In Las Vegas, Dubai World’s New Investment Sets Sales Record
2 Comments Published by clay February 27th, 2008 in International, State and Local Politics, U.S. Politics.Is the United States being bought? What does this mean for our future? I am not sure I am comfortable with foreign companies (supported by their state) buying out large portions of our economy.
Recent penthouse sales at the massive MGM CityCenter, which is now half-owned by Dubai World, set new records for price-per-square-foot in Las Vegas, according to the agent who made the sales.
Aaron Auxier of Luxury Realty Group sold three penthouses in the Harmon Hotel, Spa & Residences, one of four high-rise developments within the complex, at prices ranging from $1,500 to $2,400 a square foot. Property records indicate the previous record for Vegas was about $1,300 a square foot, he says.
Last August, Dubai World invested $2.7 billion for a 50 percent stake in the CityCenter project, and committed another $2.4 billion to buy MGM Mirage common stock. CityCenter covers 76 acres and is oft-referred to as the most expensive privately financed development in U.S. Described as “a city within a city,” the $8 billion development will eventually include more than 4,800 hotel rooms and 2,700 luxury apartments in towers designed by such notable architects as Daniel Liebeskind, Lord Norman Foster and Rafael Vinoly.
Prices for condos range from anywhere from $500,000 to $12 million (€333,000-€8 million). About half of the units have been sold, according to a recent report in the Las Vegas Review-Journal.
“With an ever increasing appeal to a global audience and $1.5 billion in condo sales at CityCenter in 2007, I feel the press often misunderstands what’s happening on the Las Vegas Strip,” Auxier said in a press release.
that bad news…yeah there buy piece of land and there going to give people jobs, but with the money that they going to make, there going to take it back home and put in there economy not back to ours…that not cool
also the going to hurt the other casinos profits in that area,which American owned
Now thats a lot of dough .
everytime i take a trip to the city of lights OF cali,
theres always something new popping up.
ALWAYS.
And yet another whole new ground of world-class attractions, high-end hang-outs,
five-star eateries and top-knotch whatever else you could think of, to cram into so much acres of additional $trip. Thing is, now, not all of that $ is ours.
City within a city huh? Cant wait…