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  #1  
Old Posted Oct 10, 2007, 7:25 PM
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ATLANTIC CITY, N.J. | MGM Grand | Height ? | Floors ? | PRO

http://www.nytimes.com/2007/10/10/bu...ss&oref=slogin

MGM Mirage Plans $5 Billion Atlantic City Resort



A rendering of the MGM Grand Atlantic City. The property will include a 1,500-seat theater, a spa, and up to 500,000 square feet of retail space.


By GARY RIVLIN
October 10, 2007

An otherwise dismal year for the Atlantic City casino industry turned a bit brighter today when MGM Mirage, the gambling giant, announced plans to build a huge new resort hotel that will rank among the most expensive casino projects in history.

The casino hotel, to be called the MGM Grand Atlantic City, will cost $4.5 billion to $5 billion, according to the company. The current Las Vegas record holder is Wynn’s, which cost $2.7 billion and opened in 2005, though there are several casino hotel projects on the drawing boards in Las Vegas in the $4 billion to $5 billion range.

The MGM announcement comes at a time of declining gambling revenue as Atlantic City faces increased competition from slot parlors that have recently opened in Pennsylvania and New York. Through the first nine months of 2007, the city’s casinos won a combined $3.8 billion, a 5 percent drop compared with figures in the period a year earlier, according to the New Jersey Casino Control Commission.

“What this says is that, like us, MGM sees this decline as a temporary phenomenon,” said Michael Pollock, publisher of The Gaming Industry Observer, a trade journal based in Atlantic City. “What they’re saying with this proposal is that they see the long-term growth potential for Atlantic City as very real.”

Gordon Absher, an MGM spokesman, said the company did not look at the overall performance of Atlantic City’s 11 casinos but instead focused on the experience of a single property: the Borgata, the first billion-dollar casino in a market that still ranks as the second largest in the United States.

Despite new competition from nearby markets, the Borgata, which opened in 2003, has seen a modest rise in slot machine and table game revenue in the first nine months of 2007. MGM owns a 50 percent share of the Borgata.

“The Borgata has changed the paradigm for Atlantic City,” Mr. Absher said. “The Borgata shows that if you provide people with the right product, Atlantic City can attract the customer who has an appetite for the Las Vegas experience but doesn’t want to fly across the country to have that experience.”

The project includes three distinct hotel towers, each with its own personality. One is expected to have a “more contemporary feel,” Mr. Absher said, while a second will be more “upscale.” A third, he said, will be an all-suites tower “for high rollers or those who are willing to pay to be treated like high rollers.”

The property will also include a 1,500-seat theater, a spa, a convention center and up to 500,000 square feet of retail space.

MGM is only the most recent company to wager large sums that Atlantic City can transform itself from a low-rent gambling factory on the Jersey Shore into a world-class entertainment destination. In that view, Atlantic City moves upmarket to become a kind of Las Vegas East that lures a younger, more free-spending tourist who spends as much money on fine food, big-name performers, expensive hotel rooms and other amenities as they do gambling.

Harrah’s, for instance, has spent hundreds of millions of dollars in Atlantic City over the last couple of years to improve its four properties there, and Pinnacle Entertainment, which operates six casinos across the country, announced plans last year to build a $1.5 billion casino hotel in place of the Sands, which closed last year.

“For those casino companies willing to make the investment,” Mr. Pollock said, “the upside in this market is enormous.”
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  #2  
Old Posted Oct 10, 2007, 7:28 PM
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http://money.cnn.com/news/newsfeeds/...2_FORTUNE5.htm

MGM Mirage Board Approves $4.5 Billion-$5 Billion Atlantic City Project

October 10, 2007
DOW JONES NEWSWIRES

MGM Mirage (MGM) said its board approved the development of a major resort casino project at Renaissance Pointe in Atlantic City, N.J.

The Las Vegas entertainment, hotel and gaming company said Wednesday the new resort, the MGM Grand Atlantic City, will have a budget in the $4.5 billion to $ 5 billion range, not including the value of the land and associated costs.

The resort will be located on a 72-acre site at Renaissance Pointe owned by the company, adjacent to the 50%-owned Borgata, and will contain more than 3,000 rooms and suites, 500,000 square feet of retail space and a convention center.

The company intends to file for Coastal Area Facility Review Act (CAFRA) approval in late 2007 or early 2008. Ground breaking is expected in 2008, with an anticipated opening in 2012.
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Old Posted Oct 10, 2007, 9:43 PM
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Poor Harrah's on the right there. Looks like it will be completely overshadowed and pushed aside by its big new neighbor's parking garage.
     
     
  #4  
Old Posted Oct 11, 2007, 1:31 AM
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Originally Posted by antinimby View Post
Poor Harrah's on the right there. Looks like it will be completely overshadowed and pushed aside by its big new neighbor's parking garage.
Harrah's is a good place to go at the end of the night when you are already wasted and only have a few bucks left. Aside from that scenerio it sucks.
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Old Posted Oct 11, 2007, 12:19 PM
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Poor Harrah's on the right there. Looks like it will be completely overshadowed and pushed aside by its big new neighbor's parking garage.
Harrah's won't look nearly as bad as Trump Marina will when the casino development hops to the other side of the tunnel highway.
     
     
  #6  
Old Posted Oct 11, 2007, 2:13 PM
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The other large casino development planned is said to be around 800 ft. Both developments however, claim to be AC's tallest.
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  #7  
Old Posted Oct 10, 2007, 9:53 PM
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Thats one big garage, are they going for worlds biggest?
     
     
  #8  
Old Posted Oct 10, 2007, 10:09 PM
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They should at least plan something for the roof of that garage, and maybe they have...
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  #9  
Old Posted Oct 10, 2007, 11:00 PM
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Las Vegas east!
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  #10  
Old Posted Oct 10, 2007, 11:28 PM
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Woh, how tall!?! If thats 1000 feet I will go sad.
     
     
  #11  
Old Posted Oct 10, 2007, 11:33 PM
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Woh, how tall!?! If thats 1000 feet I will go sad.
What makes you think that's 1000 ft? I wouldn't go that high.
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  #12  
Old Posted Oct 10, 2007, 11:40 PM
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It looks like its in the 500' - 600' range. Probably closer to 500'. Hard to tell though.
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  #13  
Old Posted Oct 11, 2007, 12:46 AM
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It looks to me like 60 stories. If you count the base as around 5, and count the banding.

Its a very impressive project. I would guess that the other developers will be rushing to finish up concepts and renderings. When the implode the sands, I would imagine they would want to release something.

Awesome for AC.
     
     
  #14  
Old Posted Oct 11, 2007, 12:12 PM
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AC is the most depressing place i've ever been. Can't imagine this will ever lure me back there.
     
     
  #15  
Old Posted Nov 13, 2007, 11:22 PM
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AC is the most depressing place i've ever been. Can't imagine this will ever lure me back there.
what makes you say that. thats horrible. AC is trying be more beautiful than this casino section already is
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Old Posted Oct 11, 2007, 2:52 PM
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Apologies if I missed it, but where is this in relation to the boardwalk ?
     
     
  #17  
Old Posted Oct 11, 2007, 3:05 PM
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Apologies if I missed it, but where is this in relation to the boardwalk ?
This is in the Marina district of AC. Northwest of the end of the boardwalk. By the Brigantine bridge.
     
     
  #18  
Old Posted Oct 11, 2007, 3:16 PM
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This is in the Marina district of AC. Northwest of the end of the boardwalk. By the Brigantine bridge.
Thanks!
     
     
  #19  
Old Posted Oct 11, 2007, 9:36 PM
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http://www.nj.com/news/ledger/index....150.xml&coll=1

MGM sees, raises A.C. mega-casino
$5B behemoth called key to saving resort


Thursday, October 11, 2007
BY JUDY DeHAVEN


The company says it will happen this time. Really.

Las Vegas gambling giant MGM Mirage, which has talked about building an Atlantic City casino for years, announced plans yesterday for a multibillion-dollar resort that would be the largest and most expensive casino in Atlantic City, on par with Vegas' top resorts.

The cost: close to $5 billion, excluding the value of the land. The investment would be second only to MGM's $7.4 billion CityCenter on the Las Vegas Strip, which is expected to open in 2009, and larger than Boyd Gaming's $4.8 billion Echelon Place in Vegas, which is being built on the site of the former Stardust.

The MGM Grand Atlantic City would be built in the Marina District next to the Borgata casino, which MGM co-owns with Boyd and has added glamour to a resort long thought of as dowdy and outdated. MGM's proposal includes three hotel towers in what the company called a "strikingly unique design" that would dominate the skyline.

"We believe the success at Borgata demonstrates the eagerness for further evolution of the nation's second-largest gaming market," said Terry Lanni, MGM's chairman and chief executive. "We ... hope to re-energize the city's resort offerings and attract a new market of affluent East Coast customers."

Jim Murren, MGM's president and chief operating officer, said the planned resort would be a "category killer," a casino on a "far different level than what exists in Atlantic City today," and one that will help grow the market at a time when it is losing gamblers.

MGM hopes to open the resort in 2012, around the time two other new A.C. casinos -- one from Revel Entertainment and another from Pinnacle Entertainment -- are expected to be completed on the famed Boardwalk.

The Revel and Pinnacle plans already have given the A.C. gaming industry some hope as it tries to weather the toughest year in its 29-year history. But industry analysts said MGM's would dwarf those plans.

"The size and scope rivals anything in the world," said Joe Weinert, vice president of the Spectrum Gaming Group, a casino consulting firm. "The project puts Atlantic City on the world stage."

Still, the announcement comes at a peculiar time. For weeks, the city has been preoccupied with the bizarre absence of its mayor, Robert Levy, who finally announced yesterday that he was resigning amid a federal investigation into whether he lied about his Vietnam War record to obtain better veteran's benefits.

What's more, A.C.'s 11 casinos have been under siege, with competition from slot parlors in Pennsylvania and New York eating away at the market. Just yesterday, state officials reported a double-digit drop in Atlantic City casino revenue for September.

And MGM is awaiting the results of an investigation into its dealings in Macau, where a $1 billion casino is scheduled to open in December. State investigators have been probing MGM's partnership with Pansy Ho, the daughter of Asian gambling tycoon Stanley Ho, who has been dogged for years by allegations that he has ties to the Chinese mob.

Yvonne Maher, acting director of the New Jersey Division of Gaming Enforcement, which acts as the prosecutor in casino licensing cases, said the agency is hoping to file its report on MGM's Macau dealings within the next month. Afterward, the case will go before the Casino Control Commission, which acts as a judge on licensing issues.

New Jersey regulators, considered among the toughest in the country, could approve the partnership, impose penalties or restrictions, or even force MGM to choose between Atlantic City and Macau. Maher said yesterday MGM's announcement of a new casino did not put pressure on the division.

"Our investigation is independent," she said.

In a note to investors, however, Susquehanna Financial Group analyst Robert LaFleur said: "Guess this means MGM thinks Pansy Ho licensing is a done deal."

Murren said the company's decision to move forward with its A.C. plans was two years in the making and had nothing to do with the division's investigation into its Macau partnership. MGM's board of directors approved the Atlantic City project Tuesday.

"When we laid out this development plan and project to our board over several hours, I can tell you the regulatory discussion never came up," he said. "We believe they are totally unrelated discussions, and certainly did not factor into whether we should build in Atlantic City or not."

Many industry observers have been skeptical of MGM's commitment to the New Jersey market. The company first eyed A.C. in 1978 and bought property in the Marina District for a casino but later sold it.

Then, in 1996, MGM announced plans for a $700 million casino next to Showboat, but it had trouble assembling the needed land. Those plans were abandoned in 2000 after MGM acquired Mirage Resorts, including more than 100 acres in the Marina District. Initially, MGM said it would proceed with plans for a casino next to Borgata, then dropped them, then hinted it could partner with Boyd Gaming for another casino, and then abandoned those plans again.

Murren called criticism of MGM's commitment to A.C. unfair. He said many people forget MGM owns half of the $1.1 billion Borgata, which since opening four years ago has added a $200 million casino and restaurant expansion and is now undergoing a $400 million hotel addition.

Murren said that after MGM bought Mirage Resorts, it had to decide where to build first, Las Vegas or Atlantic City. It chose Las Vegas.

But now it's Atlantic City's turn. Murren said the company may bring in a joint-venture partner later in the development, but there are no plans to do so now.

MGM's announcement came hours before the Casino Control Commission said gambling revenue plunged 10.6 percent in September -- what state officials said may be the steepest decline ever. For the first nine months of 2007, total casino revenue has fallen 4.8 percent.

Analysts are predicting this is the first year in A.C.'s 29-year gambling history that revenue will decline year-over-year, possibly falling below the $5 billion benchmark it hit in 2005.

Other casino operators said they were encouraged by MGM's announcement, hoping that such a grand project would grow the entire A.C. market.

"If I were them, I would do it," said Tony Rodio, head of operations at Resorts and Hilton, two of Atlantic City's smallest casinos. "I feel that strongly about the long-term viability of the Atlantic City market despite the speed bumps we've been hitting along the way."
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  #20  
Old Posted Nov 13, 2007, 7:50 PM
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http://www.nydailynews.com/entertain...mmoth_cas.html

MGM's field of dreams: A truly mammoth casino



Rendering of 3,000-room MGM Grand Atlantic City, slated to open in '12.


By PHIL ROURA
November 2nd 2007


The lion is roaring.

Moments after announcing this week that it will build a $5 billion, 3,000-room casino, MGM has set its eyes on an even larger, more expensive playpen at Bader Field.

The recently shuttered municipal airport has suddenly become the most sought-after property on the Shore.

The proposed casino would be in addition to the MGM Grand Atlantic City the company is currently building, MGM Mirage Vice President Alan Feldman tells the Daily News.

"Given the size, [the Bader resort] would have to cost much more than the MGM Grand," he says, but city officials still have to decide "what they want to do with the property.


"I'm sure there will be a lot of suitors," Feldman says. "We certainly will be one of them."

The Bader development isn't sitting well with other developers. Word on the Boardwalk is that Revel - the company Morgan Stanley set up to build a $1.5billion, twin-tower casino - as well as Pinnacle, which just leveled the old Sands to make room for a $2 billion tower, are upset they weren't offered the property. They fear a massive resort there would seriously impact their gaming.

"Unfortunately, the reality of the development world is that you just can't sit around and wait for things to happen," Feldman says. "When gaming came to Atlantic City in 1978, the focus was on the Boardwalk. Now it's moving elsewhere, to bigger tracts. Bader Field is recognized as a substantial piece of land that [should be developed] instead of leaving it as an unused old airport."

The Grand will be built on 60 of 72 acres that MGM Mirage owns. The remaining 12 acres may be used to erect a high-end condo complex. None of it is being designed with the bus market in mind.

"We are aiming for the high-end customer
], one with greater discretionary funds [for] shopping, entertainment, spas, restaurants and gaming," Feldman says. "We want the MGM Grand to be a destination resort, not a place where somebody goes for a couple of hours."

Construction is expected to begin by the end of next year and completed by 2012.
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