Caesars Entertainment Corp. CEO Mark Frissora spoke Thursday during a news conference in Trenton. He was joined by MGM Resorts International CEO Jim Murren (left) and Gov. Chris Christie. — Courtesy: Governor’s Office/Tim Larsen
By Joshua Burd
The owners of the Borgata and Caesars casinos in Atlantic City appear poised to work together on an upcoming investment or development project in the seaside resort town.
The chief executives of both companies, MGM Resorts International and Caesars Entertainment Corp., appeared Thursday at a news conference with Gov. Chris Christie. None of the speakers offered specifics about the plans, but indicated that announcements are on the way about new investments in a city that is experiencing a wave of positive momentum in recent months.
“These folks in Atlantic City have come here to say that they are ready now to make further investments in Atlantic City, so if you want a headline, that’s the headline,” Christie said. “MGM Resorts and Caesars are now saying that they’re ready to make significant new investments in Atlantic City, and they’re going to have announcements about that in the weeks ahead.”
MGM has bolstered its presence in Atlantic City since buying Boyd Gaming’s stake in the Borgata last year for $900 million. Caesars, meantime, owns three properties in the city, including Harrah’s, Caesars and Bally’s.
During the afternoon news conference in Trenton, Christie said he met with Mark Frissora and Jim Murren, chief executives of Caesars and MGM, respectively, and praised their investment in Atlantic City. He added that “we’re going to continue to see more, I suspect.”
Frissora said the gaming giant continues to see “a lot of vibrancy in the fact there’s not only stability but improvement that we’ve seen in our numbers in Atlantic City.”
“It has been great to have a partner like MGM who is looking at properties that we can go develop,” Frissora said, according to The Press of Atlantic City. “We think the future is bright.”
The city has seen its gaming revenue cut in half over the past decade and the closure of four casinos in recent years, but is riding high after several recent announcements. Hard Rock International and the Morris and Jingoli families have acquired the former Trump Taj Mahal and are spending hundreds of millions of dollars to renovate and reopen the property.
Meantime, construction is underway on a new complex in the city’s Chelsea section that will be home to South Jersey Industries’ headquarters and a satellite campus for Stockton University. The project is the most significant nongaming development in the city in more than a decade.
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