MGM Mirage Steps Up AC Plans

Now that they've rolled snake-eyes at winning a license to operate a casino in Macau, Las Vegas-based MGM Mirage(NYSE: MGG) is again fast-tracking plans for its proposed $1.5-billion casino/hotel in Atlantic City according to a newspaper report.

John Redmond, CEO of the company's MGM Grand Resorts division, is quoted in the Atlantic City Press as saying: "We are going to pick up the pace on that project again because we do love that project."

In October, MGM Mirage slowed work on the Atlantic City project saying it had to determine the impact of possible gambling expansion in the Northeast and "rebuild" the Las Vegas business hurt by reduced air travel following the September 11 attacks. In actuality, MGM Mirage was trying to land one of the three Macau casino slots. It failed but casinos competitor Steve Wynn won. MGM Mirage is also embroiled in the fallout from a backroom deal to buy Illinois' final riverboat casino license from a developer in a transaction that had been brokered by the Illinois gaming board.

Author: Business News New Jersey