[ScottG]

Project CityCenter Update
Another Look Into the Project
Project CityCenter Rendering
more images
Scheduled to open in late 2009, Project CityCenter will encompass 2.3 million square feet of residential space, with more than 2,000 luxury condos, along with a 60-story, 4,000-room hotel casino, two 400-room, non-gaming hotels and almost 500,000 square feet of retail shops, dining and entertainment attractions. MGM Mirage will team up with Bloomfield Hills, Mich.-based Taubman Centers, Inc. to attract top-flight retail tenants.

"Project City-Center confirms a cultural and lifestyle revival of city living, reaffirms the growing sophistication and maturity of Las Vegas and sets a benchmark for new growth and exciting new experiences as the city moves into its next 100 years," said Terry Lanni, chairman and chief executive officer of MGM Mirage.


Rendering
At $7 billion, the ambitious proposal expects to be the most expensive privately funded development ever undertaken in the U.S. After estimated proceeds of $2.5 billion from the sale of condos, MGM Mirage expects the net project cost will be about $4.5 billion.

"Our financing plan for Project City-Center calls for significant residential proceeds to supplement our available borrowing capacity and free cash flow to efficiently fund this major development, while maintaining maximum flexibility for other expansion initiatives," said Jim Murren, president, CFO and treasurer of MGM Mirage.


Rendering
Project City-Center expected to break ground in the middle of the year, will be built on about 66 acres between Bellagio and Monte Carlo, and will be connected to these resorts via a state-of-the-art people mover system.

The project will incorporate elements designed to make it one of the world's largest environmentally sustainable urban communities. From garden roofs to the use of reclaimed water, to the creation of a central, on-site power plant, Project City-Center is promoting responsible use of water, electricity and natural gas -- and becoming eligible for Leadership in Energy and Environmental Design certification.