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MGM Mirage to slash prices of Las Vegas condos by 30%

The cuts are intended to mollify buyers who bought the high-end CityCenter units during the real estate boom.

October 06, 2009|From A Times Staff Writer

MGM Mirage will slash prices of its high-end CityCenter condos by 30%, the company said Monday, a move intended to mollify buyers who were unsure they could close on units purchased during the Las Vegas real estate boom.

The price cuts underscore the reversal of fortunes on the Las Vegas Strip. Just a few years ago, condominiums were being touted as the next stage in its seemingly unstoppable growth.

Although the reductions mark a significant reversal by the gaming giant, which took deposits on about half of its 2,400 residential units, it was unclear whether the cuts were deep enough to satisfy some buyers.

Mark Connot, an attorney representing several buyers, said that the announcement was "woefully short on details" and that his clients needed at least half off their initial purchase prices.

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