Las Vegas-based MGM Mirage and Dubai World, the developers of the $8.5 billion City Center on the Las Vegas Strip has planned to hack the price of the condos by 30 per cent.

The hacked prices will be applicable at residences at Vdara Condo Hotel Mandarin Oriental and Veers Towers.

MGM Mirage and Dubai World have resorted to such a move to close real estate sales in a market which is severely hit by the economic slump.

It may be noted here that Las Vegas has witnessed a fall 55 per cent in home values through July since August 2006.

Bobby Baldwin, CEO of City Center, said, “In this economic climate this price reduction is an appropriate step to take on behalf of our buyers so as to provide them greater flexibility in closing on their residences.”

Company will begin closing on around 2,400 units, which have been constructed in two boutique hotels and two residential towers in January at the hacked prices. 

In the recent trading, shares in MGM Mirage soared to $11.54, gaining 48 cents in the NYSE composite trading. Company’s shares have plunged 16 per cent so far this year.