MGM

From a high of 100 on Oct 8 2007 to a low of 1.81 on Mar 02 2009, back to 10.35 today what a ride. With the opening of City Center, MGM expects to get it's mojo back. How?
Why is a residential development expected to draw visitors. Yes I know it has a few nice hotels. Who goes to look at apartment buildings. There is no volcano, no pirate ship, no fountains or circus. This is a mystery to me.
To put that much new living space on the market in the epicenter of the real estate debacle is insane, but then they have no choice. They have already cut asking prices by 30%.
Also, does the strip need 3 more casinos and hotels. Not to mention all the supply in Macau and the new casino in Singapore coming on line. More states are also turning to gambling to close budget deficits. Alas, vegas is no longer unique or forbidden as it was in the days of my youth.
Kirk Kekorian doubled down. At his age and wealth I wonder why he bothered. Well prince or pauper we'll soon find out.