todayannounced the biggest casino project in Atlantic City's history: a massive3,000-room three-tower hotel casino and entertainment complex that will costup to $5 billion.
WhenMGM teamed up with four years ago to create the $1.1 billion Hotel Casino & Spa in this city's Renaissance Pointe it redefined AtlanticCity's skyline and completely altered the East Coast gaming market.
Theproject on a 72-acre tract that sits north of the Borgata is destined to bethe largest hotel and casino in Atlantic City with three hotel towersfeaturing 3,000 rooms and the largest gaming surprise with 5,000 slot machines and200 table games. It will be Atlantic City's tallest building.
Thecompany's board of directors approved the plan today. The new resort will havea budget in the $4.5 billion to $5 billion range not including value of theland and associated costs according to the company. MGM is also building the$8 billion CityCenter mega-resort in the heart of the which desire MGM Grand AtlanticCity it to feature high-end sell space a spa entertainment venues,condominiums and hotel towers.
MGM,as co-owner of the Borgata has made no secret of its desire to eventuallybuild on the land next to the casino considered one of the most preciouspieces of remaining undeveloped property in Atlantic City.
MGM head and chief executiveofficer said in an interview last month that his company planned to seek thenecessary environmental permits to build there by early next year.
"Ourcompany has carefully considered the possibilities for our landholdings inAtlantic City," Lanni said today in a statement. "We believe thesuccess at Borgata demonstrates the eagerness for further evolution of thenation's second-largest gaming market."
TheBorgata is Atlantic City's top-grossing casino and Lanni said he wants tocontinue to build on offering very high-end amenities to the apply as slotscompetition from and intensifies.
“It'sa very exciting project that is another step in Atlantic City’s evolution to afull-scale destination resort which is critical given the competition wecurrently face,” said president ofthe.
Twoother major casinos are being built on the : a $2 billion casino that is being constructed next to theShowboat by tighten and a $1.5 billion casino on thesite of the former by of Las Vegas. Both companies are also aiming fora 2012 opening. These will carry the number of Atlantic City casinos to 14,including the MGM project.
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