MGM Mirage continues to partner with some of the deepest pocketed companies in the entire world. Coming on the heels of the announcement that Dubai World bought a significant stake in MGM Mirage's CityCenter Project (a Las Vegas high rise condo hotel buyer's dream), now comes word that Dubai World's subsidiary Istithmar Hotels FZE and Kerzner International Holdings will now partner with MGM Mirage to develop the 40 acres on the southwest corner of Sahara and the Strip. No doubt, high rise condos will be developed there at the cost of multi-billions. That's right... billions!
Yet to be named, construction on this project is anticipated for early 2009 with completion in 2012. Sure, that's a long way off. But here's the point: some of the brightest financial minds in the entire world are liking Las Vegas investments. Your stock broker cousin in Atlanta may not like Vegas, but if I have to take a stand on the investment climate and its potential, I'm going with the Dubai folks. Like the old saying goes, "be greedy when others are cautious and cautious when others are greedy".
In fact, back in August, Dubai World's spent $2.7 billion for a 50 percent stake in CityCenter, a $7.4 billion mixed-use project under construction on 76 prime Las Vegas Strip acres. Dubai World, the investment arm for the Persian Gulf state Dubai, also plans to invest another $2.4 billion to acquire approximately 28.4 million shares of MGM Mirage and are thinking as long-term strategic investors.
What a coincidence! That's what YOU should be thinking as well. Turn off your TV, put down that newspaper, and learn from the big boys. Continue to think long term and Las Vegas will reward you. The Las Vegas high rise market continues to reach skyward, and you have major international investors to turn to as proof.
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