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Business
Aug. 05, 2008
Copyright © Las Vegas Review-Journal

MGM halts Jean project

Casino company cites slow economy

By HOWARD STUTZ
REVIEW-JOURNAL

MGM Mirage on Monday officially pulled the plug on a planned mixed-use development in Jean, blaming the sour economic climate.

In a filing with the Securities and Exchange Commission, MGM Mirage said it formally terminated an agreement with developer American Nevada Corp. for a 166-acre site covering both sides of Interstate 15.

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    • Plans had called for a development that would have included affordable housing, businesses, shops and a new hotel-casino.

    In May, a spokesman for MGM Mirage said the project had been placed on hold.

    "Most people thought this was dead for quite a while," said Deutsche Bank gaming analyst Bill Lerner. He said the project was "nonmaterial" to the company's earnings.

    Plans for the site were announced in February 2007. No timeline or cost estimates were given, but MGM Mirage closed the 303-room Nevada Landing. The building, themed after a Mississippi River-style paddle wheeler, was closed in March 2007 and demolished this year. All that remains on the site is the Nevada Landing sign.

    The company kept open the Gold Strike on the south side of Interstate 15.

    Last week, MGM Mirage said it had run into delays securing more than $3 billion in financing it was seeking for the $9.2 billion CityCenter development on the Strip. Company officials said it expected to complete the financing by the end of August and didn't expect any delays in construction or opening of the CityCenter project, scheduled for the last part of 2009.

    MGM Mirage's decision on the Jean project comes on the heels of Friday's announcement by Boyd Gaming that it was delaying construction of the $4.8 billion Echelon for up to a year due to the souring credit markets. The project has been under construction for more than a year on the site where the Stardust stood.

    Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.



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    nickie wrote on September 22, 2008 07:25 PM: Plain and simple, it all comes down to GREED-they should have left Nevada Landing there, unless it was going under which i never heard was the case.
    It would have made more money then the piece of empty desert they have now..sad.


    James wrote on August 06, 2008 07:43 AM: All you scared folks, the time is NOW for you to run away from Las Vegas as fast as you ran TO Las Vegas when the economy was sizzling. Buh-bye! Good riddance!


    I'm scared too wrote on August 05, 2008 11:10 PM: We should all be scared. Not much to do about it. Start that ball of aluminum foil going just in case. This could get very very ugly.


    bob wrote on August 05, 2008 09:05 PM: they tear down nevada landing.... put people out of jobs....and for what???

    Someone asleep at the wheel Kirk!


    hilobomacaine wrote on August 05, 2008 10:58 AM: affordable housing in jean?? they already have that out in goodsprings


    John wrote on August 05, 2008 03:41 AM: Oh this is getting bad people...what to do, what to do? first Boyd stops Echelon, Now Mirage stops Jean...this is getiing seriuos when corp. titans can't get financing...I am truly scared people.