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City Center AC to Commence Within Five Years

By Chuckmonster on Friday, 13th July 2007 2:37pm
  » filed under Atlantic City  comments: 0

   

Dow Jones has an interview with Dan D'Arrigo, SVP of Finance at MGM Mirage about their plans for two parcels of land in Atlantic City.

MGM Mirage owns 85 acres of land in Atlantic City's Marina District, 14 of which are tucked away behind Trump Marina and the rest lie between Harrah's Atlantic City and The Borgata. After floating numerous project balloons over the past few years, D'Arrigo has "no doubt that the type of development should be a mixed-use development along the lines of CityCenter, although on a smaller scale." The main question MGMMirage is contemplating is whether or not they should build with a partner or go it alone. MGMMirage is partnered with Boyd Gaming on the wildly popular Borgata resort in AC.

Analysts say that MGMMirage could also unload the property for cash - 85 acres @ $15M/acre ($1.28B). D'Arrigo added that MGMMirage will most likely commence work on the project within the next five years.



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