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MGM Mirage Inc. plans to build a mega-casino resort worth up to $5 billion that will dwarf anything Atlantic City has seen before, the company said Wednesday.

The move is part of an ongoing gamble by casino operators to polish Atlantic City's image and attract upscale customers who want to do more than just bet money.

The project, which will be called MGM Grand Atlantic City, will cost between $4.5 billion and $5 billion, not including the land value and associated expenses, the company said in a statement.

It will be built on a 72-acre site at Renaissance Pointe that MGM owns, next to the Borgata Hotel Casino & Spa, which the company co-owns with Boyd Gaming Corp.

"We ... hope to re-energize the city's resort offerings and attract a new market of affluent East Coast customers," said Terry Lanni, MGM's chairman and CEO of the casino operator. "We believe the success at Borgata demonstrates the eagerness for further evolution of the nation's second-largest gaming market."

The project will consist of three hotel towers with more than 3,000 rooms and suites.

It will feature the largest casino floor in Atlantic City, with 5,000 slot machines, 200 table games and a large poker room, a 1,500-seat theater, as well as restaurants, nightclubs, a spa, 500,000 square feet of retail space, and a convention center.

The city's 11 casinos have invested billions of dollars to attract more upscale visitors who are drawn by entertainment, dining and shopping options, as opposed to day-trip gamblers who ride a bus into the city, play for a few hours, then go home.

"It's a very exciting project that is another step in Atlantic City's evolution to a full-scale destination resort, which is critical given the competition we currently face," said Joe Corbo, president of the Casino Association of New Jersey.

Atlantic City's casinos are being hurt this year by slots parlors in Pennsylvania, Delaware and New York which are siphoning off gamblers that were once Atlantic City's exclusive customers.

Atlantic City's gambling revenue fell 4 percent from the start of the year through August, compared with the same period last year. It may mark the first annual revenue decline in the city's 29-year history of gambling.

MGM plans to build on about 60 acres of the site, setting 12 aside for future development, which may include a residential component. That is the same model the Borgata used when it opened in 2003. It is currently building a second hotel tower called The Water Club, which is expected to open before next summer.

Ground breaking is expected next year, with an anticipated opening in 2012.

MGM's stock dipped 68 cents to $99.07 in early trading, but the drop follows a recent run-up in the shares from $84 at the beginning of September.

Analysts were pleased with the news.

"It is a bet on what Atlantic City can become, not on what it is right now," said Susquehanna Financial Group analyst Robert LaFleur. "We are long-term believers that the market can transition from a predominantly day tripper market to more of a Las Vegas overnight destination."

Several analysts speculated MGM Mirage might take on a joint venture partner such as Dubai World, which recently announced it would take a 4.9 percent stake in the company and invest billions in joint ventures in MGM Mirage projects on the Las Vegas Strip.

Associated Press Writers Ryan Nakashima in Las Vegas and Michelle Chapman in New York contributed to this report.




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ATLANTIC CITY, N.J., April 21 /PRNewswire/ -- The Water Club, A Signature Hotel By Borgata, a joint venture between Boyd Gaming and MGM MIRAGE , began accepting hotel reservations today. The $400 million boutique-lifestyle hotel, which will open this June, will feature 800 guestrooms and suites. Guests can reserve a variety of rooms or packages at The Water Club by calling (800) 800.8817, or visiting www.thewaterclubatborgata.com for stays, starting July 1st.

"We're excited to announce this key milestone for The Water Club, bringing this unique hotel experience one step closer for guests," says Larry Mullin, President and Chief Operating Officer of Borgata Hotel Casino & Spa. "The debut of The Water Club will allow more guests than ever before to experience Borgata through a distinctly cosmopolitan hotel experience."

The debut of The Water Club will complete Borgata's $600 million master plan development and bring the total investment into the resort destination to $1.7 billion.

About The Water Club

On schedule for a June 2008 opening, The Water Club, a Signature Hotel by Borgata, will introduce a unique brand of hospitality to Atlantic City, combining elements of Borgata, while delivering a personality of its own. The $400 million hotel will feature 800 guestrooms and suites; Immersion, a two-story spa located on the 32nd Floor; 18,000 square feet of meeting space; three Residences modeled after chic, urban lofts; five heated indoor and outdoor pools; and six retail shops. Located adjacent to Borgata Hotel Casino & Spa, The Water Club will be just steps away from Borgata's world-class entertainment, shopping, dining, nightlife, and gaming options.

About Borgata

Borgata is a joint venture of Boyd Gaming Corporation and MGM MIRAGE . Located at Renaissance Pointe in Atlantic City, it features 2,000 guest rooms and suites, 161,000 square feet of gaming, 200 gaming tables, 4,100 slot machines, 10 destination restaurants, 12 retail boutiques, a 54,000 square foot spa, 70,000 square feet of event space, and parking for 7,100 cars. For more information on Borgata or to obtain a copy of this press release, please visit www.theborgata.com or use AOL keyword: borgata. Additional news and information on Boyd Gaming can be found at www.boydgaming.com; additional information on MGM MIRAGE can be found at www.mgmmirage.com.



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Sometimes referred to as America's first beach town, Cape May is the oldest seaside resort in the United States. With its keen focus on beauty and history the entire town was designated an historical landmark in 1976. Founded in the 1700's many of the buildings in Cape May are actually originals maintained in emaculate condition. With many being converted into pristine bed and breakfasts, of all shapes and sizes, Cape May is home to the largest collection of Victorian Era B&Bs in the country. Time and again voted in regional and national publications as the most romantic town in America, Cape May is a must-see.

With its numerous nature preserves, Cape May is world famous as one of the best bird watching spots in all of North America. With whale watching, dolphin watching, sport fishing and evening boat tours, Cape May is a seafarers paradise. For the land lubber who would rather dine on seafood than watch it, at Cape May's main dock spectators can watch local fishermen clean and sell the day's catch to the local restaurateur. The tuna, seabass, salmon, crabs, clams, oysters, and more, caught and harvested on Monday often become Tuesday's specials at Cape May's dinning options which range from sandwhich shops to 5 star restaurants.

Walk Cape May's numerous cobblestone streets, or instead take an antique trolley or horse drawn carriage ride around town. Go on Cape May's lighthouse tour, or visit during the holidays and take one of the several decorated B&B tours. Explore your nerves on a ghost and haunted house tour, or laugh out loud while dinning on surf and turf at one of Cape May's dinner theaters. Wonder on your own and see an early 18th century mansion on your left only to turn a corner and find a nearly hidden meticulously maintained French garden like you've never seen. Come visit, and stay, in Cape May for a trip you'll never forget.

While not first in many people's minds' as a vacation, or 'to visit' destination, New Jersey's $32 billion tourism industry is one of the best in the nation.  In part driven by it's approximately 130 miles of pristine shoreline, renowned internationally as the Jersey Shore, New Jersey has a rich diversity of things to do and places to visit.  From the sea-side gambling mecca of Atlantic City, to the Travel Channel's pick of the best family vacation town in the nation three years running, Ocean City, New Jersey constantly surprises vacationers and business travelers alike as a place like no other.

New Jersey's a geographically diverse state unlike any other.  It's one of the few states where some of the nation's best beaches are just a couple hours drive away from award winning winter ski resorts.  Sunset Beach in Cape May is one of only a handful in the country where sunrises can be seen in the morning on the eastern beach, and sunsets seen at night on the western beach.  New Jersey's home not only to the HBO hit show the Sopranos, but did you know it's also the home of the nation's first beach resort (Cape May), half of all the revolutionary war battles, the first college football game ever (Rutgers beat Princeton) and the statue of Liberty?


If you're planning a vacation, business trip, or just a week-end getaway, consider New Jersey for its 13 casinos, wild wolf preserve, 130 miles of gorgeous beaches, both winter and summer skiing, nation-wide largest collection of Victorian Era B&Bs, historical landmarks ranging from the Statue of Liberty to the museums of George Washington and Thomas Edison, and world's greatest collection of beach boardwalks, just for starters.