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CityCenter Cost Rises $400M, Condo Sales Continue

LAS VEGAS-MGM Mirage says the cost of the integrated resort development has risen to $7.4 billion while its expected revenue from residential sales has risen to $2.7 billion.

By Brian K. Miller | Updated on April 23, 2007

(Read more on the multifamily market.)

LAS VEGAS-MGM Mirage says the cost of its CityCenter integrated resort here has risen by $400 million in part due to an additional 670,000 sf of construction. The increase, from $7 billion to $7.4 billion, is being offset by an expected $2.7 billion in residential sales, up $200 million from previous expectations, resulting in an estimated net cost of $4.7 billion, excluding land costs and pre-opening expenses, according to MGM.

CityCenter is a small city rising in the heart of the Las Vegas Strip between the Bellagio and Monte Carlo resorts. The development includes 2,700 private residences, two 400-room non-gaming boutique hotels, a 60-story, 4,000-room resort casino and a 470,000-sf retail and entertainment district.

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