About Las Vegas' Vdara - Citycenter

It has been a tough few months for the Las Vegas casino operator. It has been using all its creative means to stay out of the clutches of bankruptcy. The economy has been very unkind to it, and the rest of the Southern Nevada's gaming firms. Not only that, but the slumping real estate market here has weakened the city's overall viability. To top it all off, it was recently sued by Dubai World, the 50-50 joint venture partner on CityCenter, for alleged project mismanagement.

A new page was just turned on the development, however. MGM Mirage and Dubai World have obviously patched up their differences and are now committed to finishing up the $8.5 billion luxury condominium, hotel, casino, retail, restaurant and entertainment complex. They even managed to convince the participating lenders to go along with the new plan. Although MGM Mirage is still weighed down by a heavy debt load that requires constant attention in the near term, this step may be the one that will save it from the darker alternative.

The sizable condo component was not mentioned in the press release. Original plans leaned heavily on unit sales to provide a significant share of the overall funding. Now that the housing market in Las Vegas has plunged over the edge, that idea is pretty much scrapped, being predictably a major cause for all the trouble. Moreover, mortgage money right now is largely unavailable for many luxury condominiums, and outright non-existent for condo-hotels. And cash buyers are scarce out there in this soft market environment.

It's likely that some of the hundreds of units may be delayed. Some might even be cancelled, as has already been done with the Harmon Hotel condo section. This is simply not a good time to try to sell luxury high-rise condominiums in Vegas.

Nevertheless, to see the two sides reach an agreement to complete the mammoth project, even with some components perhaps delayed, with the blessings of their banks, is an energy boost to the entire Las Vegas economy.

What will the Real Estate market be like in 2009? Non stop construction at MGM City Center- Las Vegas, Nevada

Building continues at the MGM City Center and over half of the towers will open in December of 2009. Construction will continue with the following towers after the Grand opening.

There are rumors floating around about funding, etc., these are just rumors and I really can't see anything stopping the constructing of the second largest project in the world.

I took these photographs one month ago and if you look real close at the photo below this one, you can see a football shaped construction on the ground. This is going to be one of the swim pools for the (Vdara) Tower.

Anyone that is reading and viewing this blog, I am a Licensed Real Estate Agent and I can help you purchase or sell any condos at MGM City Center. And anywhere else in the State of Nevada.

Please call Robert direct at: 701.443.7156 or go to my web site at: www.VegasBuildingsForSale.com

Photo above is the shell for one of the swim pools.

Below, close up of Vdara sign viewed from I-15, if you look closely you can see this sign is approximately 6 stories in height.

The MGM City Center project will employ over 10,000 new workers from around the world and remember, the MGM City Centeris being built right on Las Vegas Blvd. Right next to The Bellagio and across the street fro Planet Hollywood.

photographs above taken in Las Vegas, Nevada by: Robert Swetz and duplicating in any form is in violation of copyright infringement and subject to fines.

Please look at my new web site on photography, it's almost complete www.SearchMyPics.com

Real Estate www.VegasBuildingsForSale.com

You can find great local Las Vegas, NV real estate information on Localism.com ROBERT A.SWETZ is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.