LAS VEGAS Boyd Gaming Corp. and MGM Mirage completed loan financing arrangements for the construction of the jointly-owned Borgata Hotel and Casino in Atlantic City. The non-recourse loan, which is being provided by a group of banks, allows the Borgata to borrow up to $630 million for construction. The project, which will be located on a portion of MGM Mirages 120-acre parcel in Atlantic Citys Marina District, is expected to cost a total of $1 billion to build. The resort will feature 2,010 guestrooms and a 120,000-square-foot casino. Completion is slated for the summer of 2003. (12/19/00)
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