Problems at City Center

[IluvVegas]

MGM is running into problems with the City Center because hundreds of patrons who had placed deposits on condos in the City Center now want to renege on their deals.

Most of this comes from the fact that there have months of financial insecurity concerning the City Center. And now, thousands of condos that had been pre sold find buyers who want drastically reduced deals or who are just plain defaulting on the deal.

Mark Connot who is a partner with Hutchison and Steffen which is a firm that represents some of the buyers had this to say.

It is simply not possible by any stretch of the imagination to close on the units at the contracted price

He is also quoted as saying,

Our position is they need to adjust the price to market value."

So far there are no plans to renogitiate deals or to give any discounts.

[vegasrocks]

Geez I thought the issues at CityCenter has been all worked out. Guess I was wrong.

I wonder what they will do. If they don't lower the costs, the condos will most likely sit there empty.

[VegasLuvsMe]

Well, hopefully they will clear this up soon enough and get the project moving again.

I would like to see the City Center finished and full of people some day.