November 2, 2005 |
Mandarin Oriental International Ltd., the luxury hotel arm of Asia's Jardine Matheson Holdings Ltd., said it planned to open a 400-room hotel in Las Vegas in 2009 with MGM Mirage. The hotel will be part of the $5-billion Project CityCenter that MGM Mirage is building on the Las Vegas Strip. The Mandarin chain will have a management contract and won't be taking an equity stake.
June 4, 2008 |
Construction workers building a massive casino complex on the Las Vegas Strip were expected to return to work after a one-day walkout over safety concerns at the site where six workers have died since 2006. The general contractor of MGM Mirage Inc.'s CityCenter project will arrange for worker safety training and allow union and business leaders full access to the site at all times, union officials said.
January 8, 2009 |
MGM Mirage and Dubai World postponed the opening of one hotel and canceled a condominium development at their CityCenter project on the Las Vegas Strip to trim costs and "maximize" returns in a declining market. Scrapping the Harmon residential condos saves $200 million, and opening the Harmon Hotel and Spa at the end of 2010 or later defers another $200 million, providing cash-flow relief for both partners, Chief Executive James Murren said. Gambling revenue on the Strip, where MGM Mirage owns 10 casinos, faces an extended slump amid the global financial downturn.
August 16, 2011 |
The Harmon was envisioned as a 49-story gateway to CityCenter, a warren of luxury hotels and boutiques dreamed up during the Las Vegas Strip's go-go years. Instead, the Norman Foster building was lopped in half because of construction defects and a recession that snuffed out demand for its condo-hotel rooms. Now the company in charge of the Harmon may scrap it altogether. MGM Resorts International asked county officials Monday to allow it to implode the tower, one of several monuments to the economy's nose dive on Las Vegas Boulevard.
January 17, 2008 |
Nevada's foreclosure crisis claimed a high-profile victim as investment bank Deutsche Bank took the first step toward foreclosing on the $3-billion Cosmopolitan Resort & Casino project. Developer and owner Ian Bruce Eichner said his company, 3700 Associates, was working with Deutsche Bank and Merrill Lynch & Co. to find new investors. The $760-million construction loan from Deutsche Bank went into default Wednesday, the company said. A Deutsche Bank spokesman did not return a call seeking comment.
August 6, 2008 |
Shares in MGM Mirage Inc. surged after the company said it had secured commitments for $1.65 billion of the final $3 billion in financing for CityCenter, its next major casino project on the Las Vegas Strip. The company said last week that a deal was delayed because of tight financial markets. Executives had expected the deal to be in place in June or July but said Tuesday that it would be done in the third quarter. MGM Mirage shares leaped $4.85, or 15.7%, to $35.85 the same day the company reported a 68.6% drop in second-quarter profit.
February 10, 2006 |
MGM Mirage Inc. said Thursday that it had decided to increase the size of its planned CityCenter project on the Las Vegas Strip, boosting its cost to $7 billion. The 66-acre development would include more residential space than planned, MGM President James Murren said. "They're higher and we keep tweaking the unit sizes to hit the sweet spot in the market," he said of the planned residential towers.