGM's $8.5 billion CityCenter opened during the depths of the recession. Three years later, after slashing prices for hotel rooms and condos, the clouds are beginning to lift.
Alison Gregor examines the shifting fortunes of the 67-acre CityCenter project, one of the largest privately financed developments in the United States, which opened in late 2009 just as the Las Vegas's tourism and housing industries crashed.
"Nearly three years since it opened, CityCenter is seen as, at best, a
qualified success," says Gregor. "A majority of the hotel rooms have been filled, but
at much lower room rates than originally planned. Condominium sales have
not taken off, though, and the units that have sold have gone at big
discounts. Many luxury retailers have moved into the shopping center,
but about 12 percent of the mall is still vacant."
Although experts believe that CityCenter has "finally been fully absorbed by the local economy," in a city known for splashy excess, it may be quite a long time before a project of a similar magnitude appears on the Strip.
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