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Turnaround story unfolds for MGM Resorts International

CityCenter opened in December 2009 to cost-overruns and a depressed consumer market. MGM Resorts’ stock price was trading in single digits and the company was looking to unload several hotel-casinos to bolster its sagging balance sheet. MGM Resorts’ survival was in doubt — but today it’s a whole new story.

Strip land values react to deal for Frontier site

James Packer, CEO of Melbourne-based Crown Resorts Ltd., is forming a company with ex-Wynn Las Vegas President Andrew Pascal and investment firm Oaktree Capital Management to construct a hotel-casino on the 35-acre site where the New Frontier once was.