Las Vegas Sun NewsThe strip:
MGM Resorts hints at eventual sale of Crystals mall at CityCenter
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21 February 2013
2 a.m.
Think it’s expensive shopping at Crystals, the luxury mall at CityCenter? Try buying the place. MGM Resorts International CEO Jim Murren said prospective investors have contacted him about buying the Strip property. His company has received “a bunch of inquiries over the last six months,” he told Reuters, without saying what the deal could fetch. Murren is not in the process of inking a sale, but the two-story, 500,000-square-foot retail hub is “the most attractive candidate” should his company sell portions of the CityCenter complex, he said. Crystals opened in December 2009 with the recession in full swing and struggled ...
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Too soon to sell: Build infrastructure first. And by infrastructure, I mean the City Center Tram which currently operates as a toy train. Connect Monte Carlo Station with the Excalibur so you can ride the train all the way down to Mandalay Bay. Talk with Caesars to connect the Bellagio Station with a new stop at Caesars and go further north to the other MGM-Resorts Mirage and TI. The Tram will take more people in to Crystals, what ultimately raises its value.
It's a mall very few will shop at. Slowly but surely MGM will divest themselves of City Center, take their lumps and move on. There is simply no attraction to go there. The entrance is a 4 lane highway of concrete. The Casino is dark, the mall is super high end and they destroyed the "professional" selling point of the residences by dumping them on anybody who could pick up the rent.
This idea that they are reducing debt is also bogus. They are doing what the average citizen does with their credit cards in shuffling money from one card to the next, getting an interest reduction and then claiming they are making headway. Smoke and mirrors, all the while Murren and Baldwin collect huge paychecks.