mgm

Will The Harmon Hotel At CityCenter Be Imploded?

Is one of the hotels in the Las Vegas CityCenter complex doomed? It looks like one of the high-rise hotels in the $8.5 billion CityCenter could be gone before it ever opens. The Harmon Hotel has been deemed unfit to open because of extensive, nonconforming construction work. There is even talk of imploding the luxurious hotel before it ever sees a single guest.

CityCenter opened in December 2009 with great fanfare and has a variety of open hotels nearby including Aria and the Mandarin Oriental. The 400-room Harmon Hotel & Spa was originally supposed to also include 200 residential units but that project was canceled. It was trimmed into a 27-story hotel that was supposed to open this year. The Harmon was designed by the firm of English architect Lord Norman Foster.

No decision on the hotel's fate will be made soon. MGM will hire consultants to evaluate the problems with the building and present possible solutions. Those findings will be presented to the court in October 2011 and no decision is likely to occur before the court makes a ruling, expected sometime in 2012.

Tags: city center, harmon hotel, las vegas, mgm

Is It Too Soon To Raise Hotel Rates In Las Vegas?

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Why does it seem to be that the second that the economy gets even a tinge better prices start shooting up? The Las Vegas Sun delivers the sad news that MGM Mirage is already plotting to raises rates on the company's hotel rooms after seeing more bookings. Admittedly MGM Mirage which has struggled in recent months and does have the huge CityCenter project to pay for, does need the cash. Still, I have to wonder, is it too soon?

Conventions still haven't returned to Las Vegas in droves but the Sun article says that the MGM Mirage hotel occupancy rates, which dipped into the high 70s in January climbed back into the high 90s. Phil Ruffin, who bought Treasure Island from MGM Mirage will also be raising room rates because he's looking to attract the big fish customers rather than focusing on occupancy rate. The lower rates have worked their magic of getting more guests in beds but now the resorts seem to be more confident that the economic momentum is, if not completely charging upward yet, at least not fixed to slide lower.

Should hotels raise rates during the summer time in Las Vegas? The triple-digit heat often makes visits to the city only palatable for those interested in gambling in air-conditioned spaces or lounging in the shade of the pool cabanas. It seems like the fall season might be the time for a modest price increase but for hotels laboring under the strain of reduced rates for months already that may be too long to wait.

Source

Tags: hotel rates, hotel room rates, HotelRates, HotelRoomRates, las vegas, LasVegas, mgm, mgm mirage, MgmMirage

City Center Considers Bankruptcy Filing

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels, Real Estate Developments

In January, it was announced that MGM Mirage was planning to scale back their City Center project, now the project seems to be in even deeper trouble. The $8.6 billion project has hired a law firm in order to prepare for a potential bankruptcy filing. The project is the Las Vegas Strip's most ambitious development, a 67-acre sprawl of hotels including a Mandarin Oriental property, residences, a casino and a huge retail and entertainment complex.

The developers, MGM Mirage and Dubai World, are expected to miss a $220 million debt payment due Friday and the project could file for bankruptcy within days unless an agreement is made. Dubai World has already filed suit against MGM Mirage, saying that its shaky finances put City Center at risk. MGM Mirage reported a $1.15 billion fourth-quarter loss this month and is said to be more than $13 billion in debt. Earlier this week the deal to sell MGM's Treasure Island casino to Phil Ruffin for $775 million was finalized.

As the Wall Street Journal mentions, even if the project does end up in bankruptcy it is likely that construction could continue or be restarted once agreements are made. No one wants to leave this massive complex of partially completed buildings unfinished and both MGM Mirage and Dubai World have sunk billions into the project. Also the city of Las Vegas needs the project to work both because of the potential jobs it creates as well as for the statement it makes that Las Vegas tourism is still thriving.

UPDATE: MGM Mirage has made a $200 million payment to the City Center project to keep the project afloat.

Source

Tags: city center, CityCenter, dubai world, DubaiWorld, mgm

CityCenter Scales Back

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

When it came out last month that MGM sold the Treasure Island resort, partially to save the CityCenter development, it seemed trouble was in the offing. Now the AP is reporting that the project, which is the biggest new development on the Las Vegas Strip, is now being scaled back. MGM Mirage and Dubai World have delayed construction on one of the hotels in complex, the 400-room Harmon Hotel & Spa. There was also a plan for 200 residential units in the hotel which has now been canceled. So far 88 of those units were under contract and buyers will get their deposits back. The hotel is scheduled to open in 2010.

The move is part of a general economic slump in Las Vegas that started with the decline in the real estate market and has worked its way to the Las VegasStrip. MGM shares are down 80 percent over the past 12 months as casino revenues have continued to fall. The other parts of city center including the 4,000-room Aria casino, a Mandarin Oriental hotel and a sprawling retail and entertainment playground are scheduled to open in December 2009.

Source

Tags: citycenter, las vegas, LasVegas, mgm

MGM Goes Big In Atlantic City

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Atlantic City is on the rise again with a new massive plan from the MGM Mirage. The project, which could run up to $5 billion, includes three hotel towers with more than 3,000 rooms, the largest casino floor in the state, a theater, spa, convention center and retail space. There may be a residential component at a later date. The resort will also be the city's tallest building. Pending state approval, they plan to break ground on the project next year and it should be completed in 2012. This project will likely be called City Center East and it is the companion project to the huge project currently underway in Las Vegas.

Source

Tags: atlantic city, casino, city center east, gambling, mgm, mgm mirage, new jersey, resort

CityCenter Opens For Sales

by Deidre Woollard (RSS feed) —

Filed under: Estates

Condo offerings may have taken a big hit in Vegas, with many projects being scrapped before they even began. But the ambitious plan for MGM's CityCenter have continued apace with construction starting last summer. The CityCenter project is located between the Bellagio and Monte Carlo resorts and is expected to open in 2009.

Now it's time to take measure of how successful this project will actually be. The Residential Sales Pavilion has opened for business to take reservations for around 2,700 luxury residences spread out over several buildings. Three of CityCenter's four residential developments are available for reservations: Vdara Condo Hotel, Veer Towers and The Residences at Mandarin Oriental. Residences at The Harmon will be released later in 2007. Unit prices start at around $500,000 for Vdara and the Veer Towers. It's a bit pricier at the Mandarin, starting at $1.5 million for suites ranging from 1,000 to 3,900 square feet. The condos are just part of the CitryCenter experience. There will also be a 60-story hotel and a retail and entertainment complex with restaurants, clubs and shops all under a crystalline canopy.

Any predictions for the success of this venture? Based on recent hesitancies about the condo market, I'm not predicting a quick sell out.

Source

Tags: city center, condo, las vegas, LasVegas, mgm

MGM Begins CityCenter Construction

by Nicole Weston (RSS feed) —

Filed under: Luxury Travel & Hotels

This 4th of July is, according to AAA, the busiest ever, with 40.7 million people hitting the roads. A lot of those people are headed to Las Vegas, which is the summer's number one travel destination, where they can relax in luxury and hope to strike it rich. In Vegas, they are sure that this holiday weekend is setting a trend that will prompt more and more travelers to hit the strip. Preparing for all those additional guests, MGM has finally begun construction on a $7-billion dollar resort, called Project CityCenter. While we covered the plan last year, the company poured the foundation over the weekend.

The 66-acre complex will feature a total of 7 towers, acres of retail space and 12,000 permanent jobs. Two of the towers will be residential, one will be a hotel/condo complex and two will be turned into luxury hotels. There will also, of course, be a casino. One hotel, a "lifestyle hotel," is slated to have a "shimmering facade" and a lot of ambiance. The other is going to be a five-star Mandarin Oriental hotel that will "respond to the desert environment and climate."

Source

Tags: desert, hotel, hotels, las vegas, mgm, nevada, Project CityCenter, ProjectCitycenter, vegas

Dolphin Trainer For a Day Experience

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

There are plenty of swim with the dolphins programs but now The Mirage in Las Vegas is offering a dolphin trainer for a day program. The program lets up to four people per day work with animal experts and a family of Atlantic bottlenose dolphins at The Mirage’s Siegfried & Roy’s Secret Garden and Dolphin Habitat. The program includes information on dolphin health and behavior as well as hands-on training. The program also includes a light breakfast, a private lunch at a poolside table, photo, gift certificate and a Trainer for a Day T-shirt, beach towel, hat or bag. Additional photos from the day on a CD cost $75 and each participant%uFFFD may bring along an observer for an additional fee of $150. Observers are welcome to join the morning orientation, the private lunch and shadow the participant all day from just a few feet away and take their own personal photos. The program costs $500.

Source

Tags: las vegas, LasVegas, mgm, mirage, swim with dolphins

mgm

Featured Galleries

HuffPost AOL Social News Most Popular

Also on AOL