Mega building project CityCenter has had to reduce the prices on its luxury condominiums by 30 percent. This move is set to ignite a legal battle against buyers who have already placed holding deposits on 2,400 condominiums and will now argue that prices purchasers agreed upon a few years ago now do not realistic reflect the prices of the condominiums right now. The entire luxury condominium market of Las Vegas has been operating very poorly over the last year with developers like MGM Mirage and Dubai World having to adjust their earning forecasts.

The previous earnings forecast of the condominiums by MGM mirage was to be $2.6 billion by now the figure might have to be adjusted by $780 million. Currently, MGM Mirage has already collected $300 million in buyer deposits which will now be discussed, within management, on how they will manage this possible legal storm from the buyers. More towers are set to be open in December 2009.

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