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CityBoom - Atlantic City 2.0

Atlantic City 2.0 extreme makeover edition includes expansions of all existing casinos plus new projects : Pinnacle Atlantic City, Revel Entertainment, MGM Grand Atlantic City, The Water Club and the AC Hilton adjacent mystery project. Oh and did we forget to mention all the insane intrigue surrounding Bader Field?

MGM Grand Atlantic City Pushed Back

» posted by Chuckmonster on 2008-09-03 21:11:19

Due to tightening credit conditions, MGM Grand Atlantic City has delayed construction until sometime in 2009.

Take it away MGMMirage spokesperson Gordon M. Absher:

We're still enthusiastic and confident about the Atlantic City market. The project has not changed or been downscaled. The banks just aren't lending money, and these projects obviously require financing. It is a matter of the financial institutions being tight with money.

More here at the Press of Atlantic City

Pinnacle's Beach Themed Atlantic City Casino Still On Hold

» posted by Chuckmonster on 2008-08-13 05:34:35

Pinnacle Entertainment Chairman Dan Lee proved to be quite chatty last week, breaking some of the ice about what might be in store for Pinnacle Atlantic City when the credit market log jam subsides.

As a practical matter, in today's capital markets, we can’t finance this thing anyway. I don’t think anybody can. We're kind of going into a holding pattern.

Assuming PAC gets built - which Lee's line is 50/50 - construction won't begin until 2010 at the earliest.

Dear Harrah's...

» posted by Chuckmonster on 2008-08-13 04:47:10

You'd think that a company with as much debt load as Harrah's wouldn't mind tossing a nominal quantity of coins into the debt bucket to hire a design firm to straighten out their online identity.

Nope. And what they've come up with on their very own is this poorly executed web 2.0(ish) destination page for Atlantic City.

The Water Club Is Open!

» posted by Chuckmonster on 2008-07-01 05:13:46

Yeah yeah yeah... I'm like way behind the curve on this, but (cue trumpets) the Water Club at Borgata has opened! TOOT TOOT!

Here's some stuff:

Eminent Domain Smackdown : Store Owners 3, Pinnacle 1

» posted by Chuckmonster on 2008-06-19 05:22:48

And the final score from this weeks meeting of the Atlantic City Planning Board Eminent Domain Smackdown Xtreme Championships :

Atlantic City StoreOwners : 3
Pinnacle Entertainment : 1

The backstory - Pinnacle Entertainment has been rousting about the various parcels (full size map) surrounding the former Sands Atlantic City casino looking to add to their spiny, yet huge, land mass. With all prospective sellers essentially bought off, they turned to the AC Planning Committee to enact eminent domain via the casino redevelopment project. The prospects for store owners to keep their property was so bleak, some of the owners' attorneys didn't even bother to show up to the hearing.

Planet Hollywood Bids on Tropicana Atlantic City

» posted by Chuckmonster on 2008-06-06 18:11:10

According to New Jersey Supreme Court Justice Gary Stein, conservator of the Atlantic City Tropicana since its owners Columbia Sussex/Tropicana Casinos & Resorts lost their gaming license, a number of potential suitors have submitted bids for the property including Planet Hollywood.

Not much is known about the details of the offer by Robert Earl and the P-Ho crew, and no decision on who will get eventually get the property is on the horizon.