Big is better. At least that seems to be the thinking of casino/entertainment complex properties.
Just look at Sheldon Addelson. He just opened the largest hotel/casino in Asia with his Venetian Macao. In December, he will cut the ribbon for The Palazzo, adjoining The Venetian on the Las Vegas Strip, thus creating the largest hotel in the world.
The Connecticut Indian tribes running the state’s two casinos have huge properties and continue to add to them.
CityCenter, under construction in Las Vegas as MGM Mirage Inc’s signature property will contain four hotel/condo towers.
So it’s no surprise that Kevin DeSanctis, who operated under the supervision of MGM Chairman and CEO Terry Lanni while building and managing New York-New York Hotel/Casino, is planning to construct the tallest building in Atlantic City, a $2 billion undertaking for Revel Entertainment Group.
DeSanctis says the hotel/casino will consist of two towers containing a total of 3,800 rooms. It will be situated on 20 acres of land just north of the Showboat Casino/Hotel on the Atlantic City Boardwalk.
"We look forward to continuing our work with local and state authorities and gaming regulators to develop a distinctive beachfront casino entertainment resort that will help define the future of Atlantic City while creating jobs, tax revenues, and other sustainable economic benefits for the region," DeSanctis, Revel chairman and CEO, said.
The new property, yet to be named, will offer 150,000 square feet of casino space, and 500,000 square feet of dining, retail and entertainment space.
It will have more than 1,000 feet of frontage on the Boardwalk.
Funding for the project does not seem to be a problem, even in this period of credit crunch. The principal reason is because Revel’s partner is the financial institution, Morgan Stanley.
Recreating a part of the old Vegan is part of DeSanctis’ vision for Atlantic City. Not only will the property have the most rooms of any existing A.C. casino it also will have the first casino wedding chapel.
If all goes well, DeSanctis says, the Revel, or whatever it will be called, will open sometime in 2011.