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Atlantic City May Get New Casino

By Chuckmonster on Monday, 3rd April 2006 8:19am
  » filed under Las Vegas  comments: 1

   

A new player may be getting into the game in Atlantic City.

Investment bank Morgan Stanley has agreed to buy a vacant, 20-acre oceanfront parcel and is shopping for a casino company to develop what would be the 13th casino here. Spokesman Mark Lake said Friday the Wall Street firm had reached an agreement to buy the site on the famed Boardwalk, but he wouldn't give details.

"We're not the developer, we're not the operator. We're the financial sponsor, if we get it," said Lake.

The property is owned by North Beach Holdings, a limited liability corporation whose principals include New Hope, Pa., real estate developer Thomas Scannapieco. He declined comment on the deal Friday.



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13th casino? Isn't that unlucky?



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