Press Release: Mirage Resorts, Incorporated
October 8, 1999
ATLANTIC CITY, NJ -- 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:
assuring first rate connections to the Atlantic City-Brigantine Connector, providing access to and from the Atlantic
City Expressway, the Convention Center, the Marina District and the uptown section of Atlantic City;
-- assuring first rate connections to existing major traffic arteries in
Atlantic City including Huron Avenue and Brigantine Boulevard;
-- providing environmentally sound storm water drainage in full accord
with state and federal laws;
-- beautifying the site through detailed landscaping.
To date, Mirage Resorts has moved forward with major remediation work to prepare for construction of the infrastructure,
its own resort hotel, and The Borgata, which will be constructed by Boyd Gaming on approximately 25 acres on the
southwestern section of the H-Tract.
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.
SOURCE: Mirage Resorts, Incorporated