In a story from last week, MGM Mirage CEO Terry Lanni discussed his company’s City Center project in Las Vegas and the potential for a similar one in Atlantic City. From Reuters:
“We would give consideration to a CityCenter East,” CEO Terry Lanni told Reuters in an interview. He said such an announcement could come “about halfway between now and the opening of CityCenter in November 2009.”
The 66-acre Las Vegas project is slated to include a hotel/casino designed by architect Cesar Pelli as well as a retail and entertainment space, condominiums and other hotels. The company said the cost had gone up from an original $5 billion because of upgrades and higher construction costs.
“There are still 8,000 people moving to Las Vegas every month. They all need a place to live and every single one of their relatives and friends wants to visit them,” Lanni said.
MGM owns 55 acres in Atlantic City adjacent to the Borgata resort, which it owns jointly with Boyd Gaming Corp. (BYD.N: Quote, Profile, Research)
Lanni said MGM has decided not to have a partner to develop the empty land.
In an interview ahead of the Reuters Hotels and Casinos Summit, he said of a potential Atlantic City development, “It certainly would be no less than what we are doing at CityCenter West.”
“More people are living above developments with stores, restaurants, cinemas,” Lanni said, attributing the trend to rising land prices and growing traffic woes.
In Las Vegas news, look for an addition to the locals casino market soon. Boyd Gaming just bought a site in North Las Vegas near the 15 and 215.
Other interesting news this morning included the Bourbon Street being imploded (this link should take you to a video of the big bang) and a hellmouth opening in front of the Palms.
Actually, a construction crew digging underground ruptured a gas main, but thanks to good camerawork TV coverage made it look as if a gateway had opened to an infernal realm.