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1,200 want condos in MGM Mirage's new Vegas megaresort
 Message was posted: 02:19 Jan 8th, 2007     
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Casino news source: Arizona Central - http://www.azcentral.com/


1,200 want condos in MGM Mirage's new Vegas megaresort

Associated Press
Jan. 4, 2007 08:40 AM

LAS VEGAS - Casino operator MGM Mirage Inc. said Wednesday it has received 1,200 offers of interest in condominiums at its under-construction CityCenter megaresort.

Sales of 2,700 of the luxury residences - ranging from $500,000 studios to the $12 million super penthouse - are expected to cover up to $3 billion of the $7 billion price tag for the colossal seven-tower project on the Las Vegas Strip, which began being built in June and is expected to be finished by late 2009.

All units come with a 24-hour valet, front-of-the-line access to MGM shows and restaurants in Las Vegas and "anticipatory service," said residential division executive vice president Tony Dennis.

"Our clientele travels the world, they know value, and they're prepared to pay a super premium for great location, great amenities, great service," he said.

"We're delivering an experience that takes away having to think about thinking about lifestyle," he said.

Reservations for three of the four residential towers opened to the public on Tuesday, and 27 people signed expressions of interest that come with a $10,000 or $25,000 deposit on the first day, he said. Earlier, reservations were restricted to family and partners of MGM executives.

The CityCenter projects are entering a tough market. High construction costs and slow sales led several high-profile condominiums to fizzle before breaking ground.

MGM's Vdara tower is planned as a furnished condo-hotel where owners can rent out units nightly and share in the revenues with MGM. Veer, whose twin glass towers lean five degrees from upright in opposite directions, is a traditional unfurnished condominium with units that can be leased out long term.

The Mandarin Oriental units, which start at $1.5 million, sit atop a hotel section, which allows for in-room maid and chef service, Dennis said.

While prices set "a new high" in Las Vegas, they are reasonable compared to the most upscale communities in the world, he said.

Even the 4,000-square foot, $12 million penthouse on top of the Mandarin, which exacts an immediate 10 percent deposit, has had "multiple" reservations, Dennis said.

"It's a steal compared to Tokyo, Hong Kong, Paris and London," he said.





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