LAS VEGAS MGM Mirage has begun the design phase for a new Atlantic City, NJ resort. Few details about the planned “world-class” resort were forthcoming, but it will be built on the land the company owns next to the Borgata, a $1 billion, 2,000-plus room hotel-casino scheduled to open in 2003.
At the same time, the company announced that its suspending the capitalization of interest associated with a development site on the Las Vegas Strip. MGM Mirage intends to expense interest associated with the 55-acre site, which is adjacent to its high-end Bellagio property and is currently occupied by the relatively tiny 654-room Boardwalk Hotel & Casino until the development process for the Las Vegas site is further advanced. (1/17/01)
SOURCE:CBS Market Watch