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MGM, Dubai scale back CityCenter, seek investors


Reuters,  Wednesday, January 7, 2009 at 10:55:12 AM

The developer of CityCenter, the biggest new development on the Las Vegas Strip, said on Wednesday it had delayed construction on one of the hotels in the complex and canceled plans to sell some residential units, as the city faces a slump in its casino and housing markets.

The $11 billion project is still set to open late this year, according to developer CityCenter Holdings, a joint venture between casino operator MGM Mirage and a unit of investor Dubai World.

MGM has been trying to scale back costs of developing the project as the hotel and gaming markets take a hit from the economic slowdown. MGM and Dubai World are both "actively pursuing additional financing" for the project, according to CityCenter.


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