MGM Bets on Atlantic City
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Updated from 9:17 a.m. EDT
MGM Mirage(MGM Quote) announced plans for a $5 billion casino development in Atlantic City, signaling long-term faith in a market that is struggling with increased competition from nearby states.
The project will be located on 72 acres of land owned by MGM next to its popular Borgata casino, which the casino operator owns with Boyd Gaming(BYD Quote). The budget will be $4.5 billion to $5 billion, not including the value of the land and associated costs, MGM said.
The new resort increases the Las Vegas-based company's exposure to a market where overall gambling revenues have declined this year because of increased competition from Pennsylvania and New York. Both neighboring states introduced slot parlors in the past year. ...
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