Vegas City Center project

**Johnlodge** · April-17-09, 12:28 PM

A couple pictures I took of the endangered City Center project. I believe it is the largest construction project in the world at the moment. Work stoppages due to financing trouble with partners MGM-Mirage and Dubai World are constantly looming.

**Ray1936** · April-17-09, 04:01 PM

http://www.lvrj.com/news/breaking_news/43183912.html

MGM Mirage said this morning it had made the $70 million equity payment due on CityCenter, which included covering the $35 million share of the costs owed by its partner, Dubai World. A spokesman for the casino operator said another payment is due at the end of April.

**Ray1936** · April-17-09, 04:03 PM

In my view, it's a very ugly complex. It's on the site of the old Frontier and Stardust resorts.

However, except for the job factor, locals could care less. They do all their gambling in "locals" joints. It's rare that you see a local in a strip resort. Including me.

**Johnlodge** · April-17-09, 04:09 PM

Originally Posted by Ray1936

In my view, it's a very ugly complex. It's on the site of the old Frontier and Stardust resorts.

However, except for the job factor, locals could care less. They do all their gambling in "locals" joints. It's rare that you see a local in a strip resort. Including me.

Is that what used to be there? In the time I've been going, I only remember that Boardwalk place, and some helicopter tours and t-shirt shops in that stretch of the strip.

**Ray1936** · April-17-09, 05:06 PM

Aw, shoot, you're right...I was thinking of the Trump complex on the site of the Frontier/Stardust. It's another biggie. City Center is where you said it is.

Open brain before engaging fingers.

**Moetown** · April-17-09, 06:11 PM

Originally Posted by Ray1936

Aw, shoot, you're right...I was thinking of the Trump complex on the site of the Frontier/Stardust. It's another biggie. City Center is where you said it is.

Open brain before engaging fingers.

It looks like I am a slow typer..

**Moetown** · April-17-09, 05:22 PM

Originally Posted by Ray1936

In my view, it's a very ugly complex. It's on the site of the old Frontier and Stardust resorts.

However, except for the job factor, locals could care less. They do all their gambling in "locals" joints. It's rare that you see a local in a strip resort. Including me.

Citycenter is on the site of the old boardwalk/holiday inn.

The stardust was imploded by boyd's to build the echelon project, which they stopped building at a steel skeleton, when the economy tanked.

The frontier was sold by phil ruffin to a group of investors from israel for 1.2 billion just before the economy tanked. The frontier was imploded and the lot is empty, they intended to build a version of the plaza hotel in new york, which they also own.
The project is on hold.
Phil ruffin just bought treasure island from mgm last month for 775 million..

**Bobl** · April-17-09, 05:41 PM

Ray:
"...However, except for the job factor, locals could care less. They do all their gambling in "locals" joints. It's rare that you see a local in a strip resort. Including me..."

My favorite has been the Longhorn on Boulder Highway....great Prime Rib, fantastic breakfasts. Haven't visited in a couple years though, funds are low.

**Ray1936** · April-18-09, 01:31 PM

Originally Posted by Bobl

Ray:
"...However, except for the job factor, locals could care less. They do all their gambling in "locals" joints. It's rare that you see a local in a strip resort. Including me..."

My favorite has been the Longhorn on Boulder Highway....great Prime Rib, fantastic breakfasts. Haven't visited in a couple years though, funds are low.

Right you are, Bob. And when you ever get back, look across the street. The old Nevada Palace has been razed and replaced with a brand new complex, the Cannery. It is absolutely super, with max pay tables on all the machines. Restaurants are worth a visit there, also. They're kicking the dickens out of Sam's Town business.

**Johnlodge** · April-17-09, 04:06 PM

Originally Posted by Ray1936

http://www.lvrj.com/news/breaking_news/43183912.html

MGM Mirage said this morning it had made the $70 million equity payment due on CityCenter, which included covering the $35 million share of the costs owed by its partner, Dubai World. A spokesman for the casino operator said another payment is due at the end of April.

That's good. One of the days I was there, a payment deadline for about $250 million was made in the 11th hour as well. Sounds like it's a month-to-month thing. And if I remember right, MGM made that payment also complaining that Dubai World was not paying their share.

A friend of mine's work is owed over $10,000 by Dubai World. Not much compared to this project, but it's another example of them not meeting their financial obligations.

ccbatson · May-24-09, 04:41 PM

It took down the mortgage industry, then the finance and insurance side fell...leaving little, or no capital for projects, and the collapse of the economy in general.

ccbatson · May-26-09, 11:28 PM

You are in the minority of one on this item Slim...Ignorance is bliss for you I suppose...enjoy.

**rb336** · May-27-09, 09:50 AM

Originally Posted by ccbatson

You are in the minority of one on this item Slim...Ignorance is bliss for you I suppose...enjoy.

self-delusion, it seems, is bliss for you, Bats.

Why is it you simmply can not accept facts? oh yeah -- facts prove the falacy of your dogma.

1) fannie/freddie had NOTHING to do with the collapse of the Vegas housing market, as they were barely in that maket [[this was one of, if not THE most speculative housing markets around. investors overdeveloped, nuff said. common sense, really.) most of the home loans were way above what fannnie/freddie do
2) the collapse of City Center had nothing to do with fannie/freddie and much to do with the collapse of the speculative market in fossil fuels

**Gistok** · May-30-09, 11:22 AM

Originally Posted by ccbatson

You are in the minority of one on this item Slim...Ignorance is bliss for you I suppose...enjoy.

... and what does that say about you in regards to the last 8 years under Bush when this fiasco started brewing?

Rip Van Batson?

DetroitDad · May-27-09, 05:27 PM

You're kind of splitting hairs? Wasn't it all tied together?

ccbatson · May-27-09, 11:01 PM

Myopic is a generous response to your apparent grasp of the situation. The whole mortgage and housing sector collapsed because of Freddie and Fannie bringing down the rest of the economy via the fraudulent derivative investments and a cascade of catastrophes. DOes it matter that Freddie and Fannie were less penetrant in Las Vegas real estate when the world was collapsing around them?

**rb336** · May-29-09, 07:59 AM

Originally Posted by ccbatson

Myopic is a generous response to your apparent grasp of the situation. The whole mortgage and housing sector collapsed because of Freddie and Fannie bringing down the rest of the economy via the fraudulent derivative investments and a cascade of catastrophes. DOes it matter that Freddie and Fannie were less penetrant in Las Vegas real estate when the world was collapsing around them?

Bats, have you ever READ any of the over 90% of economists that totally dismiss the fannie/freddie muth?

ccbatson · May-30-09, 12:05 AM

Yes....just like the global warming myth...consensus [[under duress, and from biased sources) is not science, or fact.

Look at the 10% next time.

**mjs** · May-30-09, 12:12 AM

I can see where someone who supports the minority party would support the minority on everything else.

**rb336** · June-01-09, 01:44 PM

Originally Posted by ccbatson

Yes....just like the global warming myth...consensus [[under duress, and from biased sources) is not science, or fact.

Look at the 10% next time.

ah, bats, your total ignorance of pretty much anything is always so fun to watch

ccbatson · May-30-09, 10:46 PM

Far longer than 8 years ago slim...try at least 30...back to Carter. Really the root lies in the terms of FDR and Johnson.

ccbatson · June-06-09, 08:43 PM

Rb...too far removed from the current discussion...you need to give more detail to be understood [[ie, a post number for reference).

DetroitDad · February-06-11, 01:28 AM

MGM Resorts wants to demolish part of it's City Center project.

http://www.lvrj.com/business/mgm-res...107681193.html

This project really reminds me of Bloomfield Park.