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MGM Mirage Quashes Mega-Casino Plan

MGM Mirage has at least temporarily abandoned plans to build a $1.5 billion casino resort in Atlantic City's Marina District.

The land-based project, which will be built by a Las Vegas company called Renaissance Point, will be next to the $1.1 billion Borgata Casino Hotel, which the company is developing in collaboration with Boyd Gaming. But MGM Mirage said the focus of the project should shift to other areas, including new markets and renovations for existing properties in markets such as Las Vegas, Detroit and the Gulf Coast.

Several states, including New York, Maryland, and Pennsylvania, have talked about legalizing or expanding gaming opportunities. Most of the potential new markets are close to and can compete with Atlantic City casinos. MGM Mirage has also aggressively entered internet gambling, opening an online casino based on the Isle of Man earlier this month, giving the company its first exploration of its relationship with Indian gaming tribes.

Game analysts are praising the company's decision. "I think it's a smart strategic decision for the company," said Mark Falcon, a casino industry analyst at Deutsche Bank Securities. "It's hard to make a commitment in Pennsylvania to build a $1 billion to $1.5 billion casino knowing you could have legalized the game.
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Thursday, December 14, 2023
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