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MGM’s City Center is hiring BK lawyers.   I haven’t seen anything quite as stunning as City Center when I visited Las Vegas in November.  The City Center project was the very definition of real estate excess.   Looks like the problems are even worse than I assumed.

Commercial real estate looks very fragile and could potentially derail our little “recovery” assuming of course that we were ever back on the rails – I am much more skeptical than most.

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