$1 billion resort approved for New Jersey

Thursday, Jan. 6, 2000 | 10:51 a.m.

ATLANTIC CITY -- MGM Grand Inc. of Las Vegas received unanimous approval from the Atlantic City City Council on Wednesday to build a $1 billion resort in the New Jersey city.

A development agreement requires MGM to provide $11.3 million for road improvements that will allow traffic to bypass stoplights between the casino and the Atlantic City expressway. MGM will also have to pay $850,000 for two small streets that will be demolished during construction.

"It's certainly a major milestone," said Kenneth Rosevear, president of development for MGM Grand. "It sends a very strong signal that they want us to go ahead. It's been a long process, but we're gratified the council was so receptive."

The casino will be built on a 40-acre Boardwalk site located near Atlantic City's Garden Pier. MGM has spent more than $50 million acquiring land for the casino, first announced in 1996.

Construction of the property isn't expected to begin for more than three years.

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