Mirage Thinking Twice About
$1.5 Billion Atlantic City Project
NJ - MGM Mirage has decided to make no finite decision for now on
its proposed $1.5 billion casino hotel in Atlantic City.
had intended to announce the scope, design and specific cost of
the project by year end, but that was before the legislature in
neighboring New York approved up to six new Indian casinos in the
"There are no
timetables. This process takes time to evaluate. That's just the
approach we're going to take for now," said John Redmond, chief
executive of the MGM Grand Resorts half of MGM Mirage.
"We were moving
aggressively to get the project started in Atlantic City. When I
say aggressive, that's underlined three times. We were moving very
quickly to get it done, and we're still working on Atlantic City,
but not working at the same speed."
the company is analyzing the competitive landscape in the Northeast,
where officials from Pennsylvania, Massachusetts, New Hampshire
and Maryland have discussed various forms of gambling expansion.
He would not comment on whether MGM was pursuing possible development
opportunities in New York or other states in the region.
MGM Mirage is actively pursuing opportunities in New York and would
explore options in Pennsylvania if casino gaming were permitted,"
Salomon Smith Barney analyst Michael Rietbrock told his clients
three days after meeting with MGM President Jim Murren.
about developing a casino hotel of its own in Atlantic City, MGM
Mirage is a joint-venture partner with Boyd Gaming in Borgata, the
$1 billion casino hotel under construction in the city's Marina
District. It's scheduled to open in summer 2003.