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Vegas casinos 'might be harmed by CityCenter opening'

The opening of the CityCenter development in Las Vegas could be bad news for other casinos in the Nevada gaming hub, it has been suggested.

According to real estate broker and casino analyst CB Richard Ellis, revenue on the Las Vegas Strip would have improved by between two per cent and four per cent in 2010 without CityCenter, reports the Last Vegas Sun.

However, it suggested if CityCenter is successful, this might mean that gaming establishments in Las Vegas will suffer.

CB Richard Ellis claimed that between 70 per cent and 90 per cent of the takings at CityCenter are likely to be at the expense of other properties in Las Vegas.

This comes after Penn National Gaming revealed that it was looking into the possibility of purchasing a venue in the US gambling center.

The Wall Street Journal cited sources close to the negotiations who revealed that the firm might be purchasing the 70 per cent complete Fontainebleau Las Vegas casino and resort.