text: **Future Developments**
  **Project CityCenter.**In November 2004, we announced a plan to develop a multi- 
  billion dollar urban metropolis, initially called Project CityCenter, on 66 acres of 
  land on the Las Vegas Strip, between Bellagio and Monte Carlo. We anticipate that 
  the first phase of Project CityCenter will include a 4,000-room casino resort, three 
  400-room boutique hotels, approximately 550,000 square feet of retail shops, 
  dining and entertainment venues, and 1,650 units of luxury condominium, 
  hotel/condominium and private residence clubs. 
  
  We expect that the complete design work for Project CityCenter will take 18 
  months and that the first phase will open in 2009. The design, budget and schedule 
  of Project CityCenter are still preliminary however, and the ultimate timing, cost 
  and scope of Project CityCenter are subject to risks attendant to large-scale projects. 
  
  **Atlantic City, New Jersey.**We own approximately 130 acres on Renaissance Pointe 
  in Atlantic City, New Jersey. In addition, Borgata occupies 29 acres at Renaissance 
  Pointe, including 27 acres it owns and two acres we lease to Borgata. Of the 
  remaining land, approximately 95 acres are suitable for development, and a portion 
  of these acres consists of common roads, landscaping and master plan improve- 
  ments which we designed and developed as required by our agreement with Boyd. 