| NEWS |
| 03.05.2008 |
| New Super Casino for Atlantic City Proposed by AC Gateway |
AC Gateway, casino development group, managed by Curtis Bashaw and Wallace Barr has announced its plans for a USD 2 billion mega casino resort on the site of the old Dunes Casino, which is at the southern end of the Boardwalk. The Atlantic City company proposed USD 1.5 billion out of 2 billion required.
The new super casino project is planned to have 2,000 hotel rooms, more than 18,580 sqm of gaming space, 32,516 sqm of retail, dining and entertainment, and 13,935 sqm of convention space. The construction will have 253.5 meters in height, which makes it one of the highest buildings in the area.
Bashaw is the former executive director of the New Jersey Casino Reinvestment Authority; Barr is the former president and CEO of Caesars Entertainment. They both denied giving any further comment before State DEP publicly announces its permission for the project.
Some other world leading casino operators are also busy building mega-casinos in Atlantic City: Revel Entertainment is constructing a USD 2 billion casino resort on the opposite end of the Boardwalk; MGM Mirage is expected to have a USD 4.5 billion casino resort near Borgata; and Pinnacle Entertainment is awaited to continue its work on a proposed USD 2 billion mega-casino on the site of the old Sands. Thus, AC Gateway project will crown the chain of Atlantic City super casinos.
Bashaw expects his casino to help the city have prosperous future. It is known that construction works might start in the following year. The main difficulty appears to be credit markets that have so far put a damper on financing for main casino projects. AC Gateway has already prepared about 14 acres of land as a planned run-up course.
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