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MGM Mirage has placed its $5 billion MGM Grand Atlantic City development on hold. Like other recent high-budget resort-casinos, including the city's Pinnacle project, work on the MGM Grand has halted due to current economic conditions. The proposed 3,000 guestrooms would occupy three themed towers, the city's tallest. The development also called for a variety of F&B concepts, 500,000 square feet of retail, a 1,500-seat theater, Atlantic City's largest casino floor, and vast entertainment space.
In a conference call, MGM Mirage chairman and CEO Terry Lanni says that "while we have postponed our Atlantic City project, we still believe that it is a key market for development when the economy and the credit markets rebound."
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MGM Grand Atlantic City Hits the Brakes
Oct 31, 2008 - Source: GlobeSt.comMGM Mirage has placed its $5 billion MGM Grand Atlantic City development on hold. Like other recent high-budget resort-casinos, including the city's Pinnacle project, work on the MGM Grand has halted due to current economic conditions. The proposed 3,000 guestrooms would occupy three themed towers, the city's tallest. The development also called for a variety of F&B concepts, 500,000 square feet of retail, a 1,500-seat theater, Atlantic City's largest casino floor, and vast entertainment space.
In a conference call, MGM Mirage chairman and CEO Terry Lanni says that "while we have postponed our Atlantic City project, we still believe that it is a key market for development when the economy and the credit markets rebound."
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