Posted Apr 19, 2007, 1:44 PM
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Join Date: Sep 2006
Location: JT
Posts: 4,912
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VegasTodayandTomorrow.com gets it right!
RUMOR IS TRUE!
MGM BUYS NORTH STRIP LAND
Map
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Originally Posted by HOWARD STUTZ Apr. 19, 2007 Las Vegas Review-Journal
MGM Mirage, which is currently building the massive $7 billion Project CityCenter on 66 acres on the south Strip, has assembled the acreage to construct a similar and potentially larger development on the Strip's northern end...
...MGM Mirage will spend $444 million to purchase a vacant 25.8-acre parcel from Gordon Gaming Corp., the current owners of the Sahara...
...In addition, MGM Mirage is spending $131 million to acquire a 7.6 acre parcel from Concord Wilshire Partners, a Southern California real estate developer that had announced plans last year to build a hotel-casino on the oddly shaped site in conjunction with the publishers of Maxim Magazine...
...[MGM Mirage President and Chief Financial Officer Jim] Murren didn't yet have a timetable for the north Strip development but said it was conceivable work could begin before CityCenter is completed...
...Concord Wilshire spent $90.25 million in 2005 to acquire four small parcels that made up the site acquired by MGM Mirage. The developers ran into opposition from the owners of Sky Las Vegas, a neighboring high-rise condominium development because the Maxim might have blocked views of Sky residents.
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So the Maxim is dead.
Last edited by mdiederi; Apr 19, 2007 at 2:26 PM.
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