The convenience of living in the entertainment capital of the world might become more of a reality for some. Las Vegas has an estimated 2.5 million visitors to the city each month becoming one of the top travel destinations in the world. Many of these visitors travel to Las Vegas numerous times each year to take part of the fun, known as Sin City.

Las Vegas is experiencing a decrease in tourism money and an increase in unemployment. These reasons along with others leave the Las Vegas real estate market with some uncertainty in its future.  There have been some recent rumors that MGM Mirage is to be expected to cut its condominium prices at CityCenter by about 30 percent. The condominiums are expected to open by the end of the year.

Prices range from $1.4 million to $10 million in Mandarin Oriental, in the high $400,000s to just under $4 million in the two Veer towers and $600,000 to just under $3 million in Vdara, the condo hotel. Some observers say MGM has no choice but to cut prices because there is too much inventory on the Strip in Las Vegas. Not only does it take into account what’s happening with the economy, but MGM has also recognized the decline in the price of real estate.

There is competition from Palms Place, Trump and other projects in the condominium marketplace of Las Vegas. Some suggest MGM will convert some of building into a resort hotel and consider condo sales down the road.