Thursday 9 April 2009

Las Vegas trophy project becomes symbol of trouble

It was conceived as the centerpiece of a thriving Las Vegas -- one of the world's most expensive building projects that would bring back glamour to the Strip and cap an unprecedented three-year economic boom.

Instead the $9 billion development named CityCenter -- touted as the city's most ambitious endeavor -- has come to symbolize a global retail and leisure slump and the city's struggles to come to grips with crushing unemployment and dwindling casino revenue.

Partners MGM Mirage (MGM.N) -- struggling to bankroll the project's ballooning cost -- and Dubai World [DBWLD.UL] had pondered placing the development under bankruptcy, thrusting its future into question, sources say. [ID:nN03270902]

No comments:

Post a Comment