MGM Mirage Moves Forward on $5B Atlantic City Project with Environmental Filing
- Jan 15, 2008
Development of the MGM Grand Atlantic City moves forward as MGM Mirage applies for a Coastal Area Facility Review Act permit. MGM Mirage submitted the application to the New Jersey Department of Environmental Protection, Land Use Regulation Program, seeking the requisite thumbs-up for the $4.5 to $5 billion waterfront casino and entertainment development. CAFRA was first enacted by New Jersey in 1973 and was created to protect the state’s shoreline from overdevelopment of commercial or residential projects. MGM Grand Atlantic City will occupy a 60-acre portion of a 72-acre site along the city’s famed Boardwalk. As plans currently stand, the development will include two hotel towers with an aggregate 3,000 guestrooms, a 500,000-square-foot retail segment, a 5,500-seat theater, a spa and, most notable, the city’s largest casino floor. The remaining 12 acres of land will be held for future projects. MGM Mirage first announced plans for MGM Grand Atlantic City last October, just after its Board of Directors gave the thumbs up to pursue the project. The Las Vegas-based company owns and operates 17 gaming and entertainment properties in Nevada, Mississippi and Michigan, and holds investments in four other properties in Nevada, New Jersey, Illinois and Macau. Company stock opened today at $69.11.