In a surprising move, Exclusive Resorts announced to members that they are buying 30 two-bedroom units at the new Las Vegas MGM Mirage residential development on the Strip, also known as Vdara at CityCenter.

The new units on floors 42-48 will not be ready till sometime in 2009. Meanwhile, Exclusive Resorts is making available fifteen two-bedroom luxury residences at The Signature at MGM Grand – we assume via a lease arrangement.

The club also announced that its members would get special privileges when staying in Vegas, including:

• VIP status at all Las Vegas MGM Mirage properties, including The Mirage, Mandalay Bay, MGM Grand, and Bellagio.
• Privileged access to reservations, restaurant tickets, shows, and entertainment events at all the above casinos.
• Access to one of the most private golf courses in the world, Shadow Creek.

For some, these perks will probably be as valuable as the two bedroom condos – since the usual way to better treatment and status in Las Vegas is via losing at the tables.

Helium Report’s Take

We are a little surprised that Exclusive Resorts would move into Vegas, since that city has so many luxury accommodation options, especially among condo hotels. The prices, too, are economical – compared to Aspen, Tuscany and others. According to the club, however, Las Vegas was at the top of the list for most-desired new location, according to member surveys.

The scale of the move (30 units) demonstrates the buying power that Exclusive Resorts now has with developers, such that they are able to secure homes that might have a ‘market value’ of approximately $3 million, but cost the club less to actually acquire. In May the club announced $1 billion in luxury real estate assets, which Helium Report predicted in November of last year. One obvious downside to buying into new developments, however, is the two-year wait for members – hence the interim lease arrangement to ease the transition.

Other destination clubs with Las Vegas residences include:

• One Key
• M Private Residences

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