(Bloomberg) — MGM Mirage and Dubai World, owners of the largest development on the Las Vegas Strip, cut the price of condominiums at the CityCenter project by 30 percent for existing buyers to reflect the collapse in housing prices.

The reductions will be offered at residences at Mandarin Oriental, Veers Towers and Vdara Condo Hotel, Las Vegas-based MGM Mirage said today in a statement.

MGM Mirage and state-owned Dubai World are building 2,400 condos at CityCenter, the $8.5 billion project on the Strip, during the worst gambling and real estate slump in Las Vegas history. Home values in Las Vegas fell 55 percent through July since August 2006, according to the S&P/Case Shiller Single Family Home Price Index.

“In this economic climate this price reduction is an appropriate step to take on behalf of our buyers so as to provide them greater flexibility in closing on their residences,” Bobby Baldwin, president and chief executive officer of CityCenter, said in the statement.

MGM Mirage, the biggest Strip casino operator, rose 48 cents to $11.54 at 4:15 p.m. in New York Stock exchange composite trading. The shares have dropped 16 percent this year.

CityCenter includes hotels, casinos, shopping and residences that are linked to neighboring properties by a monorail. It is scheduled to open in December.

Buyers asked CityCenter to re-price the units “to reflect today and tomorrow’s reality,” and to enable them to qualify for bank loans, MGM Mirage CEO James Murren said in a July 30 interview. “We anticipate people being pleasantly surprised on our ability to close condominiums.”

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