Search
 

$5B Casino/Hotel Project Put on Hold

ATLANTIC CITY-MGM Mirage's planned 3,000-room resort is a victim of the economy, but may be revisited.

By Eric Peterson | Updated on October 30, 2008

ATLANTIC CITY-A year ago, Las Vegas-based MGM Mirage revealed plans for a $5-billion casino hotel project, the MGM Grand Atlantic City, for 72 acres in this city’s Renaissance Point section. Now, company officials have put that project on hold for the time being, citing the economy.

“Current economic conditions and the impact of the credit market environment have caused the company to reassess the timing for the project,” says MGM Mirage chairman and CEO Terry Lanni, in a prepared statement. “Accordingly, the company has postponed additional development activities,” reads the statement, which notes that, “the company has made extensive progress on design and other predevelopment activities”

“Arguably, we have entered into a global recession, and how long and deep it will be is uncertain,” Lanni told analysts during a conference call yesterday. “While we have postponed our Atlantic City project, we still believe that it is a key market for development when the economy and the credit markets rebound.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.