MGM Shares Bouncing Following News of $119M Bulk Sale of 427 Condo Units at Veer Towers

CityCenter, the groundbreaking 67-acre urban core redefining life on the Las Vegas Strip, today announced the bulk sale of 427 residences for $119 million at Veer Towers, one of the premier residential developments built in the U.S. in the past five years. This noteworthy sale is a testament to the quality of the real estate, the design, and the lifestyle afforded by CityCenter. Veer Towers, designed by internationally renowned architect Murphy/Jahn*, is an architectural and artistic landmark on the global scene. Inclined at five-degree angles—a feature celebrated by the buildings' name—its two 37-story glass towers shimmer day and night. Each tower features 335 residences, including studios, one-, two- and three-bedroom flats, and penthouses ranging from 500 to nearly 3,300 square feet. The recent deal reflects the sale of 427 of 438 remaining Veer Towers units previously held as developer inventory. The remaining Veer inventory includes 11 penthouses, which CityCenter Residential intends to sell. “This significant sale affirms the superior quality and premium value of CityCenter residential products and comes at a time when the Las Vegas housing market is seeing sustained improvement,” said Tony Dennis, executive vice president of CityCenter Residential.