Charming night in Las Vegas. Xinhua News Agency issued
MGM and Dubai World join hands 8.5 billion gamble on entertainment
Las Vegas is engaged in a gamble up to 85 billion U.S. dollars, was betting that the December 1 opening, covering about 27 hectares of super-deluxe entertainment center – “City Center” (city center). If he wins, will provide 12,000 U.S. jobs, and will stimulate the revival in consumer spending. However, market view, the prospects are not so bright.
Urban centers by the U.S. gaming group MGM Mirage (MGM Mirage) and the Dubai World build. In the last week, against the backdrop of Dubai’s debt crisis, the project is to increase people’s commercial real estate for the luxury end of the economic crisis whirlpool concerns.
The enormous scale of the project, from the number of staff required may be a glimpse of. 12,000 jobs and attracted 175,000 applications, employment, the probability of success less than 10:1. According to the U.S., “Times” report, urban centers provide employment opportunities to the Las Vegas and even the United States, are as good as a cardiac stimulant, greatly restored the confidence of the people’s employment. Las Vegas, Nevada, where the unemployment rate in September reached 13.3%, also an urgent need to reverse the employment situation.
Urban centers, self-proclaimed “capital of the world”, by six similar towering crystal composition, is a shopping mall, art galleries, fitness center, entertainment center and residential areas as one of the luxurious entertainment center, but also includes different styles of luxury Hotels. Visitors can enjoy in this one-stop vacation experiences, from the gluttonous food, top-SPA, style bars to special shopping plaza.
However, stakeholders in the tourism industry was the economic crisis that hit today, the city center operators woeful. Las Vegas hotel occupancy for the current price has been 25% lower than last year, the number of empty rooms is more than 5000. The opening of the city center will inevitably reduce the casino are now bottom of the occupancy rate. “I hope it will be successful so that benefit the entire city, but I can not help but think of the new rooms to open 7000 will make the situation worse.” Treasure Island Casino owner Phil told The Associated Press.
Nevada state government hopes that the project could lead the state out of up to two years of economic gloom. Nevada Gaming Commission, said “This is not just about a company, but also concerns the fate of a state.”
But Phil concerns, even though the employment rate will not be able to rebound quickly to improve the tourism industry. He said: “Tourists will not be as before the outbreak of the economic crisis as big as the hands of the consumer.”
MGM and Dubai World for its close ties with the new project also makes a little more worried about the future. Last week, Dubai World delayed repayment of the debt crisis, the MGM will be a group of bonds due in 2012 fell 1.25 points, to 85.25 cents. Rochdale Securities analyst Povey said that the market worried about low prices in Dubai may be forced to sell some in the industry’s most prestigious real estate, including the U.S. real estate projects, the entire commercial real estate prices will therefore be pushed lower.
Similarly with the Dubai World also carries a huge debt MGM operates luxury real estate projects, while the most recent financial statements show the huge loss. The company recently released three quarterly revealed that the company’s performance from a year earlier profit of 61.3 million U.S. dollars, converted to a loss of 750 million U.S. dollars. Company’s third quarter operating income decreased by 15% from a year earlier to 1.79 billion U.S. dollars fell to 1.53 billion U.S. dollars, but higher than the average analyst forecast of 1.47 billion U.S. dollars. Recently, the United States Las Vegas Convention and Tourism Bureau (LVCVA) visit the China International Tourism Fair, at which representatives of the Council has brought the project to promote the city center. Them on: the trend of this magnificent landmark jointly by the eight top international architects Qing Li design blocks of a future filled with a sense of the unique architectural features, like turned out to the extraterrestrial, even when nothing is there Las Vegas Adams Avenue is also a unique … … It seems that the introduction of emerging markets, consumer power has been referred to the urban centers of the strategic agenda.
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