Fewer visitors and falling room rates in the past few years have shook Las Vega's resorts and casinos. State leaders and economists hope the unveiling of this new enormous 67 acre resort and casino called CityCenter will boost revenues and tourism, although others are doubtful.
Phil Ruffin, who owns the Treasure Island casino and resort about 1 1/2 miles north of CityCenter, said new hotels have historically helped tourism but CityCenter is opening into unprecedented economic circumstances. "It's going to be bloody out there," the Kansas billionaire told The Associated Press. "We wish them all the success in the world because it would help the whole city of Las Vegas, but I can't think of a worse time to open up 7,000 rooms."
MGM Mirage has been building CityCenter for 5 years now with the official grand opening on December 16. However, several hotels and shops will be unveiled before then. This week, they will show off Vdara, a 1,500 suite condominum. Then they will open Crystals, which includes stores such as Louis Vuitton, Bulgari, and Tiffany & Co, in over 500,000sq.ft. of retail space. The Mandarin Oriental Hotel will be showcased next, all leading up to the grand opening of the Aria Resort and Casino.
Travel to Las Vegas has already shown it's first signs of growth. Visits rose 4.3% in September, which was the first increase in over a year. MGM and other casino owners are keeping their fingers crossed and hoping there are more good things to come in 2010.
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