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CityCenter continues to close condo sales

25 May 2010

By Howard Stutz
LAS VEGAS, Nevada -- CityCenter continues to close residential sales of its high-rise luxury condominiums, although the pace is not what developer MGM Mirage had originally desired.

Through the middle of May, closings have been completed on 125 residential units inside the Mandarin Oriental and Vdara, totaling $118 million in sales, according to statistics compiled by Union Gaming Group.

Of the units, 32 are at Mandarin Oriental and 93 are at Vdara, which is a condo-hotel development.

The 32 Mandarin units have sold for a collective $67.7 million, which Union Gaming estimated is in excess of $1,000 per square foot.

Eight of the Mandarin units had purchase prices above $3 million.

At Vdara, the 93 units sold for a total of $50 million.

In total, Mandarin has 227 units while Vdara holds 1,495 condo-hotel units. Sales closings have not yet begun at Veer towers, which has 670 units. In total, CityCenter has 2,400 residential units.

"We are encouraged by the number of closings through the first few months of the process at CityCenter, although we acknowledge they represent just the tip of the iceberg," said Union Gaming Group Principal Grant Govertsen. "Importantly, we do not believe investors are ascribing any value to residential sales at CityCenter, so every unit that closes represents upside to expectations."

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