Las Vegas relying on $8.5 billion investment
Casino group Dubai World may be teetering on the financial brink but its latest investment, an $8.5 billion living and gaming complex, is set to take the Vegas landscape by storm. The 18 million square foot CityCentre complex is the most expensive privately funded construction project in American history and will see dwarf any existing land based casino currently operating in Vegas.
The massive project has sapped much of the money from Dubai World and has forced the MGM Mirage Casino to sell half their equity in the project to the group before its completion. However, the new complex will be a glittering example of engineering, incorporating living and hotel space, shopping outlets and most importantly a huge gambling area. Indeed, the 4001 room casino and resort, Aria, is set for a grand unveiling on December 16th and will likely become one of the hottest venues on the Vegas strip. Poker player and all round Vegas entrepreneur Bobby Baldwin, the new CityCentre president, commented recently that although the project has been plagued by financial troubles the market is ripe for making it a success: "Now we're going to open this fabulous place into probably the softest Las Vegas environment at least since I first visited Las Vegas in 1969.”
In a time when many gambling institutions are struggling, this new project could provide a much needed lifeline both for Las Vegas and the industry at large.