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SPECIAL CITYCENTER GRANDEDITION OPENING MARCH 2010 :: Vol. 6 Issue 1 BIGCITYWELCOME :: A Message from Tony Dennis CITYSCAPES :: Reflective CityCenter™ Imagery CITYCULTURE :: The Talk and Toast of the Town — CityCenter’s Grand Opening CITYLIFE :: CityCenter by the Numbers — 50 Interesting Facts CITYEXCLUSIVE :: I am a Fan CITYINFO :: Taking Ownership of Your Residence CITYNEIGHBOR :: Meet Your Neighborhood CENTERSTAGE :: Living in the Details CITYCULTURE :: The Art Walk CITYSERVICE :: Fire Station 32 CITYSERVICE :: Your City Concierge CITYINFO :: The Latest Happenings CITYCONTACTS :: Comments, Questions and Contacts BIGCITYWELCOME :: The echoes and flashes of the celebratory fireworks’ booms and bursts fade as the labor of millions of man- hours of design and construction gave way to many thousands of hospitality workers catering, 24/7, to yet many more thousands of guests exploring CityCenter, the Capital of the New World. And while CityCenter celebrated its much vaunted hotel, retail and casino openings in December, the Residential Team has been focused on the upcoming closings of The Residences at Mandarin Oriental, Las Vegas, Veer Towers and Vdara Condo Hotel. By assuring quality in preparing the residential operating teams, starting up a mortgage lending business and counseling over 1,000 buyers on their purchases, no team of residential professionals has been more active in support of its buyers than your CityCenter Residential Team. Since my last letter, our achievements include: • Introducing our price reduction, offering existing depositors an unprecedented 30% adjustment on closing; • Implementing our seller financing program with over 500 applications garnered in just our first 30 days of operation; • Kicking off our Pre-Delivery Inspection initiative, deploying our Pre-Closing Inspection (PCI) Representatives to test residences, as your ombudsmen, for finish quality and readiness prior to your PCI; • Engaging our residential operating teams — see Your City Concierge story in this issue — to provide seamless continuity of VIP Residential Concierge service and unparalleled access to virtually limitless attractions, activities and venues at CityCenter and the MGM MIRAGE™ collection of resorts; We will begin to record closings in the coming weeks and the pace will accelerate as we head into April, with the 30 to 60 days required to complete the processing and underwriting for hundreds of loan applications and the escrow process. Unlike the public spectacle of CityCenter’s openings, the residential closings are individual and personal moments. For instance, for the Mandarin Oriental closings, each occasion is marked by a tingsha bell ceremony to welcome the spirits of new opportunity and good fortune into the home. Of course, we congratulate the new homeowners and acknowledge the profound gratitude we feel for their loyalty and commitment to CityCenter and the fulfillment of their purchase. Being a part of CityCenter, as many of our homeowners have been for three years, has been a transformational experience. A home in the Capital of the New World affords our newly closed homeowners a future of great possibilities. Sincerely, Tony Dennis, Executive Vice President CityCenter Residential Division CITYSCAPES :: In a city already stuffed with superlatives, CityCenter delivers a surge of razzmatazz. Casino executives heralded the crowning example The Guardian (U.K.) of what can be accomplished when vision, brilliance and sheer will are combined with $8.5 billion. Forbes CityCenter is opulent, bedecked with breathtaking works of art. It is, indeed, dazzling—all modern, sleek and beautiful. The Huffington Post CityCenter is an audacious array of art and architecture. The St. Louis Post-Dispatch Just viewing the public art makes it a worthy destination. The Salt Lake Tribune To say that ARIA has redefined the look and feel of Vegas hotels Its soaring glass towers and world-class would be an understatement. sculptures are eye-popping centerpieces. Toronto Star CNN In a word? ‘Awesome.’ The Oregonian MGM MIRAGE spared no expense in creating a gaming space that is at once functional and artistic. GamingToday …All that’s missing is George Clooney grinning crookedly in a tux. BusinessWeek THE DEFINING MOMENT: DECEMBER 16, 2009. THE EVENT: CITYCENTER, UNVEILED TO THE WORLD. It was an incredible celebration with buyers, project leaders, Linda Gondek-Rheinberger, President of the Nevada Association of government officials, the press, local and national dignitaries Realtors, sees CityCenter “boosting” the Las Vegas economy, as gathered together at a private event at ARIA Resort & Casino™ the new resort is filled with hotel rooms, restaurants, residences, to celebrate the final addition to CityCenter’s portfolio of shopping, arts, and sports activities that will attract more visitors outstanding resorts and experiences. After the enjoyment and create a new cycle of growth for the city. of scrumptious samplings, libations and entertainment, David G. Schwartz, Director of the Center for Gaming Research at the evening concluded with an incredible fireworks display the University of Nevada, Las Vegas, is impressed with Mandarin signifying that the time was finally here to unveil CityCenter— Oriental’s arrival in Las Vegas. “The Mandarin Oriental is definitely in all its splendor, in all its glory—to the world. something new. The brand itself is a luxury brand you certainly “Transformative.” “Unprecedented.” “Like nothing we have ever wouldn’t have seen here 20 years ago.” seen.” These are just a few of the words that have been used to Beyond the glitz and the glamour, CityCenter represents an describe the scope and grandeur of CityCenter, and they prove economic rejuvenation, with Vince Alberta of the Las Vegas that CityCenter is revolutionizing the resort industry and Las Convention and Visitor Authority saying, “We project visitation Vegas as well. Both CityCenter and its residents can rejoice in the to increase 2 to 5 percent in 2010, driven largely by the opening acclaim, because the success of this massive undertaking is due in of CityCenter.” part to the vision of the residents who saw, just as the CityCenter designers did, a truly unique city-within-a-city that is light-years With all the positive statements surrounding CityCenter’s grand ahead of anything else in the industry. In terms of CityCenter’s opening, it is easy to see just how receptive people are to the impact, the word is out and people can’t stop talking about it. concept, and the vision, of those who saw a city-within-a-city rising out of the Las Vegas Strip. Vdara, like all of CityCenter, is set back from the Vegas Strip. Modern and coolly understated, it really doesn’t feel like Las Vegas. OnMilwaukee.com CITYCULTURE :: CityCenter is straightforward, bold and beautiful. The Oregonian CityCenter has racked up a dizzying roster of firsts and biggests. Exciting without being overwhelming. Impressive, Las Vegas Review-Journal but not oppressive. Luxurious but less wasteful. San Francisco Chronicle The resort amenities, many unique to Las Vegas and even the world, dazzle even the most jaded visitors. The Salt Lake Tribune Vegas is growing up. This will point the way. The Washington Post Incredibly, six components of the $8.5 billion CityCenter project on the Las Vegas Strip have achieved LEED Gold certification, an accomplishment of Herculean proportions that is a total game changer for any significant hospitality project on a go-forward basis. HotelInteractive.com Never mind the recession—the glittering complex, with its chic hotels, dining and shops, CityCenter, a place that raises the is seen as the start of the ‘new,’ urban Sin City. stakes on fantasy, luxury and, ultimately, Los Angeles Times the future of Vegas hospitality. Los Angeles Times TALKThe CityCenter’s Grand Opening&TOAST of the Town CityCenter has received millions of dollars worth of publicity in the last eight weeks alone and our PUBLICITY story has reached more than one billion impressions internationally. Here are some incredible statistics FUN FACTS showcasing how much CityCenter is being talked about as of January 2010. Broadcast 2,213 airings on 455 stations in 165 markets with a total viewership of 280,191,585 people Print and Online 635 stories with a total of 427,128,603 impressions Radio Over 100 radio broadcast stories reaching more than 3,000,000 listeners 1 CityCenter is the largest privately funded development in North America. 2 CityCenter is a 50-50 joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World. 3 Located in the heart of the Las Vegas Strip, CityCenter is six unique destinations in one location. 4 ARIA Resort & Casino has 4,004 rooms and suites. 5 Vdara Hotel & Spa is a 1,495- unit all-suite condo hotel. 6 Mandarin Oriental, Las Vegas has 392 guestrooms and 225 residences. 7 Veer Towers has 668 individually owned condominiums. 8 CityCenter has approximately 1,200 feet of Strip frontage. 9 In total, CityCenter has nearly 7,200 hotel rooms and condominiums. 10 Crystals™ has 500,000 square feet of retail, dining and entertainment space. 11 CityCenter is a high-density, urban-style development. This means it builds up instead of out, placing buildings closer together with greater density, resulting in more people and activity in the same space. 12 The work of eight world-renowned architects went into CityCenter. 13 CityCenter is built on 67 acres of land, approximately the same size as Bellagio. The Bellagio campus contains 6 million square feet of space. CityCenter has 18 million square feet of space. 14 The concept of CityCenter was originally conceived by MGM MIRAGE Chairman and CEO Jim Murren, who studied art history and urban studies in college. 15 While not considered part of CityCenter, the Bellagio Employee Garage was the first structure built as part of the project. The site previously served as a surface parking lot for Bellagio employees, and a structure needed to be built to clear the land so construction could begin. 16 Veer Towers create a dramatic architectural effect because each 37-story tower leans—or veers—five degrees from true vertical.