Resort and Casino giant MGM Mirage (NYSE: MGM) is expected to announce its latest big bet today... a $5 billion casino project in Atlantic City. The new project gained approval on Monday by the company's board of directors at a meeting held in Detroit, and construction is expected to get under way next year and complete by 2012.
The new development should be an impressive addition to the Atlantic City strip. The new casino, called the MGM Grand Atlantic City will definitely make a bold statement with its 3,000 rooms and suites in three different hotel towers. Big time gamers out there will be able to get their full of action from the casino's 5,000 slot machines and 200 table games.
The fun will not be limited just to high rollers out there ... there will be something for everyone in the form of a 1,500 foot theater, a half million square foot retail center, spa, restaurant and night club. These facilities will all be stretched over 60 acres and the company will have an additional 12 acres in reserve for future expansion.
While a $5 billion gamble on a new casino definitely sounds like a lot of money at first glance, we have to remember the one golden rule of gambling... the house ALWAYS wins, and you can bet on the fact that this casino will not have any problems bringing big money through the doors.
[Photo: Smoobs]
Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer
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Reader Comments (Page 1 of 1)
10-10-2007 @ 11:26AM
Sunshein said...
Boy, it that a mistake. With anticipation running high for players to go to PA and other states, NJ is on its way down and MGM can't save it.
10-10-2007 @ 10:11PM
the1stlady said...
Boy, you must not be a "true" gambler Sunshein! Another casino in AC WILL NOT lose money or be a mistake no matter how many casinos are in Philly or DE for that matter. If you are a true Blackjack, Roulette, Craps or Poker player no amount of "Slot Casinos" will entice you not to go to AC. I live in DE and work In Philly and DO play slots BUT it in no way satifies my need to play table games therefore I go to AC at least once every 2 months maybe even once a month AND I do play slots in both DE & Philly!
PS- those "electronic" tables are for amatuer blackjack players and in no way affect how many people will still travel to AC for "live" table games.