Borgata Wins Over Atlantic City
Call it the Borgata effect.
The eight-month-old casino partnership between MGM Mirage (MGG Quote) and Boyd Gaming (BYD Quote), has given rise to a tide of construction across the Atlantic City boardwalk that is washing away the gaming mecca's somewhat salty reputation and sparking a return to its resort-community roots.
The 200,000-square-foot hotel and casino has had a dramatic effect on Atlantic City since opening in July 2003 and is now boosting results across the boardwalk. In February, Atlantic City's dozen casinos generated $386.3 million in revenue, up 30.1% from a year earlier, according to the New Jersey Casino Control Commission. Credit the strong results to the Borgata, which wasn't around last year but which now accounts for 14.2% of the market's total revenue. ...
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