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Tuesday, Dec. 1, 2009 | 1:50 a.m.
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Jim Murren: CEO, MGM Mirage
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Jim Murren, CEO of MGM Mirage, reflects on the beginning of CityCenter and what it will bring to Las Vegas.
Sun Archives
- CityCenter: One man’s concept of a real city (11-29-09)
MGM Mirage has placed its biggest bet ever, an unprecedented $8.5 billion, on its new CityCenter complex – planned to be a city within a city – with residences, hotel towers, gourmet restaurants and an upscale retail and entertainment district.
The urban metropolis will open its first three buildings this week, beginning today, marking nearly 61 months since the announcement of the project.
CityCenter is big in every sense of the word. MGM Mirage says it’s the largest privately funded project in U.S. history, one of the largest LEED-certified developments in the country and the largest single employment opportunity in the history of Las Vegas. CityCenter will house more than 6,800 hotel rooms and condominiums by early next year, with 400 more hotel rooms planned for the end of 2010.
To staff the project, MGM Mirage and joint-venture partner Dubai World hired 12,000 workers from a pool of more than 160,000 applicants. But the completion of CityCenter leaves an estimated 10,000 laborers out of work.
Set on 67 acres between the Bellagio and Monte Carlo, The Vdara Hotel and Spa will be the first to welcome guests. MGM Mirage executives will cut the ribbon on the 57-story, 1,495-suite luxury property at 10 a.m. today.
Vdara’s suites come in one- or two-bedroom variations, ranging from 500 square feet to 2,000 square feet, each featuring gourmet kitchens and washer and dryer units among their amenities.
Other amenities in the non-gaming Vdara Hotel include an 18,000-square-foot spa, Mediterranean restaurant Silk Road and direct access to the Bellagio’s casino floor.
Vdara has partnered with Vanity Fair for its private grand opening celebration tonight with appearances by actor Orlando Bloom, actress Rosario Dawson and photographer Sebastian Copeland. While VIPs will fill the hotel tonight, Vdara won’t welcome its first public guests until Wednesday evening.
Following Vdara’s opening will be the unveiling of the high-end retail and entertainment district, Crystals, on Thursday, then the opening of Mandarin Oriental will be Friday.
Since its November 2004 announcement, CityCenter has faced uncertainty and financial challenges around almost every corner. Over the past five years the project’s funding nearly lapsed, MGM Mirage was at the brink of bankruptcy, building violations were found and six construction workers died on the project, resulting in a one-day walkout of workers in June 2008.
In its initial announcement of CityCenter, MGM Mirage said in a statement that its “dramatic urban development for the new millennium” would include a 4,000-room hotel-casino, three 400-room boutique hotels, 550,000 square feet of shopping, dining and entertainment venues, and 1,650 condo units. The plot of land would be the same size as Rockefeller Center, SoHo and Times Square combined, the company said.
While CityCenter was announced without an official budget, unofficially, executives said the project would cost at least $4 billion. Over the next few years, CityCenter’s budget peaked at $9.3 billion in August 2008, finally settling at $8.5 million.
CityCenter’s budget wasn’t the only plan to fluctuate; the project’s blueprints also changed significantly. After initially increasing the amount of residential space available, MGM Mirage announced in January that the Harmon’s size would be reduced. The plan for the once-49-story Harmon was cut to 28 floors, while 200 condos were eliminated, changing the property to a 400-room and suite hotel.
MGM Mirage recruited a team of architects and designers to bring its vision to life and asserted a commitment to sustainability with plans to achieve high environmental standards in each of CityCenter’s buildings.
The result is six high-rise hotel and condo towers and a retail promenade, all with environmental highlights. Six of CityCenter’s facilities have achieved gold certification from the U.S. Green Building Council's Leadership in Energy and Environmental Design program.
There are 15 art installations throughout CityCenter, the vision of MGM Mirage Chief Executive Jim Murren. The collection includes works from Henry Moore, Frank Stella, Nancy Rubins and Mya Lin.
CityCenter’s crowning jewel and only gaming property — the 4,004-room Aria Resort and Casino — will round out the month with a Dec. 16 opening. Residential occupancies at Veer Towers will begin January 2010 while the Harmon will open in late 2010.
I really wish this project a very warm "good Luck" Everybody has something to gain from the success, also EVERYBODY has LOT to loose if they do fail.. I hope that all of the new employees have a VERY good and successful opening..
GOOD LUCK and lets hope this is the kick start that Las Vegas NEEDS!
Jeez it sure doesn't look like Las Vegas, looks more like Montreal or somethin like that. Do they have any gambling or good buffets? "Keep moving honey, we are just the little people, they don't want us in there"
I think that this is the end of Vegas for the little people like me. I don't have millions to stay in a place like this. I don't like the way it looks and it doesn't have that Vegas feel to it. If I did have a few million I would fix up the Riviera and make it so the common man has a place to gamble and enjoy themselves without costing an arm and a leg.
Action Info: For the "little people" visiting Vegas, there are zillions of opportunities, specials, promotions, hotel room deals, etc. Just get a rental car next time you visit Vegas. Stay off-stip, gamble off-strip, eat off-strip. Enjoy Vegas and what's left. Plus, you will encounter less traffic problems on Boulder Highway or out there in Henderson or Summerlin.
Summary: Forget the Strip. Vegas ain't just Vegas Boulevard.
From Switzerland
CityCemetary looks mighty forbidding to me. I love checking out big hotels, but I'll be avoiding that one like the plague. I wouldn't want to be inside when the roof caves in from the shoddy workmanship. Too many inspectors were looking the other way on this project, it sounds to me.
judgesmales : Oh yes there is a lot of shoddy work here, it has been documented and reported on. It's very questionable that these towers are even safe enough for habitation. Even if there is an emergency, the access for emergency responders is challenging to say the least..
BorisR
I realize your suggestions are made in good faith but ALL those places you mention require renting a car or expensive cab rides. And that isn't cheap in Las Vegas. Some people do not want to go visit off Strip casinos in Henderson (a good 45 minute expensive cab ride from the St rip) and the same goes for the casinos in Summerlin and North Las Vegas. If they are only there for 3 nights, no one wants to waste their time(or money) renting a car and/or taking a cab to these places. It'll add another couple hundred dollars to already tight budgets.
Vdoog is right - all the places now seem to cater to those who have discretionary money to spend even though it does cost nothing to visit these places but who really goes into a casino just "to look" and not gamble? And that may be what is going to happen to City Center - everyone will go to see what is going on there and because it is new - the mnachines will be loser than granny's underpants but give it to January when things will tighten up and that will be it. It'll be the usual "Las Vegas New Casino" story.
I can't help but pity those poor saps who are paying $700K for a condohotel unit in Vdara, thinking that the "great income" they will make by having MGM rent out their unit will generate a nice income stream. Low room rates and way fewer visitors minus mortgage, HOA fees, split with MGM, rental fees, cleaning fees, property taxes, etc equal being so upside-down, it's sickening!
Looking at the architecture, the Leeds certification, the new employment opportunities (albeit, not as many as hoped), and the need for this to open... I'm excited. While the doomsmiths may predict a minor bump in the economy, I wish the project GOOD LUCK!
FINALLY! Let City Center open... And hopefully, let the naysayers be proven wrong. I'm not expecting total redemption out of this, but some more visitors and more tourist dollars spent in this town will be nice.
I'm also with peegee on the design. Call me the resident contrarian, but I'm really digging the design. It's like nothing else on The Strip, and that's really a good thing. Las Vegas finally has an architectural landmark that we can truly call our own, and I'm so excited about returning home this weekend to see it all!
I wonder where the plaque honoring the workers that died building this place is? Anyone find it,yet?
When's Aria open so I can gamble on the adjustable rate slot machines?
BorisR
You are corect me and my wife went in July, stayed 4 days visiting hotels cause they are gorgeous then rented a car was not pricy and traveled to the Grand Canyon, Lake Mead, Red Rock,Red Rock Casino a local there gave us two great coupons one for breakfast and dinner for the buffet, was really cheap to eat that day and very good and gambled $20.00 each had fun, we drove to Zion, we hiked Mount Charleston was great, we can't beleive theirs a ski resort! thats great all thats missing is a huge water park. We love Vegas and will be returning.
atdleft, I agree. It looks like a great project, I am expecting to be WOW'ed, but I need to drive in and visit just to be sure. Hope my expectations are fulfilled!
Btw, for those who complain that Vegas no longer has properties who cater to smaller budgets, that's not true, especially during this recession. Even out of the recession some properties specifically cater to the "old Vegas niche". One merely has to get out and look for them! You're not going to get Bellagio or Mandalay Bay ambience, but you will be able to gamble and get decent comps.
Regarding the exterior design of Aria.
From all the renderings, photos and even seeing it in person a couple of weeks ago, for me there is only one word that really describes it and that word would be nondescript.
It doesn't really stand out in my mind after seeing it.
I am looking forward to seeing the interior.
Hopefully that will be very impressive.
:
As far as this "naysayer" is concerned, the only hotel worth staying at these days is The Orleans. Last time I stayed there I got a good gamble, free rooms and meals. The place is clean, the rooms are spacious, and the staff is friendly and helpful. Boyd still has one old gem left here. For those of you who don't know where it is, just exit I-15 at Tropicana and head west for a couple of miles. It's on the right!
Well, I like it and I am sure the safety standards are met. I will visit this the next time I am in your city. But I am going to stay at TI. Such good weekday rates right now!
Now all they need is to get 2,628.000 tourists to stay there (not visit) and spend roughly 3 grand each to make it work. Where on earth will they get those guests? Other casino's if at all.
Wellwellwell : You have hit the nail square on the head! This place is gonna go bust without funding from some very deep pockets..
I do hope CityCenter does great things for Vegas, but...let's see...fancy restaurants, fancy shops, high-priced rooms, condos, a casino, Cirque du Soliel, big buildings...hasn't this been done a few times before? I fail to see the draw in these sterile-looking buildings. I'll be in town during Vdara's opening and will only be looking at CityCenter from a distance. But I do hope they attract the upscale market Vegas is (yet again) looking to attract.
I wonder if all the naysayers here had nothing but negative things to say when the Wynn or Encore opened up too (with regards to the design I mean). It's meant to be sleek and have clean lines, there's already enough themed hotels on the strip, this is meant to be ultra modern. I was just there last week and took a long stroll by the property, it's damn cool to look at, and I hope it somehow manages to fill the rooms.
Between the Leeds certifications and the wildly high end stores, it should attract some folks with money to toss around. Granted I won't be staying there as I find nothing wrong with a suite at the Luxor, but whatever I still hope it attracts clients. Here's to wishing only the best for my favourite city.
Lifting the veil?
Should put a tarp over it.
This place looks great! I have never been to Las Vegas, but would love to see this place. May have a trip there this December and this will be a stop for me. It sound like all the locals are down on this place because it is new and costs tons to build, but remember they started building this "dream" before the downturn of the economy, I give MGM Grand the thumbs up for finishing it.
Try visiting Laughlin; just short of two hours south east of Las Vegas; lovely rooms - good food, and plenty of gambling.
See the Colorado River; take a riverboat ride - drive up to the Grand Canyon in less than 3 hours - jump on down to Sedona and enjoy the beauty that you don't find if you stay in Las Vegas and don't 'venture out'.
This 'metropolis' is an insult to those who don't have huge sums of money to blow on gambling; entertainment, booze and expensive food!
Based on final cost of 9 billion, I figure that each one of the 5000 hotel rooms is responsible for between 300 - 500 dolars of debt servicing alone every day, before including day to day running costs. How the heck do you make those numbers work? As long as every room has a couple paying a minimum of $300/night for the room, eating $200/day, and gambling $10000/day at 95% odds this project will be in the black?
Lots of expensive places to stay on the strip, that's all they've built since they started the high end spree with Mirage. However, there are plenty of very low priced rooms to be found on the strip. Imperial Palace, Circus-Circus, Sahara, Tropicana, Riviera, All very reasonable. If you spend a little more (still under $50 during the week) there's Luxor (was pricey when new), Harrah's, Excallibur, etc. Even Treasure Island is offering weekday rooms for $45 juat a couple months after Phil Ruffin stated he wasn't interested in the $50 customers. I stay at the cheaper places and walk to the fancy places ro see a show, eat or (mostly) just have a look. I live 4 hours away, so I always bring my car and travel away from the tourist areas to eat at some of the many great local reataurants that LV has to offer. There's far more to Vegas than the strip!
I fail to see the logic behind building this (Crystals) high-end shopping complex.Don't the Caesar's, Bellagio, Venetian, Plazzo, Wynn and more already have all these same or similar stores.
I have never seen any traffic thru these already existing stores.
Good luck, MGM.
The only people that will be frequenting this place represent about 1/2 of 1% of our worldwide population,so GOOD LUCK MGM
arrogant fools
sorry i meant to clarify that people who are able to spend the amount of money to take advantage of the amenities that this place has to offer,ARE not the discretionary spenders.Ofcourse you will have the family that grabs a burger,or saffron laced cous cous,layered with pimento spinach sauce,but majority of people cannot sustain that spending
For those that can,,Im happy for you
peace out
WOW, it amazes me how many short term thinkers (not sure if 'thinkers' is even the proper description) want to throw the CEO under the bus. BTW, this project started years before the financial crisis and the vision is right on...If the economy were strong, this column would have different responses (as cost overruns would be overlooked as normal business)...everyone got caught in the tidal wave of the financial crisis...and a good CEO has to make decisions to keep long term visions alive...its called BUSINESS 101....plus Vegas has run out of themes for casino/hotels....time to put some culture in the mix...for the nay sayers, enjoy the 4 Queens and Union Plaza...each property has its clientele.
Good Luck Mr. Murren, and all MGM's employees...treat the customer with stellar service and they will return with deeper pockets!
karma1: I agree.
Karma1 : Excuse me but I enjoyed The stardust, Frontier, Sands, Desert Inn, Tropicana, Sahara, Binions, all BEFORE these corporate GOONS tore them down. It's not all about slumming it downtown to those of us happen to have a negative opinion of these opulent upper crust wastelands..