Las Vegas High Rise Blog » Dubai World along with MGM Mirage make a second major, Las Vegas Strip investment

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Dubai World along with MGM Mirage make a second major, Las Vegas Strip investment

Posted by - September 12th, 2007
Categories: High Rise Condos

The announcement that Dubai World is entering a second joint venture on the Strip solidifies the partnership between MGM and Dubai world as a long term strategic partnership. Earlier this summer, MGM’s board of directors approved Dubai world’s 2.7 billion investment for 50% of CityCenter.(CityCenter is valued at more than 7Billion and under construction just south of the Bellagio.)

“MGM CityCenter Under Construction”

The new agreement calls for 2 Dubai World subsidiaries to contribute a combined $600 million cash for a 25% equity investment each.
For its part, MGM will contribute 40 acres on the southwest corner of the Strip and Sahara Blvd. This land was recently purchased by the casino giant and is valued near $800 million. This investment will net MGM a 50% share of the project.

Construction is scheduled to begin in 2009 and the project is slated to open in 2012. This project along with Boyd’s multi billion dollar Echelon, and the under construction Fountainebleu resort, is quickening the high end development on the Strips north end.

“Fountainebleu Under Construction at right”

Quite possibly benefiting from this development are the short list of luxury high-rise residential condominiums under construction or recently completed on or near the Strips north end. In the current market many of the completed properties, are available as resale’s, in some cases, below builder replacement cost!

For more information on Luxury high-rise development on or near the Strips north end, contact tom@luxuryrealtygroup or amy@luxuryrealtygroup. Or direct 702-250-6355 or 702-994-3850

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