MGM Mirage, which is building the CityCenter development in Las Vegas in a joint venture with Dubai World, has cut the price of homes at the property and casino project.
Las Vegas is one of the worst affected cities of the US property downturn, with prices falling 53 per cent in May since August 2006, according to a home price index released by Standard & Poor’s and Case Shiller in June.
MGM Mirage’s chief executive, Jim Murren, told Bloomberg that the company was now re-pricing homes, of which there are 2,400, within the development. CityCenter includes several casinos, hotels, a new retail complex and office buildings across a 31-hectare site on the Las Vegas Strip.
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