Travel Agent - September 15, 2008 - (Page 30)

DESTINATIONS The pedestrian promenade in downtown Las Vegas CONTINUED FROM PAGE 28 million of construction costs for CityCenter. Now they’re working with several relationship lenders regarding a $3 billion financing package for the joint venture. To date, CityCenter has received commitments totaling $1.65 billion from the lead banks—Bank of America, Royal Bank of Scotland, UBS, BNP Paribas and Sumitomo Mitsui. In addition, CityCenter has received commitments from Deutsche Bank, Morgan Stanley and the Bank of Nova Scotia. CityCenter will feature a main 60-story structure housing 4,000 hotel rooms and a 500,000-square-foot entertainment district. Also here will be the city’s first Mandarin Oriental, residential apartments and more amenities than any other resort in the world. “In an unprecedented credit market, CityCenter has received to date well over half of the financing committed from these institutions and anticipates finalizing its bank financing this quarter,” says executive vice president and chief financial officer of MGM Mirage, Dan D’Arrigo. On the subject of MGM Mirage capital spending, D’Arrigo notes, “Over the past several years, we have invested significant capital in our resorts in the form of new restaurants, entertainment venues and upgraded rooms, and we maintain them at the highest level. As a result, our required capital spending for the remainder of this year and into 2009 will be lower than in the recent past, enhancing our available free cash flow.” Spokespeople insist this project is right on schedule and will open without delays. Another project that’s had a number of issues even before the latest credit crunch is The Cosmopolitan. Located on a sliver of land next to Bellagio, this hotel has been in foreclosure proceedings since January because its management defaulted on a $760 million construction loan. After a mad scramble to see who is going to take it on, Hyatt would seem to have captured FLYFREE Now your clients can Love is in the air * UP & TO vacation on a Luxury Included ® SAVE 35% ** Everything’s included at the resorts made for love and now when your clients take off to Sandalsyg y the world’s only Luxury Included® vacation-they’ll FLY FREE & SAVE! They’ll love you for it. *Fly Free offer is valid for new bookings only made now through 9/30/2008 for travel through 12/20/2009. Offer fulﬁlled as credit toward land portion of booking, based on double occupancy, minimum 3 night stay, $350 airfare per person for travel to Jamaica or Bahamas; $450 per person for travel to St. Lucia; $550 per person for travel to Antigua. Maximum 2 person limit for offer. In some cases, offer may not cover all airfare costs, taxes and fuel surcharges. Credit has no cash value. Cancellation penalties, deposits, and other fees for airfare may apply. Offer may be changed or withdrawn at any time. Promotion is combinable with certain Sandals savings promotions for 2008 and 2009. **35% savings is based on 6 nights or longer stays at select resorts for new bookings made now through 9/30/2008 for travel through 12/20/2009. Other savings depend on resort and length of stay, check website for details. Group bookings may be subject to space availability and blackout dates. For all promotions, blackout dates and certain conditions apply. Unique Vacations, Inc. is the worldwide representative for Sandals Resorts. ® T h e L u x u r y I n c l u d e d ® Va c a t i o n Call your Tour Operator or 1-800-SANDALS sandals.com http://www.sandals.com http://www.sandals.com

Table of Contents Feed for the Digital Edition of Travel Agent - September 15, 2008

Travel Agent - September 15, 2008 Online Now Contents Agent Insider From the Editor Hawaii Europe Pacific/Asia Las Vegas US Airways Vacations - Atlantis, Paradise Island Specialist Central & South America Mexico Caribbean Cruises Cover Story: Merge Mania France by Rail Weddings & Honeymoons Gay & Lesbian Travel Tours Agent Profile Triptailor Vacations Agenda: Fam Trips, Deals & Incentives, Calendar Vegas Week Insights on Singapore Travel Leaders Builds New Alliances The Latest from the Caribbean A Sneak Peek at a New Ship Classified Marketplace In the Spotlight Editorial Index Advertising Index Trendwatch Special Supplement: Thailand Travel Planner

Travel Agent - September 15, 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.