Keep the Boom Insanity Going

Thursday, April 30, 2009
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Las Vegas. Too much supply already, too little demand. The solution? Supply more of what you already cannot sell. Las Vegas CityCenter lives another day. Imaginery green shoots everywhere will save thee. Thanks to Mark Fee for passing on the news.

The development, an $8 billion-plus mixed-use development on the Las Vegas Strip, has been weighing heavily on MGM Mirage’s balance sheet during the economic downturn. Visitors have stayed away from Sin City, starving MGM and other casino operators of once-robust cash flows. MGM has been selling assets to keep funding CityCenter and recently drew down its last revolving credit facility.

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