VIDEO-The Latest MGM City Center News

Last week there was an announcement made by Dubai World that it was suing MGM Mirage for breach of contract of it's City Center partnership agreement. Since the announcement MGM Mirage has made a payment of $200 Million dollars, $100 Million of which is Dubai Worlds half, to debt holders for the multi billion dollar development City Center which is under way currently. The suit is still before the courts in Delaware and will be reviewed by the courts soon. MGM Mirage has said publicly that they do not feel they are in breach of their agreement with Dubai World and plans to continue construction on City Center. There are all kinds of speculation about the actions taken by Dubai World, some say that Dubai World just wants a bigger stake in the Development and is taking advantage of the tough times MGM Mirage has been having. One thing that has not been mentioned in the midst of all this confusion surrounding City Center is that Deutsche Bank has approached MGM Mirage about the remaining finances needed to complete City Center and has said that they would provide MGM the necessary capital if they agreed to manage the Cosmopolitan Casino Resort Condominium project that is mere foot steps from the City Center site. I guess only time will tell in these confusing times so stay tuned and check back frequently for the latest updates about the Las Vegas High Rise Condo market.

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MGM Gets Sued By Partner Dubai World

This past week has had all kinds of sparks flying over the announcement which was made earlier this week about MGM Mirage being sued by it's partner in the City Center development Dubai World. Dubai World became a partner in the massive multi billion dollar development when approached by MGM in 2007. This has become the talk of the town since the City Center development was suppose to be our ray of light amongst the darkness we have been experiencing here in Vegas over the last couple of months. Some say that Dubai World has sued MGM to secure a larger stake in the project but Dubai World has said it's only intention was to obtain some type of safety if MGM Mirage defaults on it's debts with banks. I personally don't think that MGM Mirage will be able to complete it's multi billion dollar development City Center with out having to sell some of their treasured assets. Treasure Island was just sold to billionaire Phil Ruffin and i suspect that there will be more sales in the near future. I have been able to obtain several news clips of the coverage of this story since it broke earlier this week and have included them in todays post. Enjoy and continue to check back for updates on this story as they occur.

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Video Update-Las Vegas Foreclosure #'s For Febuary 09

Below you will find a video containing the latest statistics for Las Vegas home foreclosures through out the valley. Some are taking the numbers in a positive way and some are taking it in a negative way. I feel that the end or bottom rather is closer than we all think but we will defiantly find out in the coming months. Enjoy this video and be on the look out for more Las Vegas News videos. I almost forgot. The video below also contains information concerning Las Vegas Casinos. Hope you like the video and again enjoy.

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New Hilton Brand To Take Over The Foreclosed Cosmopolitan Resort

The Denizen brand, Hilton's New Brand, is expected to take the place of the Cosmopolitan, an under-construction resort at Harmon Avenue and Las Vegas Boulevard, as Hilton Hotels executives have been working at the Cosmopolitan site for months. Hilton, based in Beverly Hills, has been working on a new hotel brand with the idea that it would replace the Cosmopolitan name, according to people familiar with the project. The Cosmopolitan was created by developer Ian Bruce Eichner, whose resort was foreclosed upon by Deutsche Bank last year. The Denizen brand is part of a trend in the hotel industry of creating upscale, boutique brands catering to more discriminating and worldly customers.

Deutsche Bank, which now owns the project, has hired several development and design firms to work on the resort since it bought the property in a foreclosure sale in September. At the time, developers said the 3,000-room resort, including nearly 2,200 condo-hotel units, was expected to open in mid-2010.

Hilton is already a big player in Las Vegas with several brands including Hilton Grand Vacations, Embassy Suites, Doubletree, Hampton Inn, Homewood Suites and Hilton Garden Inn. It also markets rooms for the Las Vegas Hilton hotel-casino. Read The Full Article Here

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Cosmopolitan Condo Hotel Gets New Look Again, Bankers Not Happy With The Old Look

Work on part of the Cosmopolitan resort’s interior is on hold while a new decor is considered for the bank-owned property, which is under construction.

This would be the third interior design for the Cosmopolitan, the brainchild of New York high-rise developer Ian Bruce Eichner and wife Leslie, who helped create the resort’s original appearance. Eichner defaulted on a $760 million construction loan last year, fueling doubts that the 3,000-room resort would be finished.

The old look was a flashy, glam-rock look, with bold prints and big mirrors. Deutsche Bank isn’t happy with the design and is going back to the drawing board, sources say.

Observers say the move indicates that Deutsche Bank is committed to finishing the project, given that midcourse corrections could cost the bank millions of dollars.

The bank has several firms on its payroll as it plows ahead on the Cosmopolitan, which it hopes to open by June 2010. Those include multiple design and architecture firms working on interior spaces, including the layout of the casino on the ground floor. Read The Full Article Here

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New Video-MGM City Center News-Station Casino Gets Offer From Boyd Gaming

MGM's multi billion dollar development City Center has had it's name in the news allot this year and we are just getting started. MGM is still trying to locate it's final billion dollars to complete the massive development which will offer residential High Rise Condos, a Casino Resort with 4k rooms, world renowned shopping and dinning. MGM has definitely set the standard for the years to come with this enormous development. Below you will find a news clip of the latest developments from MGM's City Center development and also an insight to the offer made by Boyd Gaming to purchase some of Station Casinos properties. The offer made by Boyd is not a surprise even though Boyd has had to stall it's own multi billion dollar development on the strip called Echelon. The local High Rise Condo market is awaiting the opening of MGM's City Center project at the end of this year. We are curious to see how many of their High Rise Condos will actually close escrow considering our current economic conditions. Enjoy the video and continue to visit this blog for all the latest news and information about the Las Vegas High Rise Condo market.

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The Lates Las Vegas High Rise Condo #'s

Since January 1st the Las Vegas High Rise Condo market has had 20 re-sale transactions. Half of those sales were in developments that are strictly residential and the other half were from Condo Hotel developments like MGM's Signature Towers. The new year has brought many challenges for our city to over come. Foreclosures have swept the valley leaving no community untouched. As previously reported there has been an increase in Bank Repossessions in our High Rise Condo market which in turn has made prices drop significantly making it an awesome time to purchase. Out of the ten strictly residential High Rise Condo re-sales 7 were bank owned properties which had an average Days On Market of 90 days. The 10 Condo Hotel re-sales that were recored had 7 Bank Repossessions as well with an average Days On Market of 51 days.

These numbers may not seem like the best in the world considering the amount of inventory that is currently for sale on the High Rise Condo re-sale market. One thing that I can say I see happening in the near future is that a wave of Bank Owned High Rise Condos will hit the market with prices that will be close to the prices that we are seeing REO High Rise Condos listed & selling at currently. Some may say that prices will continue to drop even lower in the next couple of months but I feel that we should see a huge increase in interest in our High Rise Condo market which will bring back the demand for these types of properties meaning that prices will start to rise. I can not speculate on a specific time frame of when the demand and prices will start to rise but from my professional view point I can say that interest is rising while more and more REO High Rise Condos come on the market with prices that can't be ignored.

The down side to buying a REO High Rise Condo here in Las Vegas is that you run the risk of not having the best view. Yes Bank Owned High Rise Condos are allot more affordable than traditional High Rise Condo re-sale unites but if you want a certain view or specific unite style you may come up short with a Bank Owned High Rise Condo due to that fact that the REO High Rise inventory is substantially less than traditional re-sale High Rise Condos. Unlike the single family housing sector here in Las Vegas Bank Owned High Rise Condos do not surpass the traditional sales on the re-sale market. Thats the latest Las Vegas High Rise Condo news for you so learn and enjoy.

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Las Vegas M-Resort Opening-New Video

A brand new luxury resort is opening it's doors during the worst economic crisis this country has seen in decades. First Aliante Station then Encore now M-Resort by Anthony Marnell. The M-Resort is strategically located on the far south strip at St Rose & Las Vegas Blvd on 90 acres. It will be interesting to see how this casino performs in it's first year of operation considering the horrific economic condition this nation is in. I am sure if the M-Resort can survive it's opening year they should be just fine in the future and the same goes for the rest of the resorts that were opened in this time period in history. Check out the video below to see the M-Resort and hear what they're plans are for this luxurious Casino Resort on the Las Vegas Strip.

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