http://finance.yahoo.com/news/ceo-says-mgm-may-sell-202627713.html
During these economic times even casinos in Vegas are struggling. The CityCenter has been the latest in the news due to the $1.85 billion debt MGM still has from its original $8.5 billion investment. The CityCenter consists of supermarkets, hotels/condos, casino, spa, restaurants, and nightlife all connected into one big complex. With all the things it has to offer, one can wonder why they are still in debt. During the recession nearly 3% of Vegas' tourism was lost, but now it's slow on the climb back up to where it once was. MGM is trying to deal with the debt by selling parts of its CityCenter project. It is considering to sell the Vdara, the condo-hotel that opened as the condo market in vegas was crashing. MGM shares the CityCenter ownership in a 50 - 50 partnership with Dubai World. The unemployment rate in Las Vegas still doesn't seem to look so good with a current rate of 10.8% which might be a reason why the CityCenter may be slow in making enough money to cover its debt. MGM will have to wait to see results, the economy is still recovering.
The Las Vegas community was clearly hit hard by the recession, considering that it is luxury when luxuries are being cut from American's budgets. It has been a long struggle, which is seen by the fact that MGM is still in debt over their CityCenter venture. Its interesting that the unemployment rate for Las Vegas is so much higher than the national average. This sale, along with helping themselves get out of debt, could have a very positive impact on the unemployment rate. A company not in debt will be able to take over the struggling mall, condos, and unfinished building and turn those into successful ventures that would create jobs that would help out the Las Vegas economy.
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