LAS VEGAS | Boom Project Rundown! 2.0

[CosmoVegas]

If a person:
1) has perfect credit,
2) pays all their bills the day they come in,
3) has only 1 single debt; an equity line of credit that they pay 10X the minimum payment every month,
4) the loan to value for their equity loan is less than 80%,
5) the available credit for the loan is equal to the persons 1 year (gross) income,
6) they took the loan ouat as a back-up to pay the balance for their unit at the Cosmopolitan,
7) due to the tight credit market, today had the bank cut the credit line in half, and that is only if the person pays about $1,000.00 for a new appraisal and origination fee
8) will this person or others like them be able to finance the balance when their units are delivered to them?
9) are the Trump units closing and if so, what interest rate are the loans?
10) how many cono-hotel units going to close?

[Aaron Auxier]

I just received word from MGM MIRAGE counsel that the monorail (Automated People Mover) at CityCenter is NOT mag-lev technology.

[tumbleweed]

Originally Posted by LasVegasStripDaily

I just received word from MGM MIRAGE counsel that the monorail (Automated People Mover) at CityCenter is NOT mag-lev technology.

People Mover Manufacturer: http://www.doppelmayr.com/default.ph...tail=612&lid=2

[RandalR]

Originally Posted by CosmoVegas

10) how many cono-hotel units going to close?

Trump may have to knock out some walls and combine them into larger, penthouse-style units to sell them off to wealthier, cash-paying buyers.

The condo-hotel concept appears to be dead - buying a hotel room has no intrinsic appeal in a down economy. I wouldn't be surprised to see CityCenter and Fontainebleau shift gears and create larger units for sale or retain more of the proposed condo units as high-end hotel suites.

[ScottG]

why are you calling it a people mover and not a monorail? is there a difference?

[Aaron Auxier]

Originally Posted by tumbleweed

People Mover Manufacturer: http://www.doppelmayr.com/default.ph...tail=612&lid=2

Thank you tumbleweed.

[Aaron Auxier]

Originally Posted by ScottG

why are you calling it a people mover and not a monorail? is there a difference?

MGM MIRAGE often refers to it as the Automated People Mover. Sometimes they just use APM.

Regardless, it's going to get people to A, B, and C.

[mdiederi]

Originally Posted by ScottG

why are you calling it a people mover and not a monorail? is there a difference?

A monorail has a single rail. There are two rails for each track on the system at CityCenter, so it's a tram. But yeah, I always thought "people movers" were like moving sidewalks and things like that, but I guess it's actually anything that moves people.

Looks like this thing is actually going to be a cable car, which is a very old technology. Max speed 22mph. I was hoping for the maglev because I wanted to see how smooth the ride is. Most of the trams and monorails are kind of a bumpy ride.

[milquetoast]

First CityCenter Retailers, Restaurateurs Revealed

unitedbuzz

By Brian K. Miller
LAS VEGAS-MGM Mirage on Friday revealed the headliners for the 500,000-sf retail district within its multi-billion 67-acre CityCenter development in the heart of the Las Vegas Strip, an 18 million-sf development set to open all at once in late 2009. The Crystals retail district will be anchored by Louis Vuitton, Ermenegildo Zegna and Tiffany & Co., as well as two new dining concepts by Wolfgang Puck.
Louis Vuitton will have a two-level store offering all of its product categories in the center of the development. Though its size was not provided, MGM Mirages says it will be one of the largest Louis Vuitton locations in North America and its 16th worldwide. Ermenegildo Zegna will showcase its extensive collection of suiting, sportswear, small leather goods and accessories in an approximately 10,000-sf boutique. Tiffany & Co. will open a 10,000-sf, two-level story that faces Las Vegas Boulevard. Opening its fifth US store will be Marni, which offers clothing for men, women and children.

Wolfgang Puck’s new concepts will include a contemporary interpretation of a traditional French brasserie with tastes of the Mediterranean region, a new concept for Puck. The second, known as the Wolfgang Puck “Pods,” will offer light American and Mediterranean fare as well as a bar with views of the center. Another eatery announced by MGM will be a new version of Katana, the sushi and Robatayaki concept by Innovative Dining Group. IDG’s existing Las Vegas restaurants include Sushi Roku and BOA Steakhouse.

In deference to its name, the Crystals also will house several jewelers. Opening their first West Coast stores will be de Grisogono and H. Stern. Roberto Coin will use the Crystals for its second US boutique and cultured pearl pioneer Mikimoto will be opening its second Las Vegas store at the Crystals. In addition, Hyde Park Jewelers will open a store devoted to Rolex wristwatches, while Tourbillon, which is owned by Swatch, will offer wristwatches by Breguet, Blancpain, Glash tte Original, Jaquet Droz, Leìon Hatot and Omega.
CityCenter is taking shape between the Bellagio and Monte Carlo resorts. The project is a 50-50 joint venture of MGM Mirage and Dubai World, a Dubai government conglomerate whose companies include Nakheel, developer of the man-made Palm and World islands off the coast of Dubai.

All told, CityCenter will be home to a 61-story, 4,000-room resort casino; two 400-room, non-gaming hotels; and 2,700 for-sale residential units, including the 1,500-unit Vdara. Shopping and entertainment offerings will include the Crystals and an Elvis-themed Cirque du Soleil show. The development also will include its own monorail to move people around the site.

The actual gross cost of CityCenter is more than $11 billion. In its first quarter report, MGM Mirage pegged the net project budget at $8.5 million–after an expected $2.7 billion in residential sales. The gross project budget includes $9.2 billion for construction costs (including capitalized interest), $1.7 billion for the land, $200 million for pre-opening expenses and $100 million of “intangible assets.”

A few months ago, with the project’s opening 15 months away, about half of the 2,700 residential units had been sold. The mix of buyers has been about one-third Nevada, one-third from Southern California and one third international. About 10% of sales had come from the Middle East, a percentage MGM Mirage and Dubai World hoped to grow this year by launching a sales center in Dubai that opened earlier this year.

GlobeSt.com

[DIESELPOLO]

i think its admittedly just a personal preference of mine anyway, but creating this luxury ghetto is a fascinating study in human behavior and marketing strategies. i mean, not to mention that many of these brands are so ubiquitous that they've lost the meaning of true luxury in the first place (louis vuitton), that being of handmade, limited, can't-get-it-absolutely-anywhere, & inspired design, but apparently they don't believe that they are oversaturating the vegas market (seeing as there is the shops at caesar's, wynn, palazzo, barney's, fashion show mall...). Although, i'm not naive to the fact that those are some of the only companies that can afford the rent in a place like The Crystals.

But not to make this post completely not about design & development, the shopping and dining part are quite stunning and definitely furthers the new notion of shopping in brick & mortar stores a whole EXPERIENCE rather than one that is merely utilitarian.

[RandalR]

Originally Posted by DIESELPOLO

...but apparently they don't believe that they are oversaturating the vegas market (seeing as there is the shops at caesar's, wynn, palazzo, barney's, fashion show mall...).

Everybody wants that top 1% - I guess the hotels' financial analysts have proven they spend more than the bottom 90% combined. It's just that they make up an awfully small pool of visitors to fight over, and even if you win, who is going to fill the rest of your 4,000 rooms except people those top 1% don't necessarily want to rub elbows with while out shopping?

[ScottG]

am i the only one who caught the rendering in that post?



could the planet-holywood effect have a second coming? PH is screams vegas - looks like the 'saharah' will give that a try too

[mdiederi]

Originally Posted by milquetoast

The actual gross cost of CityCenter is more than $11 billion.

Yikes! I hadn't heard that figure before. Maybe that's why their stock tanked 75%.

[justdefended]

Steve Wynn told Las Vegas Now that the golf course redevelopment plan will start in mid-2009 when the course is removed.

The new site will include hotels and condominiums to be surrounded by lakes and trees.

http://www.lasvegasnow.com/Global/st...&nav=menu102_2

[jazfingr]

Originally Posted by justdefended

Steve Wynn told Las Vegas Now that the golf course redevelopment plan will start in mid-2009 when the course is removed.

The new site will include hotels and condominiums to be surrounded by lakes and trees.

http://www.lasvegasnow.com/Global/st...&nav=menu102_2

No offence, but in the video, Wynn says nothing about building condos on the property. As he stated in another interview (a few months back), there will be two new hotels; one at the northeast corner and one on the southeast corner (both on Paradise Rd.) A large convention center will go between them. A 20+-acre lake will be the hub around which all the properties will be.

[justdefended]

Originally Posted by jazfingr

No offence, but in the article and video, Wynn says nothing about building condos on the property. As he stated in another interview (a few months back), there will be two new hotels; one at the northeast corner and one on the southeast corner (both on Paradise Rd.) A large convention center will go between them. A 20+-acre lake will be the hub around which all the properties will be.

The first paragraph in the article:

"Casino mogul Steve Wynn is laying out his plans for the golf course property at Wynn Las Vegas. Those plans call for a hotel/condominium project."

Second to last paragraph:

"The next phase will have hotels and condominiums and be surrounded by lakes and trees. Wynn wants a place of luxury, open spaces and warm feelings."

The reporter could have paraphrased a sentence by Wynn off camera rather than take a direct quote regarding what would be on the property. It's unlikely that they would need to speculate on that having just interviewed him.

[lfc4life]

whatever the final make up of the buildings its a damn ambitious project to be attempting in the current climate and one which will no doubt have those in the know claiming wynn "has lost the plot completely"

but then again they said that in 1988 too

[True Blue]

Originally Posted by lfc4life

whatever the final make up of the buildings its a damn ambitious project to be attempting in the current climate and one which will no doubt have those in the know claiming wynn "has lost the plot completel"

I was thinking the same. Does anyone know the cost for such a major project? Does Wynn have enough assets to secure financing in this bad credit market? Most developers are shying away from any new projects.

He must have balls of steel! On the other hand, he could be a genius. If he can pull this off, the product won't be delivered until around 2014-2015. The credit crunch and housing market will have improved dramatically by then. His will be the only NEW project on the market upon completion. I guess we'll see how things play out, but it's a very risky move.

[rhassoii]

4th building at World Market Center on hold

http://www.lvrj.com/business/25794879.html

[mdiederi]

Hopefully all the projects currently under construction will be completed. Then it will probably be a couple years with no new projects while the credit markets regain their liquidity. Kerzner and Elad will have to wait. Then Wynn will start the golf course development and everyone else will then feel confident and start building new projects following Wynn, and Wynn will be credited with starting his third or fourth building boom in the city.