|
|
|
|
|
|
| ATLANTIC CITY, Oct. 6, 1999 - Mirage Resorts, Incorporated (NYSE: MIR)
today applied for state approvals to build the internal road and other
infrastructure improvements necessary for its development in Atlantic City.
The filing under New Jersey’s Coastal Area Facilities Review Act (CAFRA)
marks a major advance in the company’s development of a world-class destination
hotel, gaming and entertainment resort in New Jersey.
The company said the proposed infrastructure development calls for a further investment in Atlantic City in excess of $100 million. It also announced that Boyd Gaming Corporation simultaneously filed for a CAFRA permit for The Borgata, the hotel and gaming resort it will build on the site in a joint venture with Mirage Resorts. “We are working on this project to make it unlike anything on the East Coast. With the receipt of the CAFRA permit, and barring no further delays from unwarranted litigation, we expect to begin construction next summer,” said Richard D. Bronson, who as President of New City Development, the Mirage Resorts development arm, leads the Atlantic City project. The application seeks approval for the company’s plans for roadways, utilities, storm water drainage, and landscaping on the H-Tract, a 150 acre former municipal landfill in the Marina District of Atlantic City obtained by Mirage Resorts under agreement with the city. The site infrastructure program will benefit Atlantic City by:
Remediation has involved closing the former landfill and adding 1.2 million tons of clean soil to the site to prepare for development. Also, Atlantic City Department of Public Works buildings formerly located on the tract have been demolished and rebuilt by the city at another location, a project funded in part by Mirage Resorts under its Redevelopment Agreement with the city. |
|
|