No. of Recommendations: 3
20 years ago the City Center project was conceived, and construction later began on the Vegas strip. Kirk Kerkorian was the only CEO and control person of a public company in my lifetime who even comes close to the generosity toward his public shareholders as Buffett. To make a long story short, the construction was a nightmare. Building Foundations weren't poured to code, they had to be reinforced after they were completed. One tower was so badly built it had to be taken down, they couldn't make it safe for occupancy. Kirk later said he wished he passed away before he saw the construction disaster. He later died in his mid 90s, in 2015. He was an amazing visionary and a great CEO. He deserved a better ending to the game of life for several other personal reasons.
Team trump is now changing financial rules and regs. The definition of an accredited investor, has been, updated. No doubt crypto, meme coins, meme stocks on the pink sheets etc will all be allowed in IRAs, 401ks, 529s, by everyone, regardless of net worth or investment background etc. Charlie Munger passed away in time not to see this. I wonder IF Buffett has any, Kerkorian moments these days? How does Buffett process this transformation at his age?
For those with an interest some history on the City Center project on the Vegas strip.
CityCenter
This article is about the Las Vegas urban development.
CityCenter
Former CityCenter logo, 2010
CityCenter complex in 2015, seen from the roof terrace of Marriott's Grand Chateau. From left to right: Waldorf Astoria, Crystals, Aria, Veer Towers, and Vdara.
Project
Opening date December 2, 2009; 15 years ago
Developer MGM Resorts International and Dubai World
Architect
Various
Operator MGM Resorts International (Aria and Vdara)
Owner The Blackstone Group (Aria and Vdara)
Invesco and Simon Property Group (Crystals)
Tiffany Lam and Andrew and Peggy Cherng (Waldorf Astoria)
Brett Torino and Flag Luxury Group (63)
Website aria.mgmresorts.com
Physical features
Major buildings Aria, Crystals, The Harmon (demolished), Waldorf Astoria, Vdara, Veer Towers, 63
Transport Aria Express (tram)
Location
CityCenter is located in Las Vegas StripCityCenter
Location Las Vegas Strip
Address South Las Vegas Boulevard[a]
Paradise, Nevada, United States
Aria Campus, commonly known by its former name CityCenter, is a mixed-use, urban complex on the Las Vegas Strip in Paradise, Nevada. It is located on 67 acres (27 ha) and contains a total of 18-million sq ft (1,700,000 m2). The complex includes Aria Resort and Casino, the Vdara condo-hotel, the Waldorf Astoria Las Vegas hotel and condominiums, the Veer Towers condominiums, and a mall known as The Shops at Crystals. Another hotel and condo project, The Harmon, never opened due to construction defects; the site was redeveloped as another shopping mall, known as 63.
CityCenter was developed by MGM Mirage and Dubai World. The project was conceived by MGM president and chief financial officer Jim Murren, who envisioned an urban district for Las Vegas, similar to Greenwich Village or Haight-Ashbury. MGM announced CityCenter on November 9, 2004. Ehrenkrantz Eckstut & Kuhn Architects spent 20 months working with MGM on the master plan. Numerous architects, assembled by Gensler, were hired to work on individual components of CityCenter. The project received LEED Gold certifications for its environmentally friendly designs.
Construction of CityCenter began on June 25, 2006, with Perini Building Company as general contractor. A year later, Dubai World joined MGM as a partner on the project. Six workers died during construction, eventually prompting others to walk off the job in June 2008. Construction resumed the next day, after Perini agreed to improved safety demands. Dubai World later threatened to withhold further financing due to cost overruns, before reaching an agreement with MGM. CityCenter was completed at a cost of $8.5 billion, making it the most expensive privately funded construction project in U.S. history.
Vdara was the first property to open at CityCenter, debuting on December 2, 2009. Other properties opened later that month, while Veer Towers was completed in 2010. Aria is considered the central feature of CityCenter, and it includes the only casino at the complex. By 2019, CityCenter had been renamed Aria Campus.
MGM has sold off several of its CityCenter properties, including Crystals in 2016, the Mandarin Oriental hotel (now Waldorf Astoria) in 2018, and the former Harmon site in 2021. Later that year, MGM bought out Dubai World's ownership stake, gaining full control of Aria and Vdara, its last remaining properties at the complex. Both were sold in 2021, although MGM continues to operate them.
