MGM Mirage Cuts CityCenter Condominium Prices by 30%

MGM Mirage and Dubai World, owners of the largest development on the Las Vegas Strip, cut the price of condominiums at the CityCenter project by 30 percent for existing buyers to reflect the collapse in housing prices.

The reductions will be offered at residences at Mandarin Oriental, Veers Towers and Vdara Condo Hotel, Las Vegas-based MGM Mirage said today in a statement.

MGM Mirage and state-owned Dubai World are building 2,400 condos at CityCenter, the $8.5 billion project on the Strip, during the worst gambling and real estate slump in Las Vegas history. Home values in Las Vegas fell 55 percent through July since August 2006, according to the S&P/Case Shiller Single Family Home Price Index.