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MGM Mirage plans multibillion dollar resort

4 October 2007

ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "No longer content with building a mere casino, gaming giant MGM Mirage Inc. plans to develop a mini-city of gambling, hotel towers and luxury condominiums that would dramatically redefine the Atlantic City skyline.

"The estimated $4.5 billion to $5.5 billion project would mimic the company's huge $7.4 billion CityCenter project under construction on the Las Vegas Strip, although on a smaller scale, according to people familiar with the plans.

"MGM envisions a casino complex featuring three hotel towers of 1,000 rooms each and high-end retail on par with the acclaimed Forum Shops at Caesars Palace in Las Vegas. In addition to its mammoth size, what would distinguish the MGM project from other Atlantic City casinos are plans for posh condos that would start at $1 million and top out between $5 million and $6 million, officials said.

"MGM's board of directors may give the development the green light when it holds its next meeting, reportedly Tuesday.

"...Despite growing optimism over MGM's project, the company's track record in Atlantic City includes unfulfilled promises for two other casinos within the past decade.

"...MGM is flush with cash for new projects, thanks in part to a $2.7 billion investment in the CityCenter project by financing partner Dubai World, an entity of the United Arab Emirates government. Dubai World also has agreed to buy as much as $2.4 billion of MGM's common stock..."

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