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Old 03-27-2009, 12:05 AM
 
65 posts, read 231,204 times
Reputation: 24

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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

Last edited by Marka; 04-11-2009 at 02:42 AM..
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Old 03-27-2009, 12:20 AM
 
77 posts, read 340,949 times
Reputation: 27
This will be an absolute killer. It seems that this project was the AIG of Vegas - "too big to fail".
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Old 03-27-2009, 05:46 AM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,504,856 times
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Sometimes, it's fun to read posts retrospectively. Everything I originally posted about CityCenter (when things were going "good") has come to fruition.

//www.city-data.com/forum/las-v...ty-center.html
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Old 03-27-2009, 06:55 AM
 
Location: Here and there, you decide.
12,908 posts, read 28,001,815 times
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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!
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Old 03-27-2009, 08:50 AM
 
437 posts, read 792,861 times
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Quote:
Originally Posted by airics View Post
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.
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Old 03-27-2009, 09:14 AM
 
65 posts, read 231,204 times
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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.
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Old 03-27-2009, 09:19 AM
 
9,124 posts, read 36,388,885 times
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Quote:
Originally Posted by epad View Post
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.
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Old 03-27-2009, 09:26 AM
 
844 posts, read 2,102,196 times
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Quote:
Originally Posted by epad View Post
AudiCity Center
Audi City? I would think a certain German car maker would like to buy the property in a short sale
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Old 03-27-2009, 09:50 AM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,504,856 times
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Quote:
Originally Posted by BobKovacs View Post
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.
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Old 03-27-2009, 09:56 AM
 
9,124 posts, read 36,388,885 times
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Quote:
Originally Posted by jfkIII View Post
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.
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