It cost the lives of 6 people to build this albatross...what a waste.
(Posted on Steve Friess' web site at www.vegashappenshere.com)
The opening of CityCenter this past December did little, if anything, to boost visitation to Las Vegas. That may explain the free-falling room rates at ARIA too. The January figures will tell the tale because if all that publicity and fanfare can't pique even short-term interest, MGM Mirage is in a massive vat of stinky trouble.
(The average Las Vegas hotel occupancy rate in 2009 was at 81.5 percent, compared to 85 percent in 2003.)
The Las Vegas Convention and Visitors Authority tried to put a happy spin on all this by noting that the 81.5 percent occupancy was "the highest of any major destination in the U.S." and 26.4 percentage points above the overall U.S. average (which is like Florida getting excited that they grew more oranges than North Dakota this year.)
Recently posted on Steve's blog:
"I just returned from a stay at Aria. It's nice, modern and empty with a capitol E. Empty rooms, cafe's and a sparse crowd in the casino. I thought the place looked sterile from the photos I had seen, but I wanted to wait until I experienced it myself before drawing an opinion. The atmosphere is dark, gloomy and cold. I will take Wynncore or Caesars any day. Heck, even the Venetian...and that's saying something."
Today MGM closed a $10.40...Down -2.99% today. It hasn't moved at all since November 2008...ever since CityCenter opened, the stock has been stagnet.

http://finance.yahoo.com/q?s=MGM
http://www.google.com/finance?q=mgm
Maybe Kirk Kerkorian should first fire his CEO (Jim Murren), and then sell his entire stake in MGM now.
ALSO READ : Just like the Titanic, MGM headed for Huge Iceberg
http://tobuds.com/blogs/blog2.php/2010/03/14/mgm-mirage-citycenter-green-but-not-in-t
Other MGM Mirage Posts
MGM MIRAGE (NYSE: MGM) - Living on a Prayer in 2010 (Despite "Upgrade")
http://tobuds.com/blogs/blog2.php/2010/01/13/mgm-mirage-nyse-mgm-living-on-a-prayer-i
Casinos Won't Recover - What it Means for MGM Mirage
http://tobuds.com/blogs/blog2.php/2010/01/11/casinos-won-t-recover-what-it-means-for
MGM Mirage on Life Support - 2010 Not a Happy New Year
http://tobuds.com/blogs/blog2.php/2010/01/07/mgm-mirage-on-life-support-2010-not-a-ha
MGM Mirage - City Center is Doomed in 2010 to Cannibalism
http://tobuds.com/blogs/blog2.php/2009/12/31/mgm-mirage-city-center-is-doomed-to-cann
James "Jimmy" Murren - CEO MGM Mirage, Has A Magic Dream
http://tobuds.com/blogs/blog2.php/2009/12/29/james-jimmy-murren-ceo-mgm-mirage-has-a
MGM's Kirk Kerkorian's CEO (Jim Murren) - A Con Artist?
http://tobuds.com/blogs/blog2.php/2009/12/21/james-j-murren-chairman-of-the-board-and
MGM's Mister Kerkorian is a Very Wise Man
http://tobuds.com/blogs/blog2.php/2009/12/21/mgm-s-mister-kerkorian-is-a-very-wise-ma
Also see > CityCenter, Infinity World Development, MGM Mirage, Tracinda, Kerkorian