CityCenter Holdings, a joint venture between MGM Mirage and Infinity World Development Corp, has announced that it is postponing the opening of The Harmon Hotel & Spa until 2010 and has cancelled The Harmon residential condominium project.
The Harmon forms part of the CityCenter complex, a 67-acre project currently under development on the Las Vegas Strip, US. With the cancellation of The Harmon residential component, as well as other additional cost savings, the company anticipates total cost savings of approximately $600m. By postponing The Harmon Hotel by a year, CityCenter aims to defer approximately $200m in construction costs to complete the interior fit-out of the hotel.
“By cancelling The Harmon condominium component, we will be able to avoid the need for substantial redesign of The Harmon resulting from contractor construction errors,” said Robert Baldwin, president and chief executive officer of CityCenter.
The company confirmed that all other components of CityCenter remain on schedule for its grand opening in December 2009.
