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Old Posted Mar 5, 2008, 11:02 PM
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Wow that looks amazing!!
Old Posted Mar 6, 2008, 12:25 PM
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Here's a comment on the financing of this and a few other projects

Corzine: Atlantic City casino financing looks OK

Associated Press Writer

ATLANTIC CITY, N.J. (AP) -- Financing for two proposed mega-casinos worth $7 billion appears solid, and a third should still get built even if it is delayed by the slowing economy, Gov. Jon S. Corzine said Wednesday.

In an interview with The Associated Press, Corzine also endorsed totally smoke-free casinos, and said he would sign a law to keep gambling halls open if state government shuts down, so long as constitutional problems with doing that are addressed.

Last week, Pinnacle Entertainment said tightening credit markets might force the Las Vegas-based company to delay or even cancel its proposed casino-hotel project on the Boardwalk if credit remains tight.

"This actually is something I know something about," said Corzine, the former chairman of banking investment firm Goldman Sachs. He helped Pinnacle chairman Dan Lee push the plunger that demolished the former Sands Casino Hotel last October to make way for Pinnacle's project.

"Markets go up and down," he said. "If they were coming to market today, the markets are not keen on highly leveraged transactions. Whether it be six months from now, a year from now, a year and a half from now, we certainly hope the markets provide windows of opportunity. I would expect that they will."

As to the two other huge casino projects on the drawing board for Atlantic City, Corzine says both the $5 billion MGM Atlantic City development and the $2 billion Revel Entertainment project appear to be on firm financial footing.

"I know quite a bit about the financing plans of MGM; they're pretty secure. I think Revel's pretty secure," he said.

Corzine said he would sign a law designating casino inspectors as essential personnel able to work during a state government shutdown - provided lawmakers can come up with a way to square it with constitutional requirements involving borrowing authority and the definition of essential.

"The clause in the constitution is pretty explicit: When you talk about emergencies, it talks about things like acts of God, insurrections, things like that," his press secretary, Lilo Stainton said. "It says any work done during that time has to be essential to the health and welfare of the state. It's hard to make an argument that the revenue of casinos is essential to the health and welfare of the state."

A 2006 government shutdown resulted in the casinos closing for three days.

Joe Corbo, president of the Casino Association of New Jersey, said the state has to find a way to get such a law passed.

"It is counterintuitive for a state that is in a fiscal crisis to close an industry that generated $1.3 million per day in tax revenue," he said. "Even if there is not a state shutdown this year, non-closure legislation is critical."

Corzine also said Atlantic City should not jump at the first offer it receives for the nearly 150-acre former airport property at Bader Field that's being eyed for as many as four new casinos.

Penn National Gaming has offered $800 million for the land, and $100 million to cash-starved Atlantic City to use as quick property tax relief in return for being able to avoid a lengthy bidding process for the land. The company on Wednesday asked the city to consider zoning land along Route 30 for a casino it wants to build at the site of a former oil depot, in addition to its Bader Field proposal.

"I believe in open competition," Corzine said. "You have no idea if there's a better opportunity out there or not."

Concerning a total smoking ban, Corzine said he considers Atlantic City's current ban restricting smoking to no more than 25 percent of the casino floor to be a temporary measure that will one day give way to a total ban. But he said he would not push lawmakers to enact such a ban right away; April 15 is the first anniversary of the new law.

He said new casino projects should proceed as if smoking were banned in Atlantic City.

"People shouldn't be building under the assumption that they're going to get this partial ban," the governor said. "That's just temporary. I feel very strongly about moving forward with a total ban."

As for gambling, the governor said he has never gambled in a casino.

"I'm not a gambler," he said. "I had a pretty high-risk focused job."

Was he gambling on Wall Street?

"I wouldn't call it gambling," he said. "We made probability judgments about the viability of assets."
Old Posted May 12, 2008, 5:33 PM
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this will be exciting. hope it happens. the hotel towers would look great over the waterway between AC and mainland Jersey
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Old Posted Nov 9, 2008, 6:38 PM
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MGM Mirage halts $5 billion Atlantic City project
by Judy DeHaven/The Star-Ledger
Wednesday October 29, 2008, 11:16 AM

The credit crunch has claimed another victim: MGM Mirage's plans for a $5 billion mega-resort in Atlantic City.
AP Photo/MGM Mirage Inc.A rendering of the MGM Grand project in Atlantic City.

MGM today said it is halting the project, which would have risen on land next to the Borgata, the glitzy casino the company operates jointly with Boyd Gaming. The announcement came on the same day MGM Mirage reported a 67 percent plunge in third-quarter earnings, largely because of sluggish revenue from its properties on the Las Vegas strip.

"We continue to believe Atlantic City represents an important market for further development," Terry Lanni, MGM's chairman and CEO, said in a statement. "We intend to resume development at such time as economic conditions and capital markets are sufficiently improved to enable us to go forward on a reasonable basis."
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Old Posted Nov 9, 2008, 9:08 PM
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Another one bites the dust.
Old Posted Aug 12, 2015, 5:44 PM
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Cancelled -- the proposal is dead:


MARCH 12, 2010, 10:29 AM

LAS VEGAS — MGM Mirage will sell its 50 percent stake in an Atlantic City casino under a proposed agreement with New Jersey regulators.

At issue are regulators’ concerns about the alleged organized crime ties of an MGM Mirage business partner in a Chinese casino venture in Macau.

The settlement that Las Vegas-based MGM Mirage announced Friday is subject to approval by the New Jersey Casino Control Commission.

MGM Mirage will stop doing business as a gaming licensee in New Jersey, and sell its 50 percent interest in the Borgata Hotel Casino & Spa.

New Jersey regulators had recommended that MGM Mirage’s joint venture partner in Macau be found unsuitable because of its alleged organized crime ties. MGM Mirage disagrees with the gaming division’s assessment of its partner in Macau.
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