[epad]

http://online.wsj.com/art....html?mod=googlenews_wsj
By JEFFREY MCCRACKEN

And Tamara AudiCity Center, the $8.6 billion Las Vegas development owned by MGM Mirage and DubaiWorld, is preparing for a potential bankruptcy filing that could bring the massive project to a halt, according to people familiar with the situation.

Moderator cut: copyright issues

[Doug17]

This will be an absolute killer. It seems that this project was the AIG of Vegas - "too big to fail".

[jfkIII]

Sometimes, it's fun to read posts retrospectively. Everything I originally posted about CityCenter (when things were going "good") has come to fruition.

http://www.city-data.com/forum/las-v...ty-center.html

[airics]

jfk - you've said it time and time again.. so now you toot your horn... do you have to mention it in every post about citycenter... it is as if you are mocking the companies, people, and workers of las vegas.... so enough! you don't even live here! obviously your city in new york has no shame! or problems for that matter!

[jdrtx]

Originally Posted by airics

jfk - you've said it time and time again.. so now you toot your horn... do you have to mention it in every post about citycenter... it is as if you are mocking the companies, people, and workers of las vegas.... so enough! you don't even live here! obviously your city in new york has no shame! or problems for that matter!

Don't worry about JFKIII, he spoke the truth.

[epad]

I was in line for a job there as well airics. This is all very disappointing indeed. Hopefully, Dubai and MGM will work out their differences and hammer this thing out and get it open - although as the article says, it is a bit scary for the other properties on the strip.

When we moved here a little over a year ago, I kept asking why they were building so many new large properties. It seemed to me where this city couldn't keep absorbing these large properties. Unfortunately, this seems to be the truth.

I myself will be watching the news today to see what other information I can find.

[BobKovacs]

Originally Posted by epad

I was in line for a job there as well airics. This is all very disappointing indeed. Hopefully, Dubai and MGM will work out their differences and hammer this thing out and get it open - although as the article says, it is a bit scary for the other properties on the strip.

When we moved here a little over a year ago, I kept asking why they were building so many new large properties. It seemed to me where this city couldn't keep absorbing these large properties. Unfortunately, this seems to be the truth.

I myself will be watching the news today to see what other information I can find.

The same thing was said when they built the MGM, Luxor, and Treasure Island all at the same time in the early 90's- "Las Vegas can't possibly absorb all of these additional rooms". It was also said when they built the Venetian, NYNY, Paris, etc., and it was said again when Echelon and City Center were proposed. Every time in the past, the critics were proven wrong- this one looks like the straw that broke the proverbial camel's back.

[Wing Feathers]

Originally Posted by epad

AudiCity Center

Audi City? I would think a certain German car maker would like to buy the property in a short sale

[jfkIII]

Originally Posted by BobKovacs

The same thing was said when they built the MGM, Luxor, and Treasure Island all at the same time in the early 90's- "Las Vegas can't possibly absorb all of these additional rooms". It was also said when they built the Venetian, NYNY, Paris, etc., and it was said again when Echelon and City Center were proposed. Every time in the past, the critics were proven wrong- this one looks like the straw that broke the proverbial camel's back.

But Bob...none of those other properties were built in such dire economic straits. For CityCenter (and Las Vegas as a whole)...it's a perfect storm.

[BobKovacs]

Originally Posted by jfkIII

But Bob...none of those other properties were built in such dire economic straits. For CityCenter (and Las Vegas as a whole)...it's a perfect storm.

I agree. I think even of the economy wasn't quite as bad as it is, it still would have been a bit of a stretch for such a large project to fill out and meet it's goals. Add in a housing market that's in the toilet or a general economic recession, and it's ever harder- add in both at the same time, and you've gotta wonder why they didn't pull the plug and cut their losses on this thing months ago.