Egoism
Individualism
Sovereignty
Splendor

(These ideas are explicated in this sloppy manifesto)

Friday, November 12, 2004
 
BetterVegas: My kind of town...

From the Las Vegas Review-Journal:
MGM Mirage Tuesday unveiled plans to develop a multibillion-dollar "urban metropolis" on the Strip between Bellagio and the Monte Carlo.

The 66-acre development, named Project CityCenter for now, will accelerate the evolution of Las Vegas into a sophisticated, multidimensional city, said Jim Murren, president and chief financial officer of MGM Mirage.

The 18 million-square-foot first phase of the project calls for a 4,000-room hotel and casino, three 400-room boutique hotels to be operated by internationally recognized companies not currently in Las Vegas, 1,650 luxury condominium-hotel units and 550,000 square feet of retail, dining and entertainment space.
This is my kind of development. You can see me singing its praises here, here, and especially here. Because it's Vegas, it doesn't have everything I might want. For example, there is no provision for non-tourist residents, nor for jobs unrelated to the tourist industry. But the use of the site will be very intensive, so there will be a lot done in one place that has never been done in one place before, not in Las Vegas, nor, practically speaking, anywhere.

Serendipity note #1: The site is more than the Boardwalk Casino Hotel. North of that is one of the last little pieces of blight on The Strip, empty lots, junky gift shops and the very dowdy Jockey Club, an antique time-share. All of that will come down, and the last reason for avoiding the west side of The Strip will go with it.

Serendipity note #2: A favorite admonition around here, not because we do it but because we watch it being done, is "Socialize the risk!" If you can pull early money out of a real estate development by selling off some market opportunities, you limit your exposure and generate much-needed income. If you can manage to "Socialize the risk!" a second time with the same property, you're a freakin' genius. But consider the idea of the condominium-hotel. I sell you your unit as a condo for big bucks. You own it. You can stay there all year long. But you won't--gotta go back home to make the money that pays for Vegas. So you rent it back to me when you're not there as a hotel room, and I in turn rent it out at a profit to tourists, taking care of the maintenance day-by-day. I've absolved myself of my financial risk as soon as you buy the condo, but I get to keep it as a profit center while you bear all the risk of loss. This is why Kirk Kerkorian is a billionaire, because he's a freakin' genius.

This is all too cool. And just wait for them to start dropping hotels on the North Strip...





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