Mexican investors interested in Las Vegas City Center

In spite of the real state crisis which is being held in US, Mexicans have found an investment opportunity and, as a second residence buying properties in the most expensive mixed project of the country: „City Center“ Las Vegas.

It is a construction development which will require a total investment of USD 8 billion, which will combine a 4,000 room casino-resort, four residential towers which will totalize 2,700 residences and a top shopping center of 46 thousand sqm.

The project is 50% sold so far, with residences from USD 550,000 and up to USD 9.2 million. „There’s a lot of interest from Mexicans to acquire properties in Las Vegas, the percentage of buyers we have up to the moment in City Center Las Vegas is considerable.

„Mexican citizens love to go to Las Vegas. They valorate their location, the fact of betting, proximity and the area of restaurants and shops“, said in an interview Andy Ardila, sales manager of City Center Las Vegas. Mexico is the second country, after Canada, which visits Las Vegas the most, so it is a potential public. Just Mexicana takes 250,000 people a year to the city, while Aeroméxico takes 60,000 more.
City Center Las Vegas is a real state development headed by MGM Mirage group, which has the 46 per cent of the most representative hotels of the city, such as Luxor, Bellagio, Excalibur, Monte Carlo, and so on.

„It is a private project, without any loan from banks. This project is making history in US; it will be the first mixed project in Las Vegas, because the price of the land is increasing, unlike other US cities,” added Ardila.

Just the prices of the residences are increasing an average of 3%, to increase the added value. The project will be completely inaugurated in November 2009 and will generate 14 thousand jobs. „The profile of City Center Las Vegas buyers is all type, retired people, families, etc”, concluded the director.

The project will be located in the heart of Las Vegas Boulevard, the most important avenue of the city, which in the next 5 years will receive investments close to USD 35 billion.