MGM Mirage Banks on Las Vegas Real Estate
Las Vegas real estate is shaping up to be a big part of MGM Mirage’s continued growth strategy. At its annual shareholder meeting, executives touted the $4.7 billion CityCenter project, which will contain multiple hotels and condominium towers. Las Vegas condos will likely be fueling future revenue expansions. Thanks to the booming Las Vegas real estate market, condos now are a better return on investment than gaming.
Nevada’s largets private investor, MGM Mirage is the owner of 831 acres on the Las Vegas strip. The company has plans to build on its 150 acres of undeveloped land. Since May of 2000, it has capital investments of more than $2.3 billion into its various property holdings.
By taking advantage of soaring Las Vegas residential real estate and diversifying its portfolio, MGM Mirage hopes to help Las Vegas evolve into a world class city