{"id":1004050361,"date":"2012-10-24T03:30:42","date_gmt":"2012-10-24T11:30:42","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=76566"},"modified":"2022-12-09T02:55:22","modified_gmt":"2022-12-09T10:55:22","slug":"two-years-on-8-5b-citycenter-seeks-to-reach-its-potential","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/two-years-on-8-5b-citycenter-seeks-to-reach-its-potential\/","title":{"rendered":"Two Years On, $8.5B CityCenter Seeks to Reach its Potential"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/p>\n

Two years after opening in the midst of an economic downturn, MGM Grand\u2019s $8.5 billion CityCenter project is still seeking to reach its potential as a game changer for Las Vegas. To begin with, the investment added 5,900 hotel rooms to the city\u2019s inventory at a time when visitors declined 2.85 million over two years, the Las Vegas Sun<\/em> reports.<\/p>\n

The Sun<\/em> also\"\"<\/a> points out that out that CityCenter also gambled on luxury, yet in a relatively subdued economic environment, hotel operators were required to offer discounted room rates;\u00a0 meanwhile, some upscale condominiums\u00a0continue to sit on the market at reduced asking prices.<\/p>\n

Crystals, a 500,000-square-foot retail center, has an 88 percent occupancy rate as the recession has curtailed leasing activity.\u00a0 Other major components of CityCenter include the Aria Resort & Casino, the 500,000-square-foot Crystals retail and entertainment district, the Mandarin Oriental hotel and condo tower, the Vdara hotel condo tower and the 37-stoy Veer Towers condo complex.<\/p>\n

Still, as the Las Vegas market tries to find a way to surmount high-profile mishaps like the stalling of the Harmon tower complex\u2014the subject of a legal battle between MGM Grand and its contractor\u2014a new emphasis on the arts and the resurgence of Downtown likely bodes well for the long term.<\/p>\n

Image courtesy of citycenter.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Two years after opening in the midst of an economic downturn, MGM Grand’s $8.5 billion CityCenter project is still seeking to reach its potential as a game changer for Las Vegas. To begin with, the investment added 5,900 hotel rooms to the city’s inventory at a time when visitors declined 2.85 million over two years, the Las Vegas Sun reports.<\/p>\n","protected":false},"author":41,"featured_media":1004506559,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1593,21742],"tags":[1815],"class_list":["post-1004050361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-las-vegas","category-latest","tag-national"],"acf":[],"yoast_head":"\nTwo Years On, $8.5B CityCenter Seeks to Reach its Potential - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/two-years-on-8-5b-citycenter-seeks-to-reach-its-potential\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two Years On, $8.5B CityCenter Seeks to Reach its Potential\" \/>\n<meta property=\"og:description\" content=\"Two years after opening in the midst of an economic downturn, MGM Grand’s $8.5 billion CityCenter project is still seeking to reach its potential as a game changer for Las Vegas. 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