Las Vegas Launches Multi-Billion Dollar Casino Complex

There is very little that Sin City hasn't seen before. Everything from the finest hotels and casinos to side-street gambling joints and a lot more. But now, thanks to an extremely bold initiative, Las Vegas Nevada is about to officially welcome the City Center mega casino resort .

Indeed this immense undertaking has been several years in the making. Developed, designed and delivered by MGM Mirage casino and Dubai World, this ambitious project has got tongues wagging and tourists gawking in sheer astonishment. It's the size, the intricacy, the design and sheer gaming pleasure that is warming the hearts of gambling aficionados the world over.

This is a project of mega-proportions and the price-tag attached to it - some $8.5 billion certainly doesn't come cheap. The facilities include hotels, top-notch stores, sumptuous fine dining in stellar restaurants and unparalleled gambling activity  The much anticipated opening of the Aria Resort Casino on December 16 is going to add another 4004 rooms to Las Vegas’ mega hotel-room count.

Fabulous news for Vegas and Employment

Not even the global crisis could mar the enthusiasm surrounding this project.  With so many casinos competing for the attention and patronage of eager gamblers, it may have appeared foolhardy to launch such a bold project. But either way, the benefits for players are sound. More competing casinos leads to cheaper prices. The plethora of price-slashing activity going on means that it is the Vegas patrons who benefit.

But the positives don't end there because the growth of casino-related activities in hotels, restaurants, stores, taxi services and all other peripheral activities is immense. It all boils down to one thing - greater employment - even if it is short term - it's all positive. The owners of City Center are hoping that their casino model is one which is sustainable into the long term.

The owners of City Center, MGM Mirage and Dubai World have expressed their 'cautiously optimism' about the long-term profitability of the venture. There are real concerns however, with the sheer volume of foreclosures, and the multiple projects that are being put on hold. While it remains largely difficult to gauge the true sentiment of the market, beyond the short-term concerns, there are some concerns however about the economic data specific to the State of Nevada.

At present, Nevada is reeling from a 13.3% (September) unemployment rate. And of the forty projects scheduled for completion in Las Vegas, most have not  as yet determined completion dates On the hotel scene, there are in the region of at least 9,390 rooms that have yet to be confirmed as go-options.City Center casino will provide nearly 6,800 units of accommodation early in 2010 with 400 more hotel rooms planned soon thereafter.

While there is a degree of valid concern regarding the feasibility of opening up a mega-project  there remains hope that such measures can provide a much-needed boost to the local economy. But economists are worried that until the unemployment rates diminish, spending on luxury hotels will not increase. By the same token, more competition may just drop prices significantly enough to lure gamblers back into Vegas central.

This could well be the Ace Card  that MGM Mirage and Dubai World need. Both these companies are billions of dollars in debt. Dubai World recently  requested from its creditors a six-month break on payments on the $60 billion for which it is in arrears.

The popularity of Sin City casinos is matched in part by the growth of online casinos in the Internet gaming industry.