City Center Las Vegas Continues to Struggle

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City Center

MGM Mirage's CEO stated that despite operating losses and a write-down on its CityCenter joint venture, the casino operator has solid plans to attract more customers to struggling Las Vegas.

The company's plans have long centered around CityCenter, the $8.5 billion complex of resorts, restaurants, entertainment, retail shops and a casino it built with Dubai World, which opened in December. And state and local leaders have looked to CityCenter as a must-see attraction that will provide jobs and renewed motivation for visitors to come.

But the development's centerpiece Aria Resort & Casino lost $66 million during its first full quarter.

Additional additional stress on the project, Gov. Jim Gibbons is meeting with the primary builder of the $8.5 billion CityCenter project to try to resolve a dispute with casino operator MGM Mirage over an unpaid bill for construction of the Las Vegas Strip complex.

The City Center Builder (Perini) has filed a lien and a lawsuit against MGM Mirage in Clark County and wrote Gibbons last week to request the meeting. On Sunday, the contractor bought a two-page ad in the state's largest newspaper to publicly recount its complaint.

MGM Mirage (MGM) said it expects its $8.5 billion CityCenter resort in Las Vegas to post a $255 million operating loss in the first quarter, with total company earnings falling short of Wall Street's targets.


Payton O'Brien, Gambling911.com Senior Editor

Business/Financial News

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