MGM Mirage to build a city on Las Vegas Strip

Plans include a 4,000-room hotel and casino, three 400-room boutique hotels, 1,650 condoes and 550,000 foursquare feet of a retail, dining and amusement area.

The "Project CityCenter" as MGM functionaries name it, will stand up on the 66-acre site located between Belaggio and Monte Carlo, on Las Vegas Strip. The Boardwalk hotel now inhabits portion of this area.

The undertaking will be developed in phases. The first phase, to get in 2010, is expected to make over 7,000 building jobs and 12,000 lasting positions. This volition be the biggest employment chance in the history of Las Vegas.

For comparison, "Project CityCenter" is the size of New House Of York City's John D. Rockefeller Center, SoHo, and Times Square combined.

The history of Las Vegas began a hundred old age ago, with a land-parcel auction. With MGM Mirage laying down the cards for its hereafter project, the adjacent inquiry to originate is: How long volition it be before a rival sets forward a similar scheme?

"We trust they do, but I doubt it," states Jim Murren, president and CFO of MGM Mirage. Having the thought is one thing. It is far more than of import to have got entree to this sort of working capital outlay, and a suitable property. Today, an acre on Las Vegas Strip is valued at $20 million. The estimated cost of the undertaking is $4 billion.

The "Project CityCenter" looks to have got set an end to themed resort-building inch Las Vegas, and to open up a new epoch in the history of Sin City. It is now clear that Las Vegas is moving towards becoming a major urban centre in the US. "It's changing lifestyles," MGM Mirage president and main executive director military officer Dame Ellen Terry Lanni said.

Over the adjacent 18 months, MGM Mirage will look around the world for a maestro architect, as well as for residential and hotel partners.