MGM Mirage Raises their Bet on Project City Center!

The price just keeps going up! MGM Mirage just recently announced that Project City Center will now cost a cool $7 billion instead of the original $5 billion. Pretty soon we’re going to start talking about real money here! What’s the extra cash for? An expansion of the hotel component of the project and a larger commitment to the residential section. The market for Las Vegas high rise luxury condos has taken a beating in the press of late, but long ball hitters with long term time frames know that Las Vegas is the next major American metropolis. MGM Mirage could spend another $2 billion anywhere in the world, they’re not expanding right on Las Vegas Boulevard for nothing! How much Las Vegas luxury real estate are we talking about now? The new number is 2.3 million residential square feet right next to Bellagio! Phase One is set to debut in November of 2009. Major players with deep pockets have taken over the market for Las Vegas high rise condos. In our view, that’s a good thing. Please visit our website at www.mslasvegasrealestate.com

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