People are still betting in Vegas

Chris Palmeri

The Las Vegas Strip is still reeling them in, despite a real estate slump elsewhere in the city. MGM reports that its massive $7 billion CityCenter mixed use project has taken deposits on half of the 2,500 units offered for sale on Jan 1. The deposits are only $10-25,000 depending on the unit. Prices start at $500,000 for the smallest condos. The most popular building so far has been The Mandarin Oriental Hotel, where condo/hotel units start at $1.5 million. The 4,100 square foot penthouses are selling for $12 million. MGM hopes to average $1,100 per square for the 2,700 total units in the project.

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