Last week there was an announcement made by Dubai World that it was suing MGM Mirage for breach of contract of it's City Center partnership agreement. Since the announcement MGM Mirage has made a payment of $200 Million dollars, $100 Million of which is Dubai Worlds half, to debt holders for the multi billion dollar development City Center which is under way currently. The suit is still before the courts in Delaware and will be reviewed by the courts soon. MGM Mirage has said publicly that they do not feel they are in breach of their agreement with Dubai World and plans to continue construction on City Center. There are all kinds of speculation about the actions taken by Dubai World, some say that Dubai World just wants a bigger stake in the Development and is taking advantage of the

MGM's multi billion dollar development City Center has had it's name in the news allot this year and we are just getting started. MGM is still trying to locate it's final billion dollars to complete the massive development which will offer residential High Rise Condos, a Casino Resort with 4k rooms, world renowned shopping and dinning. MGM has definitely set the standard for the years to come with this enormous development. Below you will find a news clip of the latest developments from MGM's City Center development and also an insight to the offer made by Boyd Gaming to purchase some of Station Casinos properties. The offer made by Boyd is not a surprise even though Boyd has had to stall it's own multi billion dollar development on the strip called Echelon. The local High Rise Condo

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Since January 1st the Las Vegas High Rise Condo market has had 20 re-sale transactions. Half of those sales were in developments that are strictly residential and the other half were from Condo Hotel developments like MGM's Signature Towers. The new year has brought many challenges for our city to over come. Foreclosures have swept the valley leaving no community untouched. As previously reported there has been an increase in Bank Repossessions in our High Rise Condo market which in turn has made prices drop significantly making it an awesome time to purchase. Out of the ten strictly residential High Rise Condo re-sales 7 were bank owned properties which had an average Days On Market of 90 days. The 10 Condo Hotel re-sales that were recored had 7 Bank Repossessions as well with an average

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Clark County has ordered MGM Mirage to verify that CityCenter’s towers are structurally sound.

The order, in a letter Monday from Development Services Director Ron Lynn to MGM Mirage Vice President Bill Ham, came six months after significant structural defects were found at the Harmon, one of seven buildings simultaneously rising at the company’s $9 billion project.

After the engineer of record on the project raised concerns, the county determined that 15 floors of reinforcing steel at the Harmon had been improperly installed by subcontractor Pacific Coast Steel, which is overseen by CityCenter general contractor Perini Building Co.

The problems were repeatedly missed by third-party private inspector Converse Consultants, hired by MGM Mirage to ensure the complicated