Vegas and Dubai…A Marriage made in (luxury condo) Heaven
Posted by Luxury Realty Group - August 23rd, 2007
Categories: High Rise Condos
Another day in Las Vegas and another big announcement. The Strip is going global, and that is big news for Las Vegas luxury condo owners. On August 22nd, Dubai World, an internationally known investment holding company, announced it was investing $5 billion dollars into MGM MIRAGE. The long term effect it could have on the Strip is one to be excited about.
Specifics of the Dubai World (DW) Deal
- DW will own 50% of CityCenter as they invest 2.7 billion dollars into the 7.4 billion dollar mega resort and luxury condominium project.
- DW will purchase an additional 2.4 billion dollars worth of MGM MIRAGE stock.
- DW will hold nearly 9.5% of MGM MIRAGE’s stock.
- DW has an option to increase its MGM MIRAGE holding to 20 percent and is interested in doing so.
- MGM MIRAGE will receive a $100 million dollar bonus for completing CityCenter on budget and on schedule. This is great news for those investing into real estate at this project.
- MGM MIRAGE shares rose 3% on August 21st 2007 and has tripled over the past year; the company is valued at $21.1 billion.
Who is Dubai World?
- DW operates a range of businesses including Nakheel’s palm tree-shaped island projects off the Gulf Emirate’s coastline. Their portfolio also includes businesses such as Maritime City, Istithmar, DP World and Jafza, among others.
- DW recently paid $942.3 million to purchase Barneys New York and also own 13% of Kerzner International. In June 2007, MGM MIRAGE announced that it had formed a 50/50 joint venture with Kerzner to develop land on the north strip. Learn more MGM MIRAGE Las Vegas news at VegasTodayandTomorrow.com
- DW has more than 50,000 employees in over 100 cities.
In Closing
This relationship could have a dramatic effect on the face of high rise Las Vegas luxury condo living and destination tourism.
Dubai World’s properties appeal to an international clientele. MGM MIRAGE wants to attract more international buyers, this will help them build relationships with wealthy overseas real estate investors.
CityCenter was already very successful at attracting wealthy global jetsetters at residential properties like The Mandarin Oriental, Veer Towers, The Harmon Hotel and Vdara (which is a condo-hotel property). It has the opportunity to take things to a different level not just at the CityCenter development but at many others in the future including the north strip.
Could this lead to more skyscrapers? It will be very interesting to watch what happens on the Kerzner-MGM joint venture now.
Want to hire one of MGM’s Hand Chosen “Preferred Agents” to get you in line for future MGM MIRAGE Projects?
Luxury Realty Group and Aaron Auxier were recognized in the national press for being in the Top 10 in sales at CityCenter. Our clients were able to purchase property on a privileged basis, ahead of regular real estate agents clients and ahead of the general public.
Contact Us Today to align yourself for future MGM MIRAGE Las Vegas luxury condo developments!
Aaron Auxier, REALTOR® can be reached at 702-205-1818.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
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Copyright © 2007 Aaron Auxier. All Rights Reserved.
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All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive. See DISCLAIMER.
Copyright © 2008 Luxury Realty Group LLC. All rights reserved.