More news out of Las Vegas this week. The MGM Mirage announced it is providing $200 million of funding to its CityCenter project to satisfy the required contributions that were due at the end of March. This payment lets MGM Mirage continue construction while seeking additional funding for the $8.7 billion project.
Located between the Bellagio and Monte Carlo resorts, CityCenter is intended to be one of the world's largest sustainable developments and an urban resort destination. Included in the complex is ARIA, a 61-story, 4,004-room gaming resort; non-gaming luxury hotels including Vdara Hotel and Las Vegas' first Mandarin Oriental; Veer Towers, the development’s only strictly residential buildings; a $40 million Public Fine Art Program; and Crystals, a 500,000-square-foot retail and entertainment district.
MGM now has until the end of April to proceed with the project, one that has over 8,500 current and 10,000 future jobs riding on it, according to the Las Vegas Review-Journal. Alan Schlottmann, a University of Nevada-Las Vegas economics professor, said that if the project shuts down, Southern Nevada's 10.1 percent jobless rate could increase by a full percentage point.
MGM hopes it won't come to this.
"MGM Mirage believes that CityCenter is of vital importance to Las Vegas and the state of Nevada," said Jim Murren, chairman and CEO of MGM Mirage, in a statement. "We are doing our utmost to see that this project continues, keeping thousands of Nevadans employed. We will continue to make every effort to see that CityCenter is completed and becomes an even greater economic driver for the region...We continue to review with our partners all possible options to keep CityCenter fully funded and on a path to completion."
Check out the full article at the Las Vegas Review-Journal.