MGM MIRAGE Announces Plan for Multi-Billion Dollar Resort Complex on 72-Acre Site in Atlantic City
10 Outubro 2007 - 9:30AM
PR Newswire (US)
MGM Grand Atlantic City planned as largest hotel and largest casino
in market, featuring three hotel towers, 3,000 rooms and suites,
major retail, convention center and resort amenities LAS VEGAS,
Oct. 10 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM) announced
today the company's Board of Directors has approved the development
of a major resort casino project at Renaissance Pointe in Atlantic
City, New Jersey. The new resort will have a budget in the $4.5-$5
billion range, not including value of the land and associated
costs. (Photo: http://www.newscom.com/cgi-bin/prnh/20071010/LAW060)
The MGM Grand Atlantic City will be located on land the company
considers the largest and best-located casino development site in
Atlantic City, the 72-acre site at Renaissance Pointe owned by the
company, adjacent to the 50% owned Borgata. The proposed resort
will consist of three separate hotel towers in a strikingly unique
design. Totaling more than 3,000 rooms and suites, each tower will
offer guests a distinctly different hotel experience, sharing the
signature amenities of an MGM Grand resort, including the largest
casino floor in Atlantic City with 5,000 slot machines, 200 table
games and a large poker room; a 1,500-seat state-of-the-art
theater; a variety of restaurant, nightclub and entertainment
concepts; a spacious, world-class contemporary spa; a 500,000
square foot retail experience and a modern and versatile convention
center. "Our company has carefully considered the possibilities for
our landholdings in Atlantic City," said Terry Lanni, Chairman and
CEO of MGM MIRAGE. "We believe the success at Borgata demonstrates
the eagerness for further evolution of the nation's second-largest
gaming market. We will continue to raise the bar, and by doing so,
hope to re-energize the city's resort offerings and attract a new
market of affluent East Coast customers. We believe our new resort
will generate very healthy returns for our shareholders." With its
unique design and iconic shape, the resort will become the city's
tallest building and will dominate the architectural skyline of
Atlantic City. In addition to the dramatic statement made by the
resort's three towers, designed by world-renown architects Kohn
Pedersen Fox, the resort will include spectacular interior features
designed by the highly innovative Rockwell Group and other leading
designers. The company intends to file for Coastal Area Facility
Review Act (CAFRA) approval in late 2007 or early 2008. Ground
breaking is expected in 2008, with an anticipated opening in 2012.
Approximately 60 acres of the site will be used for construction of
MGM Grand Atlantic City, with 12 acres reserved for future
development, which may include a residential component. The company
also owns an additional 14-acre site in the Marina District. These
cost estimates and the design and scope of MGM Grand Atlantic City
are preliminary and subject to change. Refer to the "Factors
Affecting Future Results" section of the Company's 2006 Form 10-K
for further risks relating to construction projects. MGM MIRAGE
(NYSE:MGM), one of the world's leading and most respected
development companies with significant holdings in gaming,
hospitality and entertainment, owns and operates 17 properties
located in Nevada, Mississippi and Michigan, and has investments in
three other properties in Nevada, New Jersey and Illinois. MGM
MIRAGE is the largest landholder on the Las Vegas Strip, with
significant undeveloped landholdings in both Las Vegas and Atlantic
City. The Company recently opened MGM Grand Detroit, a major new
resort; and will open another, MGM Grand Macau, before the end of
the year. Also under development is CityCenter, a multi-billion
dollar mixed-use urban development in the heart of the Las Vegas
Strip. MGM MIRAGE has signed definitive agreements with Kerzner
International Holdings Limited and Istithmar Hotels FZE to develop
a new multi-billion dollar integrated resort property on the Las
Vegas Strip. The Company has a separate definitive agreement with
the Diaoyutai State Guesthouse in Beijing forming a strategic
relationship to pursue non-gaming business opportunities in the
People's Republic of China. MGM MIRAGE supports responsible gaming
and has implemented the American Gaming Association's Code of
Conduct for Responsible Gaming at its properties. MGM MIRAGE has
received numerous awards and recognitions for its industry-leading
Diversity Initiative and its community philanthropy programs. For
more information about MGM MIRAGE, please visit the company's
website at http://www.mgmmirage.com/. Statements in this release
which are not historical facts are "forward looking" statements and
"safe harbor statements" Under the Private Securities Litigation
Reform Act of 1995 that involve risks and/or uncertainties,
including risks and/or uncertainties as described in the company's
public filings with the Securities and Exchange Commission.
http://www.newscom.com/cgi-bin/prnh/20071010/LAW060
http://photoarchive.ap.org/ DATASOURCE: MGM MIRAGE CONTACT:
Investors, DAN D'ARRIGO, Executive Vice President and Chief
Financial Officer, +1-702-693-8877, or Media, ALAN M. FELDMAN,
Senior Vice President of Public Affairs, +1-702-891-7147, , both of
MGM MIRAGE Web site: http://www.mgmmirage.com/
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