Atlantic City Hotel Rooms.
MGM
Mirage has begun conceptual design work for a new casino and
resort in Atlantic City. The working title of the project is "CityCenter
East." It would be built on the 55 acres located between the Borgata and
Harrah's Atlantic City. Serious evaluation of the scope and cost of the
project is expected to start in 2007. As envisioned, it would include a
condo hotel, residential condominium, high-end boutique hotel and an expansive
hotel casino complex as well as a major retail component.
The CityCenter East would be patterned after the company's $7 billion
Project CityCenter in Las Vegas. In Las Vegas, the plan is for an 18 million-square-foot
urban metropolis to include a 4,000 room hotel/casino, two boutique hotels,
500,0000 square feet of retail space and 2,900 residential units.
MGM Mirage owns the Borgata in a 50-50 partnership with Boyd
Gaming Corporation. As reported at the MGM Mirage annual shareholder
meeting 10 May 2006.
Harrah's is planning a new entertainment complex
that will feature a 37 floor 964 room hotel tower, expand the casino's
gaming and other facilities. It is expected to open second quarter of 2008.
Harrah's is set to open the initial phase of the
retail shopping complex at Caesar's in June 2006.
Harrah's acquired the Caesar's Atlantic City and
Bally's Atlantic City on 13 June 2005. Harrah's properties also include
Harrah's Atlantic City and Showboat Atlantic City. As reported in their
First Quarter report 27 April 2006. (NYSE: HET)
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