The giant MGM gaming resort company confirmed this morning (WED) to Wall Street investors that it will go ahead with a massive $5 billion City Center complex on 72-acres of land it owns in Atlantic City. Ten-days ago Luxe Life revealed that the plans were finalized and would be announced shortly.

MGM’s project will be smaller in scope than its City Center currently under construction here on the Strip between The Bellagio and Monte Carlo resorts. The Atlantic City undertaking will include 3 hotel towers with just over 1,000 rooms and suites in each versus the 10,000 being built here. However when completed it will wind up as the largest casino on the East Coast with 5,000 slot machines and 200 table games in addition to a poker room, 1,500 seat theater possibly for Cirque du Soleil and several celebrity chef restaurants and nightclubs with half-a-million sq ft of retail and convention space.

Our MGM corporate chiefs here say they want to break ground next year and open the property in 2012. MGM’s City Center East will be located alongside the rival Borgata resort on 60 acres holding the final 12 acres for yet another future development. The price tag is almost 3 times the cost of the Borgata!

Wall Street loved the news sending shares of the Vegas hq’d company up to the $100 mark with analysts predicting an eventual $115 price target.

This entry was posted on Wednesday, October 10th, 2007 at 8:21 am and is filed under Breaking News. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.