MGM Mirage is cutting the price of the condos at its $8.5bn City Center development by 30% due to the economic downturn, the company announced.

The move is intended to address a growing backlash from many of the people who signed contracts on condos in the 2,440-unit complex during the height of the Las Vegas real-estate boom.

Many had said they would have trouble closing on those units now that financing has become harder to obtain and the market in Las Vegas for luxury condos has crashed. Investors and observers had anticipated a price cut from the company for some time.

Wall Street Journal