Plans include a 4,000 room hotel and casino, three 400-room boutique hotels, 1,650 condominiums and 550,000 square feet of retail dining and entertainment area. The “Project CityCenter” as MGM officials call it, will remain in the 66-acres located between Belaggio and Monte Carlo, Las Vegas Strip. The Boardwalk hotel now occupies part of this area. The project will be developed in stages. The first phase, starting in 2010, is expected to create over 7,000 construction jobs and 12,000 permanent seats.
This will be the biggest employment opportunity in the history of Las Vegas. In comparison, “Project CityCenter” is the size of New York City’s Rockefeller Center, SoHo and Times Square combined. The history of Las Vegas began a hundred years ago, with a land plot auction. MGM Mirage down the cards for future project, the next question to ask is: How long will it be before a competitor has a similar scheme? “We hope they do, but I doubt it,” says Jim Murren, president and chief financial officer of MGM Mirage. Having the idea is a thing. It is much more important to have access to such capital expenditures, and a suitable property. Today, an acre in Las Vegas Strip is valued at $ 20 million. The estimated project cost is $ 4 billion.
The “Project CityCenter” seems to have ended the complex issue of capacity in Las Vegas, and opening a new era in the history of Sin City. It is now clear that Las Vegas is moving to become a major urban center in the U.S.. “It’s changing lifestyles,” MGM Mirage Chairman and Chief Executive Terry Lanni said. In the next 18 months, MGM Mirage will look around the world for a master architect, as well as for residential and hotel partners.