MGM Mirage unveils plans for condominium developments

31.10.2006, Lesen Sie hier den Bericht über «MGM Mirage unveils plans for condominium developments»

Construction of the initial residential tower is expected to begin in November (US).- MGM Mirage unveiled last week plans for residences at the us$ 7 billion Project CityCenter, saying the 26,000 hectare site will include four condominium developments encompassing five high-rise towers.

Units will have a price range from us$ 500,000 to us$ 8 million. A preview center is open at Bellagio, where potential owners can sign an interest list. Sales for all 2,700 residences will begin in January, when MGM Mirage opens CityCenter’s 2,700 sqm sales office on the Strip, which will include model units.

Tony Dennis, executive vice president of CityCenter’s residential division. "Our goal is to help guide a prospective buyer to the condominium that is the right home of their choice." The residential choices will include one condominium-only project, two condominium developments that will be built on top of boutique hotels, and one free- standing condomimum-hotel.

Construction on Project CityCenter is under way on the Strip south of the Bellagio. The development’s most prominent feature, a 60-story, 4,000-room hotel-casino designed by Pelli Clarke Pelli, is beginning to take shape. It will also include retail, entertainment, restaurants and other amenities in an urban village setting. Construction of the initial residential tower is expected to begin in November.

Gaming analysts have been skeptical of the CityCenter condominiums’ chance of success because of the large number of residential projects announced or that are under construction along the Strip corridor. However, the involvement of MGM Mirage minimizes some of the concern.

Las Vegas-based gaming analyst Bill Lerner of Deutsche Bank said residential sales are important to MGM Mirage’s overall financial picture for CityCenter. "I feel pretty good about (MGM Mirage) being able to get the return they are looking for," Lerner said. "My sense is the location and the association with the MGM Mirage portfolio gives them better sense relative to anyone else in the market."

Dennis said an average of 500 couples a day are visiting the preview center. A second preview center is slated to open at The Mirage. The initial construction will begin on Vdara, a 1,543-unit condominium-hotel with units. Vdara will be built between Bellagio and the CityCenter hotel-casino.

The Mandarin Oriental Hotel will have approximately 227 condominium units above the 400- room hotel tower, with penthouses coming with the highest price in Project CityCenter at us$ 8 million. A second boutique hotel, The Harmon, will be operated by MGM Mirage. It will have 228 condominiums above its 400 hotel rooms.

In both hotels, condominium owners will have use of the hotels’ amenities. The Veer Towers, twin 37-story condominium high-rises, will be CityCenter’s only pure residential- only development with units. Las Vegas Gaming Wire

Über MGM Resorts International Operations, Inc.:

MGM Resorts International (NYSE: MGM) ist ein globales Unterhaltungsunternehmen des S&P 500 mit nationalen und internationalen Standorten, das erstklassige Hotels und Casinos, hochmoderne Tagungs- und Konferenzräume, unglaubliche Live- und Theaterunterhaltungserlebnisse bietet und eine umfangreiche Auswahl an Restaurants, Nachtleben und Einzelhandelsangeboten.

Das MGM Resorts-Portfolio umfasst 29 einzigartige Hotel- und Destination-Gaming- Angebote, darunter einige der bekanntesten Resort-Marken der Branche.

Wir betreiben ein Portfolio von Resorts in Las Vegas, darunter Bellagio, MGM Grand, Mandalay Bay und The Mirage, The Signature, Excalibur, Luxor, New York-New York, Park MGM und weitere. In Las Vegas haben wir auch eine bedeutende Beteiligung an CityCenter, dem legendären Hotel, Kongress-, Einzelhandels- und Restaurantkomplex im Herzen des Las Vegas Strip mit ARIA Resort und Casino und Vdara Hotel und Spa, Crystals Retail und Veer Eigentumswohnungen.

Das Unternehmen expandierte in den USA und auf der ganzen Welt und erwarb kürzlich den Betrieb des Empire City Casino in New York und des Hard Rock Rocksino in Ohio, das in MGM Northfield Park umbenannt wurde.

Im Jahr 2018 eröffneten MGM Resorts MGM Springfield in Massachusetts, MGM COTAI in Macau und das erste Hotel der Marke Bellagio in Shanghai.

Die über 80.000 Mitarbeiter von MGM Resorts weltweit sind stolz darauf, dass ihr Unternehmen als eines der weltweit am meisten bewunderten Unternehmen des FORTUNE Magazine anerkannt wurde.

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