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GlobeSt.com UPDATE: MGM's CityCenter to Cost $5B

LAS VEGAS-MGM Mirage says its proposed 66-acre, 6,000-unit mixed-use development on the Strip between Bellagio and Monte Carlo will be the largest privately financed project in the history of the US.

By Brian K. Miller | Updated on September 08, 2005

LAS VEGAS-MGM Mirage next week will reveal the design for its massive CityCenter development proposed for 66 acres on the Strip between Bellagio and Monte Carlo. This week, it said the $5-billion project would be the largest privately funded project in the history of the US, according to its consultants’ research.

MGM Mirage’s board or directors signed off on the project in November. The project is slated to include a 4,000-room casino-hotel, three 400-room boutique hotels, 550,000-sf of retail, dining and entertainment facilities and 1,650 units of for-sale housing, including luxury, hotel-condo and timeshare components.

The design and permitting phase is expected to take an additional nine months to complete. The construction of the first phase of the complex will take approximately 42 months with an opening anticipated in late 2009.

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