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Atlantic City, new casino and entertainment centers

Gambling is far from stopping its development all over the world. Asia, Europe, Middle East, Russia, USA, places where the gambling industry is one of the most profitable business.

After four years when it was built the last casino in Atlantic City (Borgata Hotel Casino & Spa), now it is its turn for some of the most important projects in US in the entertainment industry.

Morgan Stanley has purchased 20 acres directly north of the Showboat Hotel and Casino and plans to build another $1 billion-plus resort casino.Revel Entertainment has been named as developer and has announced that it has begun pre-development and design work

Revel Entertainment Group, LLC announced that it has secured a CAFRA (Coastal Area Facility Review Act) Permit for its beachfront casino entertainment resort on twenty acres of land along the Atlantic City boardwalk.

The CAFRA permit includes approvals for Revel’s planned facility which will include two hotel towers with approximately 1,900 rooms each, 150,000 square feet of casino space and 500,000 square feet of dining, retail and entertainment space including a 5,500 seat theater, an expansive health club and spa, meeting space and a one acre private beach. The Company is in the process of determining whether both hotel towers will be completed in the first phase of construction. Earlier this month Revel received preliminary site plan approval from the City of Atlantic City Planning Board including approvals for certain onsite circulation and other infrastructure improvements in connection with the project.

Commenting on the approval, Kevin DeSanctis, Chairman and Chief Executive Officer of Revel Entertainment, said, “Over the last year Revel has made significant progress in advancing its plan to develop a unique resort entertainment casino project. We look forward to continuing our work with local and state authorities and gaming regulators as we commence footing and foundation work shortly to deliver new entertainment experiences for consumers when we open in 2010.”

The twenty acre Revel Entertainment development site is one of the largest, most uniform and contiguous properties in Atlantic City and is located at the northern end of the Boardwalk bordered by Oriental, New Jersey and Metropolitan avenues. The site features over 1,000 feet of beach frontage. (See the Press Release)

Revel is partnering with investment firm Morgan Stanley on the project.

Other casinos will be built by Pinnacle Entertainment on the site of the former Sands Hotel Casino, opening in late 2011 or early 2012.

On October 18, 2007, Pinnacle Entertainment imploded the legendary Sands Casino Hotel in Atlantic City following a dramatic fireworks display. It was the first casino implosion in Atlantic City history and New Jersey’s largest rooftop fireworks display ever. In less than eight seconds, the spectacular implosion brought the 21-story building crashing down into a 33,000-ton pile of concrete and rubble. The implosion paves the way for the development of Pinnacle’s multi-billion-dollar gaming resort.

On November 17th, 2006, Pinnacle Entertainment completed the purchase of the Sands Hotel & Casino and Traymore Hotel sites in the famed Atlantic City, New Jersey.

Together, the land being acquired comprises approximately 18 contiguous acres at the heart of Atlantic City, with extensive frontage along the Boardwalk. We plan to design and build an entirely new casino hotel on the site, which would be among the largest and most spectacular resorts in the region.

“Atlantic City is one of the top U.S. gaming destinations, and we’re looking forward to being a part of the world-famous Boardwalk,” said Daniel R. Lee, Pinnacle’s Chairman and Chief Executive Officer. “This major new resort will be a key component in our plan to build a national network of gaming properties. It will also help extend our development pipeline and our Company’s growth through 2010 and beyond. In connection with our longstanding interest in Atlantic City, we submitted our initial license application in New Jersey several months ago.” (See Press Release)

MGM Mirage planned a $5-billion casino resort in the marina district next to the Borgata, the largest project Atlantic City has ever seen, nicknamed City Center East.

MGM MIRAGE (NYSE: MGM), one of the world’s leading and most respected hotel and gaming companies, owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has investments in three other properties in Michigan and Macau S.A.R. CityCenter is a multi-billion dollar mixed-use urban development in the heart of the Las Vegas Strip; a new MGM Grand hotel and casino complex is being built in downtown Detroit; and the Company has a 50% interest in gaming and has implemented the American Gaming Association’s Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE also has been the recipient of numerous awards and recognitions for its industry-leading Diversity Initiative and it community philanthropy programs.

The project, which is expected to be completed in 2012, will contain up to 3,000 rooms and will have the largest casino floor in the state. Once its built, I think that it will draw big foot traffic both from locals in the New Jersey, New York and Pennsylvania area, and from gamblers throughout the nation. The same thing happened when Borgata opened its doors in 2003. In fact, that property is still one of the biggest draws in Atlantic City even though it’s off the boardwalk and a bit of a hike from the other major casinos.MGM is a partner in the Borgata with Boyd Gaming.

A possible fourth new casino to be built on land near the Atlantic City Hilton Casino Resort by Curtis Bashaw, the former Casino Reinvestment chairman, and Wally Barr, the former chief executive officer of Caesar’s Entertainment, is also on the drawing board. A company headed by Wallace Barr and Curtis Bashaw recently purchased land south of the Atlantic City Hilton, owned by its parent Colony Capital. The tract includes the site of the former Atlantic City High School and the planned but failed Dunes casino. Only the former Dunes site is currently zoned for casino space.

The Atlantic City Hilton is planning a $1 billion (USD) expansion of its physical plant, including a parking garage, 1000-room tower and doubling its casino floor space.

Planet Hollywood has put some interest in bringing a casino/resort to Atlantic City.

The parent company of Tropicana Casino and Resort, Columbia Sussex, is seeking a partner to develop a boutique casino and/or condominium complex on a square city block of boardwalk property north of the Ritz Carlton Condominium Building.

The new casinos will join an already-expanding skyline: The Borgata, Trump Taj Mahal Casino resort, and Harrah’s Atlantic City are all building second hotel towers.

About Atlantic City:

Atlantic City is a city in Atlantic County, New Jersey, USA. Famous for its boardwalk and casino gambling, it is a resort community located on Absecon Island on the coast of the Atlantic Ocean. As of the United States 2000 Census, population was 40,517 in the city, and 271,015 in the combined metropolitan area. Other municipalities on the island are Ventnor City, Margate City, and Longport. The main routes into Atlantic City are the Black Horse Pike (US 322/40), White Horse Pike (US 30) and the Atlantic City Expressway.

Ocean Pier, the world’s first oceanside amusement pier, was built in Atlantic City in 1882. Other famous piers included the Steel Pier, now used as an amusement pier (opened 1898) and the Million Dollar Pier (opened 1906), now the site of a shopping mall. (The oldest cast-iron pier in the world was built at Gravesend, Kent, England, in 1814.)

Casino resorts:

Name Address Ownership
Bally’s Atlantic City 1 Park Place and the Boardwalk Harrah’s Entertainment
The Borgata One Borgata Way (Also known as 1501 MGM Mirage Boulevard) Marina District Development Corporation
Caesars Atlantic City Pacific Avenue and the Boardwalk Harrah’s Entertainment
Harrah’s Atlantic City 777 Harrah’s Boulevard Harrah’s Entertainment
Atlantic City Hilton Boston Avenue and the Boardwalk Colony Capital
Resorts Atlantic City North Carolina Avenue and the Boardwalk Colony Capital
Showboat South States Avenue and the Boardwalk Harrah’s Entertainment
Tropicana Brighton Avenue and the Boardwalk Columbia Sussex
Trump Marina Huron Avenue and Brigantine Boulevard Trump Entertainment Resorts
Trump Plaza Mississippi Avenue and the Boardwalk Trump Entertainment Resorts
Trump Taj Mahal Virginia Avenue and the Boardwalk Trump Entertainment Resorts
1 Claridge Tower and the Wild West Casino are considered part of Bally’s.

On November 16, 2006, Hal Handel, CEO of Greenwood Racing, announced that the Atlantic City Race Course would increase live racing dates from four days per year, to up to 20 days per year. www.saveacrc.com has been actively involved in expanding racing at the Atlantic City Race Course and created the movement to bring full time racing back to ACRC in 2005.

(from Wikipedia)

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