Vegas’s newest high-stakes bet, the $8.5 billion CityCenter, has had a bumpy ride, with the deaths of six construction workers, a lawsuit between development partners over rising costs that was later dropped, and funding woes brought on by the global credit crisis. The Las Vegas Strip development began construction during the real estate boom but finished in a deep recession. As the economy went south, co-owners MGM Resorts International (formerly MGM Mirage) and Dubai’s Infinity World responded with cost cuts.
In early 2009, CityCenter reduced the 400-room Harmon Hotel tower, designed by Foster + Partners, to about half of its planned height. The move eliminated 200 condominiums, of which fewer than half had sold, trimming $600 million from the project price tag. Completion of the oval-shaped, glass-clad structure has since been delayed indefinitely, saving another $200 million in fit-out expenses. The building is part of a $490 million construction defect lawsuit with general contractor Perini Building Company that centers on improperly installed reinforcing steel.
You have 0 complimentary articles remaining.
Unlimited access + premium benefits for as low as $1.99/month.