Will CityCenter mega resort pay off for Las Vegas?
Where better to take a giant gamble than in Las Vegas?One of the largest privately financed projects in the United States, at $8.5 billion, CityCenter definitely qualified as a big risk. More than luck was needed for the 67-acre complex to survive and open last month as an upscale mega resort packed with hotels, condos, restaurants and a high-end shopping center. “We had a very near-death experience,” said Bill McBeath, president and chief operating officer of Aria Resort & Casino. Originally conceived by MGM Mirage in high-rolling 2004, the project was joined by a subsidiary of Dubai World in August 2007. Then the world economic crisis hit, and a feud between the partners prompted Dubai World to sue MGM Mirage. “Just like every corporation in America, we had the economic downturn create some trouble for us,” spokesman Gordon Absher said. “There was a point where CityCenter was very close to bankruptcy.” Loan restructuring and renewed commitment kept the project on track and has put it
