By Matt Rooney | The Save Jersey Blog
Here’s an interesting development in the ongoing saga of Atlantic City, Save Jerseyans, on the same day as Governor Chris Christie’s “summit” over at the Casino Reinvestment Development Authority (CRDA).
South Jersey’s Harry Hurley reported Monday morning that MGM Resorts International is seeking re-licensure to do business in the legendary Jersey Shore resort as indicated by its presence on this Wednesday’s New Jersey Casino Control Commission Agenda.
A company with nearly $10 billion in annual revenue, MGM Resorts operates 15 properties in Nevada, Mississippi, and Michigan, in addition to owning interests in other ventures located in Nevada, Illinois and even China. The company sold its stake in the Borgata back in 2010. Does it still want back in?
The “driving forces” behind MGM’s A.C. play? Hurley says it’s Nick Menas, a partner with the Fox Rothchild law firm, and Bill Layton, Chairman of the Burlington County GOP and a lobbyist with Commarano, Layton and Bombardieri Partners.
No word yet as to what, if anything, MGM plans to do in A.C….
Stay tuned…
This has been going on for quite sometime now. Anyone who knows what is REALLY happening in AC knows this.
@Robert Then why isn’t anyone asking you? Like my grandmother always used to say, “go scratch your ass and get happy again.”
Matt Rooney – you are just pissed that you are being called out for not knowing basic stuff that has been going in AC and writing as if it is new news. I am glad that you are writing this at least because so many people are ignorant of what is happening because the media is more interested in the negative.
And how do you know “no one is asking me” you don’t even know who I am. 🙂
@Robert Everyone is reporting it as new news today. Why don’t you tell us who you are? Not trying to be snarky, but I’ve never heard of you.
MGM is seeking licensure so that they can reclaim their ownership stake in Borgata.
@Mike A better investment now sans Revel?
You do know that MGM had a 50% share of Borgata right and that is what they are trying to get back with the relicensing. MGM lost its licesnse because it was accused of having ties to the Chinese mob. It was specifically with Stanley Ho and his daughter Pansy Ho. It also is in relationship to former board member Terry Christensen who was indicted on wiretapping in 2006. Now that Pansy only has a minority stake in MGM they are trying to get their license reinstated.
Matt Rooney – that is because most of the news is slow in NJ. We have a pretty mmgbig media black hole. However, the Atlantic City Press has an article about it from August 22 – “MGM Settles Claim in Preclude to NJ Licensing Case”
@Robert There’s always a chance that they may take a flyer on a closed property. We’ll see.
Matt Rooney – that is because most of the news is slow in NJ. We have a pretty big media black hole in this state. However, the Atlantic City Press has an article about it from August 22 – “MGM Settles Claim in Preclude to NO Licensing Case”
In addition they also had an article on February 11, 2013 about them putting their shares of Borgata in trust in atticipation of getting their license reinstated.
Matt Rooney – we will see. My thought was also that MGM may be interested in Revel, but right now it looks like it is another company that has its eyes out for Revel.
@Robert I’m sure today’s summit will solve all problems and answer all questions.
Matt Rooney – I’m not expecting it to solve all problems nor answer all questions – but it will further solidify the direction that AC needs to go in – diversifying its market, becoming a fly-to-destination. That being said – any positive news out of the summit will most likely go un reported by the New Jersey doom and gloom media.
BTW – here is the article from August 22nd in the The Press of Atlantic City
http://www.pressofatlanticcity.com/communities/atlantic-city_pleasantville_brigantine/mgm-settles-claim-in-prelude-to-n-j-licensing-case/article_2ade68a8-2a4e-11e4-bd91-0019bb2963f4.html
We the politicians say “AC is down but not out”…and other blah, blah, blah stuff like that, what they are really saying is ‘stuff is in the works that we can’t talk about’……Fact is somebody is going to come in a claim Revel, Trump, Taj, etc….somebody will once this stuff clears bankruptcy, hits rock bottom, etc…..somebody will step up either by hook or crook….
We the politicians say “AC is down but not out”…and other blah, blah, blah stuff like that, what they are really saying is ‘stuff is in the works that we can’t talk about’……Fact is somebody is going to come in a claim Revel, Trump, Taj, etc….somebody will once this stuff clears bankruptcy, hits rock bottom, etc…..somebody will step up either by hook or crook….