MGM To Build CityCenter East

But this wont be a mere $1 billion mega casino. Instead it looks like the leading gaming company is planning something big. In fact it’s going to build a version of its CityCenter concept, a $10 billion mega project now rising on the Las Vegas Strip.

This version would be significantly scaled down and cost an estimated $4.5 -$5.5 billion. CityCenter Atlantic City would include three 1,000 room hotels, a retail complex and luxury condominiums. The idea behind CityCenter is to create an entire town where residents and guests can eat, drink, be entertained and shop; all in one place. Condos will be estimated to cost an incredible $1 million to $6 million.

The new complex would be located adjacent to the Borgata in the area’s Marina District on an empty 70 acre plot of land. It has been expected a large development would be on that property since even before the Borgata opened. MGM-MIRAGE owns 50 percent of the Borgata, which has been the city’s most successful casino ever since its debut four years ago.

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The project could break ground as early as one year from now and take less than four years to complete. According to the AP, plans for the property would include hotel towers that appeal to individual audiences from mid-scale to luxury. It’s possible an arena will also be built that could seat up to 20,000 people. Right now the city’s only arena is the historic and much smaller Boardwalk Hall.

"We're very excited about the possibilities in Atlantic City and to continue along the vein of what Borgata has started and proved to be successful in that market," Gordon M. Absher, MGM Mirage vice president of public affairs told the AP.

A design collaboration between MGM MIRAGE and eight internationally acclaimed architects, CityCenter will open in November 2009 on 76 acres between Bellagio and Monte Carlo resorts and cost up to $10 billion.  At the heart of the action on the Las Vegas Strip, CityCenter will feature a soaring 60-story, 4,000-room hotel/casino; two 400-room, non-gaming hotels; a 500,000-square-foot retail and entertainment district; and approximately 2,700 luxury residences. The majority of CityCenter’s luxury residences were released for reservation in January 2007.

Though Atlantic City has started to backslide on its gaming revenues since Pennsylvania started legalized casino gambling last year, it’s poised for a renaissance of unprecedented proportions. There are about five mega resorts planned to start construction during the next few years, including a $1 billion expansion of the Atlantic City Hilton.
On October 18th, the Sands will face the dynamite and get imploded to make way for a new $2 billion resort. That property, to be built by Pinnacle Entertainment, is set to open that project in 2011. Also expected in 2011 is a $2 billion resort adjacent to the Showboat, which will be owned by Revel Entertainment Group.

The Father of Modern Las Vegas Steve Wynn is also angling to get back to the Atlantic City market. Back in the 1980s he owned the Golden Nugget and has been trying to get back for some time. Now he is looking to get an area called Bader field rezoned for a project that is expected to cost more than $2 billion.

Morgan Stanley is also rumored to be looking to build a resort and Colony Capital is also rumored to be in the planning stages of a resort. It currently owns Resorts, but has a huge parcel of empty land fronting the Boardwalk.

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