I am taking the opposite side of City Center as a tourist destination, although I do agree with your short call on the company as a whole.
First, a little financial history on my part. I became involved in the stock in 2008, buying and selling covered calls for about a year. The stock kept rising (I was getting called out of the stock almost every month), and eventually I felt it was no longer worth the risk to keep buying. It was pretty profitable, although in retrospect, it would have been better to just hold the position and sell a year or so later, but hindsight is always 20-20. I haven't been a buyer for awhile as the downside is just too great, and if anything, I would tend to go with your short call. The company's debt is just too massive, and times are tough, as evidenced by the current room rates.
On the other hand, and the basis of my post is, for the tourist, this is a positive. I have stayed at Aria twice since it opened, and Vdara and the Mandarin Oriental each once, and really like the properties. They have become my first choice on the strip.
Fezzik, the points you make ablut the property are all valid, but from the perspective of a tourist, the good far outweighs the bad.
The location is great, (I even find the parking easy and accessible), and for the quality of the rooms, the rates are ridiculously low. Now I know this is bad for the company, but great for those staying there.
I love the look of the casino, and the games available or no worse than any other strip property, and better than the Harrah's casinos. Granted the bars and restaraunts are all expensive, but they have all been excellent, and cheaper alternatives are less than a block away.
I love the sportsbook for watching games. Great screens, friendly servers, and they give free drinks, no questions asked. As a gambling option the sportsbook is horrible, (I couldn't even play World Cup totals in pool play), but that is true of all the MGM properties.
The art galleries on the south side of the property are worth a look as well. I can't afford most of the stuff, but it is fun to browse. And don't miss the bar on the 23rd floor of the Mandarin Orinetal, a great view down the strip, and the hottest servers you'll see anywhere.
Oh, and there is one cheap drink option in additon to the sportsbook. If you can chug a pint of beer in 7 seconds at Todd English PUB, it is free. I was only able to down one, but it was fun trying. The bartender said the record was 11 pints of Guiness before the gentleman was cutoff. Fun place.
All in all, the combination of inexpensive rooms, excellent dining and drinking options, easy access north and south, and a clean, modern setting, make this a great place to stay.
