Bankruptcy Possible for Huge Vegas Project

During our last trip to Vegas our Planet Hollywood hotel room overlooked the giant City Center project on the Vegas Strip. I shot the picture below one sunny morning from the hotel window.

That place is in big trouble:

MGM Mirage has hired counsel for a possible bankruptcy filing by an $8.6 billion resort and casino development in the heart of the Las Vegas strip.

MGM Mirage and investment partner Dubai World appear unlikely to make a $220 million payment due Friday on City Center -- a massive project under construction on 67 acres. MGM Mirage hired law firm Weil, Gotshal & Manges LLP to help prepare a possible Chapter 11 court filing for City Center, as well as to explore other options, according to people familiar with the matter.

A filing could come this weekend, depending on talks ...

If construction stops on that project not only will a bunch of workers be out of a job (the site was going 24 hours a day), but there will be a major eyesore in the heart of the Strip. It also won't bode well for the rest of the MGM properties.