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MGM MIRAGE Annouces Plans For Casinos And More Additions On Las Vegas Strip

MGM MIRAGE (NYSE: MGM) today announced that its Board of Directors has approved the design and budget for Project CityCenter, the Company's previously announced urban development project at the heart of the Las Vegas Strip. Project CityCenter will feature approximately 2.3 million square feet of residential space; a 4,000-room luxury hotel and casino; two 400-room, non-gaming boutique hotels; and over 470,000 square feet of retail, dining and entertainment space. The approved design will further enhance the overall significance and profitability of Project CityCenter, which is expected to provide owners and visitors alike a truly unique experience.
The overall cost of Project CityCenter is estimated at approximately $7 billion, excluding preopening and land costs. After estimated proceeds of $2.5 billion from the sale of residential units, the Company believes that the net project cost will be approximately $4.5 billion. Project CityCenter will be located on approximately 66 acres between Bellagio and Mo

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