MGM Mirage is looking for new partners to help make sure CityCenter opens on time. Just last week, the current partner, Dubai World, did not come up with $100 million to cover their half of a loan payment on the project.

Now MGM is maneuvering to make sure the rest of the CityCenter project will get funded.

Sources close to both MGM Mirage and Colony Capital confirm that the capital venture firm is in talks to pick up the rest of the funding that would have been paid by Dubai world.

There is concern among people inside MGM that Dubai world will not pay any more money for the project. Therefore, MGM would need another partner to make sure that CityCenter stays out of bankruptcy.

Colony Capital owns the Las Vegas Hilton in Las Vegas. The private firm also owns 35-percent of Station Casinos.

Colony Capital is not the only company being talked to about joining the project. Sources say MGM Mirage is also looking at combining a group of four or five smaller companies to come up with several hundred million dollars.

MGM Mirage needs to come up with $800 million more to have access to a credit line of $1.8 billion. If MGM can get to that credit line, analysts say there is no doubt CityCenter will be finished.

8,500 construction workers are still employed at CityCenter. If for some reason a deal could not be reached or the project goes into bankruptcy, there may be a work stoppage. As of right now, it's on schedule.

The economy is proving even the medical industry is not recession proof. Harmon Medical Center is the only independently owned and operated urgent care center on the Las Vegas Strip and it's going through some major changes.

The medical center, which usually provides care for tourists and casino workers, used to be open seven days a week, 24 hours a day but now it's new hours will be from 8 a.m. and 5 p.m., Monday through Friday. The center has also had to lay off some employees.

Harmon Medical Center's attorney says the center ran into problems with workers compensation cases. Attorney Anthony Sgro says employers, including some casinos, have not been making payments for more than a year. He says that has put the facility into debt.

“We want to come back just as strong and ride this out as best as we can like everyone else has been in community. We just reached a point can't fund debt,” said Sgro.

Dubai World says MGM Mirage's $200 million equity payment that saved their joint casino project in Las Vegas from bankruptcy is “a sign of good faith.”   

But Dubai World said Sunday that the payment is only a “temporary solution” to liquidity problems the casino giant is facing amid a slowdown in gambling revenue.   

Dubai World says that the financial injection into the $8.7 billion CityCenter gives its board “more time to work through restructuring options.”   

MGM Mirage and Dubai World are equal partners in CityCenter. Its funding remains uncertain, although its first stage is due to open later this year.

(Copyright 2009 by The Associated Press.  All Rights Reserved.)

One of the longest running shows on the Las Vegas Strip, had it's final curtain call Saturday night. Folies Bergere is no longer went dark proving that, once again, Las Vegas isn't recession proof.

For almost 50 years, Folies Bergere has called the Tropicana home. Show director Jerry Jackson said, “It's such a part of Vegas. The first strip revue to come to Vegas, and it's the last to leave, people just thought it would always be here.”

Jackson has been with Folies Bergere since 1966.  He's seen the show change from decade to decade, and shares what this show means for its performers.

“There's a lot of sentiments, a lot of history, a lot of people have spent years of their lives here, but everything changes.”

Stephanie Jaymes is one of those people.  She has been a part of the cast since 1999.

“It's very sad for me. It's a huge part of my life. I met my husband here. I had my baby while I was still a part of the cast. All of the great things that have happened to me, have happened here,” she said. 

And like Stephanie, past and present cast members, each have stories from their times at Folies Bergere. 

“I'm glad it's ending on a high. The show looks great, right now. It could be because of cutbacks, lack of maintenance, if that happened the show would diminish, but right now we're getting standing ovations and that's the way to go out,”said Jerry Jackson lamented. 

Folies is not the first show to go dark because of the recession. Other Las Vega Strip shows have closed as a result of the economic downturn. The Tropicana will be without a headliner but hotel officials say they plan on replacing it with another show.

A spokesperson with the Las Vegas Sands confirms the company is laying off 283 people from a variety of departments.

The layoffs will hit both the Venetian and Palazzo.

Two workers were rescued with minor injuries Thursday after a cable snapped during high winds, slamming their platform into the curved glass face of a Las Vegas Strip casino, authorities said.

Windows shattered as the platform swung against the Encore resort, and broken glass showered a pool area before Clark County firefighters used an ax to break through a 15th floor window and pull the two men to safety, fire spokesman Scott Allison said.

“It was raining glass,” Allison said, describing how “several” windows broke as the platform hit the 48-story tower facing the Strip when firefighters arrived just before 9 a.m. But no other injuries were reported inside or outside the casino, Allison and a Wynn Resorts spokeswoman said.

One worker was taken to a hospital for treatment of what Allison described as minor injuries, and the other was treated at the scene for cuts and bruises.

Both were wearing safety harnesses when their platform cable broke, Allison said. The identities of the men was not immediately available.

The National Weather Service in Las Vegas reported winds of 26 mph at the time at nearby McCarran International Airport, with gusts to 44 mph.

Authorities in Las Vegas issued a dust advisory and a fire weather watch Thursday, amid forecasts of a fast-moving storm sweeping through the region with strong north winds and low humidity.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

MGM Mirage says a lawsuit filed by its partner in a $8.6 billion casino construction project is “completely without merit.”

The Las Vegas-based casino operator issued its first statment on the lawsuit Tuesday morning, a day after a subsidiary of Dubai World filed the suit in Delaware Chancery Court.

Infinity World claims that MGM Mirage's statements about its financial condition have put the massive CityCenter resort project at risk.

MGM Mirage is struggling with more than $13 billion in debt. But the compnay says it has cash available to meet its financial obligations.

Dubai World wons a 50 percent stake in the CityCenter casino, hotel, retail and residential development on the Las Vegas Strip, and controls about 9.5 percent of MGM Mirage shares.

(Copyright by The Assocaited Press. All Rights Reserved.)

Hostels aren't just for traveling students anymore, some tourists are finding them to be an economical alternative to hotels. 

Take Las Vegas' Tod's Hostel on the north end of the Las Vegas Strip.  The classically restored 1960's Motor Hotel was struggling of late when its manager decided to convert the property to a hostel, since then, it's been sweet dreams. 

Tourists coming to Las Vegas are finding a cheaper way to stay in Las Vegas. At least three local businesses are offering cheap lodging. Tod's Hostel, one of three in town are seeing a big boost of tourists who are looking for a cheap and comfortable place to stay.

Ran Tadmore, the general manager of Tod's says when the economy started tanking a year ago he converted part of his motel into a hostel modeled after the successful European style of traveling. He offers free pick up and drop off along with breakfast to give him an edge over Las Vegas Strip hotels.

He says since the conversion rooms are almost always booked, the best part about it is the interaction guests have with each other. “From the kids point of view they get a better atmosphere if they stayed in regular hotel they don't know who their neighbors are or interact hostel environment makes them interact with kids from all over the world.”

You don't have to be a student to stay at this hostel or international travelers for that matter, different hostels have different rules. But generally what they do offer is cheap rates. The three hostels here in Las Vegas the price per night ranges from $15 to $20.

The room tax bill officially became law Wednesday and most Las Vegas Strip resorts will go to the new 12-percent room tax on July 1st.

Although lawmakers passed the increased tax, Governor Jim Gibbons, who is opposed to tax increases, would not sign the bill. In that case, it automatically becomes law after several days unless he vetos it.

Currently Las Vegas properties charge a 9-percent room tax.

Major Nevada casinos and the Nevada State Education Association, a teachers' union, delivered more than 130,000 signatures supporting the tax increase.

MGM Mirage suffered a more than $1 billion loss in the fourth quarter of 2008 citing the credit and financial crisis for the decrease in revenue.

The Las Vegas based company posted results Tuesday showing it lost $1.15 billion including a $1.18 billion impairment charge in the fourth quarter. That means MGM Mirage lost $4.15 per share in the quarter that ended December 31st.

The year before it made a profit of $2.85 a share. Shares of MGM Mirage were trading at $3.03 at the close of the market. One year ago, a share was trading at nearly $65.