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 Mention Discount Code: 9999 |
 MGM's Citycenter just got a bit more expensive.Published 5/22/2006
MGM Mirage raised the price tag on its Project CityCenter by $2 billion as part of its plans to upgrade and expand what was already the largest privately financed development project in the U.S. hospitality industry's history. The Strip development is now projected to cost $7 billion, largely because of plans to enhance the project's hotel operations, add a new monorail component, expand its residential component and upgrade construction quality, MGM Mirage President Jim Murren said. Escalating material and labor costs are also playing a role in the higher price tag, he said. The MGM Mirage board of directors on Wednesday approved the final design for many elements of the project, which will include a 4,000-room luxury hotel-casino; two 400-room, nongaming boutique hotels; more than 470,000 square feet of retail, dining and entertainment space; and 2.3 million square feet of residential space. The driving force behind the project's rising cost is not construction but the decision to develop a luxury-class hotel and increase the scope and quality of the retail operations, Murren said. |
The Strip's Newest Casino is a Wynn
The newest resort property in Las Vegas is not just more of the same. Wynn spent the past five years planning, designing and developing the 215-acre site that had been home to the Desert Inn. This time, the resort carries his signature: Wynn Las Vegas. The cost, $2.7 billion, makes the 2,716-room hotel-casino the most expensive Strip endeavor of its kind. Wynn has again changed the look of the Las Vegas skyline with the resort's 50-story, curved tower covered in bronze glass. Acclaimed director Franco Dragone will present a multimillion-dollar water-themed production show in a 2,087-seat theater-in-the-round setting, which includes a 1 million gallon performance pool that doubles as a stage. |