This is probably the most exciting thing I've heard in a while.
This morning, MGM Mirage
According to MGM Mirage, the site of Project CityCenter is approximately the same size of the Rockefeller Center, SoHo, and Times Square in New York City combined.
Not only will this project bring upscale housing directly to the Strip, but it also capitalizes on the mostly dead space between Bellagio and Monte Carlo. Its existence will further substantiate the rising value of the properties surrounding Project CityCenter: MGM Mirage already owns New York, New York and the Boardwalk few doors down and the MGM Grand across the street from that. And following the pending merger between MGM Mirage and Mandalay Resort Group
The announcement also benefits Harrah's Entertainment
MGM Mirage said the initial design would take 18 months and begin immediately. After that, the company expects construction of the first phase to take 42 months, with Project CityCenter's opening slated for 2010. In all, the project would create 7,000 construction jobs and 12,000 permanent positions upon completion.
With Las Vegas on fire, new developments are heating up. Towards the opposite end of the Strip, Wynn Resorts
For more on the gaming industry, check out:
- Penn National Bets on Argosy
- Ameristar is a Hold
- When a Hit is Not a Hit
- Harrah's/Caesars Expects Payoff
Fool contributor Jeff Hwang owns none of the companies mentioned above.