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.
March 6, 2009 |
MGM Mirage and Dubai World failed to reach agreement with Deutsche Bank and talks on a $1.2-billion loan to complete the Las Vegas CityCenter project collapsed, according to five people with knowledge of the matter. Deutsche Bank was seeking equity and debt stakes in the $11.2-billion development on the Las Vegas Strip in return for the loan. MGM Mirage and Dubai World are now holding talks with other parties, one of the people said.
August 16, 2011 |
Reporting from Las Vegas - 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.
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.
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.
March 4, 2012 |
For those who want to spend more time than money in Las Vegas, here are 21 things to do for less than $21, all aimed at keeping the bottom line low and the fun factor high. 1. Springs Preserve. Forsake the fake pyramid and fake Statue of Liberty for a power walk through the real Vegas: 110 acres of pre-Bugsy Siegel desert. There are miles of cactus-filled trails, botanic gardens and a museum that pays tribute to the city's Mojave Desert roots. Open daily 10 a.m.-6 p.m. daily.
October 5, 2008 |
MGM Mirage Inc. officials building the CityCenter complex on the Las Vegas Strip say rooms in three of its hotels will use advanced technology to let guests customize their room environment. The company says guests at the $9.1-billion complex expected to open next year will be able to save settings for the lights, television, sound system and curtains, and have the room "recognize" them and adjust when they guest enter. The sophisticated technology will be used in the Aria casino-hotel and non-gambling hotels the Mandarin Oriental and the Harmon Hotel, Spa & Residences, MGM Mirage construction chief Bobby Baldwin said.