MGM mulls AC project

Feb 28, 2006 2:35 AM

MGM Mirage is mulling over the idea of building a multi-faceted development in Atlantic City similar to its massive Project CityCenter in Las Vegas.

MGM controls 55 acres in the Marina District next to Borgata, which it jointly owns with fellow Las Vegas-based casino company Boyd Gaming.

"We have significant land holdings adjacent to Borgata, which we continue to evaluate for future development," said MGM Chairman and CEO Terry Lanni. "There’s no reason that a CityCenter East couldn’t be developed on the 55-acre, buildable site."

Lanni made the brief comments during a conference call last week that outlined MGM’s fourth quarter earnings. He added no details about a potential project.

Project CityCenter, under construction on 66 acres on the Las Vegas Strip between the Monte Carlo and Bellagio hotels, is a $7 billion development featuring a 4,000-room casino hotel, deluxe condominiums and an array of retail and entertainment attractions.

Lanni said in an interview earlier this month that any formal announcement about an Atlantic City project would not come until "about halfway between now and the opening of CityCenter in November 2009."

That means we should begin looking for an Atlantic City announcement on or about Dec. 16, 2007, at about 2:30 in the afternoon.