There's been a lot of 'talk' about City Center in the news lately and most of it is pretty interesting. This project will be the major attraction along the Strip for years to come.

At present I am not too impressed by the Las Vegas Strip frontage, but it still has about four more months before completion. Hopefully it will turn out to be much more impressive than it appears at present.

We did manage to see a 60 second peek at the outside interior of City Center and is was very impressive. It somewhat reminded of me of some scenes from 'The Wizard of Oz".... and I don't mean the black and white kansas sequence.

This might be a good place to discuss the Pros and Cons of what has turned out to be the most expensive real estate project in America.... over Nine-Billion US dollars.

Part of the project will open to the public in December. (Those details to follow.)

There is some 'talk' that the original sales prices within the project will be reduced by 30% but many of those original buyers feel that 50% would be more appropriate. Needless to say, the developer wants to avoid lawsuits but not if it means a major financial loss.

55% of the projects condo-apts were originally sold buy have yet to close.

Closing will start in December and continue through the early months of 2010.

The developer is attempting to find adequate financing for the buyers. (Good luck!.)

The MGM owners and their partners will disclose the price reduction to the buyers early next month (Sept). At present the best price reduction guess is 30% with the understanding that some of those buyers can no longer complete the purchase at any price due to the present economic situation.

Buyers have claimed that the units they purchased are actually a bit smaller square foot wise than originally offered and that some of the project's construction has been not up to code. (Apparently those problems have been corrected at considerable expense to the developers. Check out the Harmon Hotel fiasco on the internet).

Cirque du Soleil (The Elvis rendition) is in rehearsals at present.

Please feel free to add more info and updates. I have more to add and will do so when I get some free time.

More CityCenter tidbits that may be of interest:

CityCenter is a joint partnership between MGM and Dubai World.

CityCenter said it has sold about 1,300 of its 2,500 residential units.

Unit closings are to start in December and continue through the early months of 2010.

Buyer problems are anticipated unless adequate financing is provided and prices are reduced.

CityCenter residential units originally sold at prices as high as $1,500 a square foot. (Compare that figure to the $90+ a square foot for present day, newly constructerd, single family, Las Vegas homes!)

Original asking and/or sales prices:

Mandarin Oriental: $1.4 million to $10 million. 17 penthouses still remain to be sold in the 217 unit complex.

Veer Towers: High $400,000’s to $4 million. 60% of the 670 units were sold and slightly more than 60% of its 670 apartments are sold.

Vdara: $600,000 to $3 million. 45% of the 1,570 Veer units have been sold.

The condominiums are expected to open by the end of the year.

I was just there this week standing in front of it. At this point, I have a love-hate feeling about it. It's a very intriguing concept and some of it is impressive. But at the same time, it looks like a claustrophobic mess. Interestingly, in the past 4 days I was there, I saw very few people working on it and all the cranes were inactive.

I think City Center would be an easier pill to swallow if Eschelon place, Fountainbleu, and the Venetian/Pallazo expansion would have stayed on schedule also.

I don't think this place will have any problem filling in the ground level attractions. I just don't think upper level occupancy will meet the expectations of the investors any time soon.

Mike, JMT, I entirely agree with the both of you.

I think I would have been more impressed with the CC project if they had left more open space between the buildings and Las Vegas Blvd. I may be wrong here but I think that they will regret that didn't allow for a more "open appearance" along that side of the project.

I do hope that is is a MAJOR SUCCESS because LV and its businesses and casinos in particular certainly do need an uplift in these hard economic times and new projects along the Strip have always been good for everyone.

As for the north end of the Strip, it appears that the Echelon will be the first to get up on its feet. My Wynn took a look at the Fountainbleu and was not impressed by the hotel rooms so according to the local news, he lost interest and walked away.
This is another LV project that will be interesting to keep track of.

On 18 October Steve Wynn and Elaine Wynn sold two million shares of stock at $57 a share because of an anticipated change in their marital status. This represents about 10% of their total holdings.

Boyd stock (Echelon) is presently at $10 a share - a great increase from the 52 week low of $2.91. This is a great casino stock to watch. I expect it to rise significantly when Byd gets serious about the continuation of Echelon.

I't not a big Venetian fan by any means, but I have to admit that the Pallazo did provide one of the nicest rooms I've ever stayed in on the Strip. The casino reminds me of a big anciently decorated box. What will that new expansion consist of?

As we get closer to the December opening date, the LV Strip sidewalk frontage looks somewhat wider than I inititally thought.

Here's the latest room rate info:

The 4,000 room Aria will open on Dec 16 and after that date the room rates will run from $169 to $219 per nite for a 520 SF room and from $475 to $1,500 for a suite.

But I have seen $149 mid week rates with a $50 credit offering.

More to follow ......

I've sorta avoided that exact area lately. Last time I was there, there was a wooden tunnel in front of City Center. Is there a real sidewalk now?

I believe that that "tunnel" is gone now, but there is still a big "wall" or fence that prevents you from seeing into the development. I should be checking this out with my trusted Nikon this weekend.

In an effort to continue where I left off this morning..........

The Vdara will open on December 1 and the room rates will start at $159 for a 582 SF "suite" and go as high as $359 for a 836 SF suite with panoramic views. The Vdara is the 1,500 unit condo hotel.

The Mandarin Oriental Hotel (opening Dec 4) will offer a 50% "discount" during their extended grand opening with weekend rates of $298 for rooms about 500 SF and up to $2,000 with their suites with more amenities.

As a comparison .... rooms at the Wynn and Encore will start at $199 a nite and about $100 more for the Garth Brooks opening night.

Viva Elvis is scheduled to open on Dec 16.

Gee wonder if there is any chance of a soft opening of the place between November 18 and 25 ;-)

I just wish they would put the Viva Elvis tickets on sale. I hate to miss a new Cirque show in Vegas.

This place could bring a lot of traffic back to vegas for the first quarter of 2010. Should help all casino's and casino stock.

I agree about the tickets - I'd probably cringe, but I'd also probably dig deep and go to that Cirque show.

Presale tix for Viva Elvis are on sale...

http://www.cirquedusoleil.com/en/shows/viva-elvis/default.aspx

If you're a Cirque member, you can get the pre-sale tix. If you're not a member, just go to the link that JMT provided above. It's easy - and free!

We will be there Dec 2-8. A last minute decision for our anniversary. 15 years on the 10th at Harrahs before the remodel. 2-8 was as close to the 10th as we could do, but I won't complain.... I'll take it.

We plan on checking out the parts of CC that are open while we are there. I'm keeping an open mind.

Congrats on the 15 years. Are you planning a renewal of the vows?

I got the nickel tour of City Center. I think will800 posted most of the opening dates. The ones I have are...
Dec 1...Vdara Hotel and Spa
Dec 3...Crystals retail entertainment plaza district with 500,000 sq ft of space.
Dec 4...Mandarin Oriental
Dec 16..Aria Resort and casino
Dec 31..Beso, Eva Longoria Parker's restaurant
Dec 31..Eve nightclub at the Crystals in Aria

Then residences start occupying the condos next year, with the Harmon opening in the fall of 2010.

Popular highlights are that it will have it's own a zip code and it's own fire station and be very "green" for Al Gore and other planet savers. It will produce it's own 8.5 megawatts of energy from a couple of jet engines. The exhaust from the jets will be used to heat the water. The fleet of 26 stretch limos will be powered by natural gas. Over 90% of the old Boardwalk ws recycled into this place.

The tram connecting it to Monte Carlo and Bellagio is blue in color and looks kinda like the Terminal D tram. It appeared to be an electric powered cable car kinda like the Excal/Luxor/Mandalay ride.

Fun facts...almost 4000 surveillance cameras, 24,000 telephones, 6000 parking spots, 1300 casino dealers, 160 massage therapists. 12,000 permenant employees with a third of them in food and beverage. That includes 165 master cooks, 15 sommeliers, 255 bartenders, 60 bakers, and about a dozem shabu shabu chefs. There will be air blowers in the casino to help blow table smoke away from the dealers. Casino air conditioning will come from beneath the slot machines instead of overhead.

Much like Criss Angel has a rabbit theme, Viva Elvis will have a Monkey theme. Unlike Criss Angel, Viva Elvis is supposed to be good. Preview performances start Dec 18 and the official opening will be on January 29.

There will be a lot of outdoor and indoor "art. The showcase of the outdoor art is a bunch of canoes held together in an odd shape...possibly to look like a plant or flowers? I think it looks at what you might find at the bottom of Niagara Falls if 100 brightly colored canoes went over the edge. Another piece looks like one of those old typewriter ink erasers...you know, those with the round eraser that kinda spins with the brush on the other end.


The guy who has the huge chocolate fountain at the Bellagio, will have an even bigger one in City Center. I wish I would have taken notes on the Crystals area. It will be a sight to see. Maybe it's better that I didn't because I couldn't pronounce or spell any of the names right anyway. Suffice to say it's huge, artful, and just amazing.

As a hvac guy I am very currious how the ac from the slot stands workout. Cold air drops, hot air rises. The only way to cool approx 6 feet ( people living space and keep it up there it to have constant circulation. Drafts by the money machines might keep people from getting comfortable? I'm sure a lot of thought has gone into this project, and I'm sure they have this problem figured out, but I'm curious!

Thanks for that info, JMT, I was in the process of looking for those opening dates but got confused because they were so 'inconsistent'.

How did you get that 5 cent tour?

We cheated once and drove though over the Harmon Rd entry from the west end and felt like we were on our way to visit the Cowardly Lion and his gang until some wicked wizard on a gas powered bike caught us and sent us back to the land of reality.

It was somewhat 'prettier' than the movie version,

BTW ...... I usually hate that kind of 'art' and always feel that it's only there because the developer's kid had a grammer-school art project that he had to get out of the basement and park somewhere.

The pile of canoes sounds colorful, but the eraser is something I'll more than likely do my best to ignore.

Does this make me an Art Snob or what??

Lee, it's probably a theory as abstract as the art.<g> The press papers said it was to free up ceiling space. You know, that valuable real estate above your head. I wonder if pumping the hot air out of the top would raise the cool air?

Will, I like the eraser better than the canoes (personal opinion). The brush is bent like it's blowing in the breeze. There was a lot of media there, so I'm sure there are pics and stories on your favorite media publication. Like the dummy I am, I didn't have my camera with me at the time.

Vdara, is just hours from opening. I don't plan to attend the grand opening, but ya never know. Vdara is the tower nearest the back of Bellagio. This property was supposed to be a condo complex and will take a crap shot as a hotel since there is no demand for condos.

Vdara is a 57 story, non-gaming, no smoking hotel. It will feature a 1495 rooms and a world class spa with almost 20,000 sq ft of space. It is a US Green Building Council LEED Gold Certified Building. It will have the Sky Pool Lounge, which is a pool, lounge, cabanas, etc. It will have 10,000 sq ft of meeting space.

It's feature restaurant will be Silk Road, by Chef Martin Heierling, of Sensi at Bellagio fame. I call it a gold colored restaurant.

Rooms at Vdara are big and nice. Remembering that it was planned as condos will explain why each room is equipped with at least a small kitchenette. They will also have a "media hub" for Mp3 players, cameras, DVD players, and game consoles as well as cordless phones. The smallest of rooms is just over 500 sq feet and rates generally start at $129.

When navigating City Center, don't forget the tram service from the Bellagio or Monte Carlo that stops at the back of Crystals retail area near the Aria.

I intended to visit CityCenter yesterday, but ended up standing in line for some compt Lion King tickets and decided to wait until Crystals opens.

I do plan to take tons of photos if anyone is interested.

BTW - I'm a difficult guy to be too impressed by Broadway plays and was darn bored by Lion King except for "Circle of Life" and some other song like "Good to Be King".

Even "Phantom" bored me except for a couple of songs.

But looking back, I did enjoy "Man of LaMancha" and "Le Miz".

I am more impressed by the stage "mechanics" and lighting than the actual story-line and most of the singing and dancing and usually just sit there wondering, "How did they do that?".

And have gotten a bit immune to all the Cirque productions to the point where I am not even interested in seeing Viva Elvis unless it's as cheap as my old pair of blue suade shoes.

Anyway I just hope that CC is entirely successful and that the current Dubai World financial problems do not affect it in the least.

It will be interesting to see who will be shopping in those ultra expensive high end shops located throughout the Center. I never see anyone in those fancy stores in the Wynn complex.

I wonder if they can even cover the monthly rent?