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Mega-casino planned for Atlantic City

October 11, 2007|From the Associated Press

atlantic city, n.j. -- MGM Mirage Inc. plans to build a mega-casino resort worth as much as $5 billion that will dwarf anything Atlantic City has seen before, the company said Wednesday.

The move is part of a gamble by casino operators to polish Atlantic City's image and attract upscale customers who want to do more than just bet money.

The project, which will be called MGM Grand Atlantic City, will cost $4.5 billion to $5 billion, not including the land value and associated expenses, the company said.

It will be built on a 72-acre site at Renaissance Pointe that MGM owns, next to the Borgata Hotel Casino & Spa, which the company co-owns with Boyd Gaming Corp.

Las Vegas-based MGM hopes "to re-energize the city's resort offerings and attract a new market of affluent East Coast customers," said Terry Lanni, chief executive of the casino operator.

The project will consist of three hotel towers, with more than 3,000 rooms and suites.

It will feature the largest casino floor in Atlantic City, with 5,000 slot machines, 200 table games and a large poker room, a 1,500-seat theater, as well as restaurants, nightclubs, a spa, 500,000 square feet of retail space and a convention center.

The city's 11 casinos have invested billions of dollars to attract more upscale visitors who are drawn by entertainment, dining and shopping options.

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