According to the Las Vegas Convention and Visitors Authority, the gambling city has nearly recovered the visitors lost because of the recession. Michael Mixer, a managing partner of Colliers International-Las Vegas, said that by dropping hotel rates drastically, CityCenter has kept its occupancy up, and Las Vegas has been able to absorb the new hotel rooms.

“When CityCenter opened, Las Vegas was at the depth of the recession,” he said. “The initial forecast room rates were unachievable at that time, and a lower-than-market average occupancy was experienced.” But as they discounted their hotel rates, he added, “they achieved a higher occupancy at the expense of lower-tiered properties, within the MGM family and others. This was a flight to a higher quality when given similar price points.”

At Aria, CityCenter’s 4,000-room hotel and casino, results announced by MGM in the second quarter of 2012 showed occupancy at 93 percent and an average daily rate of $201. At Vdara, occupancy was 89 percent and the average daily rate was $161. In May 2009, Aria initially was booking rooms ranging from $179 to $799 a night, and suites ranging from $500 to $7,500 a night.

CityCenter’s condos tell a similar tale of slashed prices, but in their case, prices may not yet be low enough. Tony Dennis, an executive vice president for the residential division at CityCenter, said CityCenter will soon introduce a new marketing effort, aimed largely at international buyers. This effort will most likely occur in the new year and will offer condos at even lower prices. At the same time, CityCenter has taken on the role of financier, assisting about a third of its buyers with loans, he said.

Currently, at CityCenter’s Mandarin Oriental, 65 units out of 225 have sold; at the two-tower Veer, 272 units of 669 have sold; and at Vdara, about 156 of the 1,495 units sold before the conversion to a hotel.

“Back in the day, at Mandarin, we were priced at about $1,600 a square foot on average, and today we’re priced at $840 a foot,” Mr. Dennis said. “And I think that still is a little high for the market. At Veer, in 2007, we were priced at $1,000 a foot, and we’re now at just over $600 a foot.”

Total residential revenue to date from condos and condo-hotel units is about $393 million, Mr. Dennis said.