At a price tag of over $7 billion, CityCenter is the largest privately financed development in the United States. Located in the heart of the strip, this city within a city is being built on the site of the former Boardwalk Hotel & Casino, between the Monte Carlo and world-famous Bellagio hotels. The developer is MGM Mirage, already the second largest gaming company in the world.
This development will deliver 2,800 luxury condominium units and close to 5,000 hotel rooms amongst six new towers. When complete, the complex will employ approximately 12,000 people and even have an on-site power plant, fire station and internal transportation system. This project will mark the first entry of famed luxury hotel operator Mandarin Oriental to the strip, running one of the new towers as a 400 suite hotel and 200 unit condominium.
Finally, it is reported that MGM Mirage is planning on developing a new Cirque du Soleil show, Elvis, that is set to premiere at CityCenter on its opening day in 2009.
Key Themes Behind This Trend
- Luxury Condominium Development
- Opportunity to disrupt the real estate industry by creating innovative luxury condominium projects like CityCenter.
- Integrated Mixed-use Development
- Opportunity to revolutionize urban planning by integrating multiple functions within a single development, like CityCenter's combination of residential, retail, and entertainment spaces.
- Hotel-residential Partnerships
- Opportunity to collaborate with luxury hotel operators, like Mandarin Oriental, to create unique hotel-residential experiences in key locations.
Where This Applies
- Real Estate
- The real estate industry can leverage the trends in luxury condominium development and integrated mixed-use development to create innovative projects and attract a high-end clientele.
- Hospitality
- The hospitality industry can explore hotel-residential partnerships to enhance guest experiences and offer luxury residential options to their customers.
- Entertainment
- The entertainment industry, specifically event production companies like Cirque du Soleil, can expand their offerings by creating exclusive shows and experiences for new developments, like CityCenter.
