Gateway Casino Project Follows the Line of Pinnacle and MGM
Posted on November 20, 2008 - Filed Under Casino Articles, Casino games, Casino tournaments, Gambling News
After the Pinnacle Entertainment Inc. and MGM Mirage that have both declared to hold back their casino projects in Atlantic City worth $2 billion and $5 billion respectively, it is the Gateway Project of Curtis Bashaw and Wally Barr to also follow the same line.
This project is a $1 billion worth project and the main reason behind their thought is the current economic downturn. The only project that is taking a forward step is the $3.5 billion casino to be constructed closely to the Showboat on the Boardwalk.
Curtis Bashaw, ex-executive director of Casino Reinvestment Development Authority and Wally Barr, chief executive of Caesars Entertainment Inc. says that they need enough finance for such a project. The need of funds has led them to take a decision of postponing the project.
Atlantic City aimed at making itself a casino resort destination like that of Las Vegas. After the declaration of MGM, Pinnacle, and the Bashaw-Barr group, everything seems to be far reaching now. MGM chairman and CEO Terry Lanni said that it is the ongoing economic downtrend that has led the company to take some extra time for their project.
Lanni has also said that although a lot have been done by the company on the predevelopment and design part, it had to defer the additional development work. Pinnacle chairman and CEO Dan Lee said that they are planning to sit in the Atlantic City.
It was way back in the month of October in 2007 that MGM declared about its $5 billion MGM Grand Atlantic City Casino project to be constructed close to Borgata in the district of Marina. The declaration from Pinnacle about their delay on the project at Boardwalk was made in the month of February this year.
The only company that is thinking of moving forward with their casino and gambling project in the Atlantic City is the Revel Entertainment Group L.L.C. However, they are moving in an unconventional way. The Revel Entertainment Group L.L.C. has plans to open this casino in this city in the summer months of 2010.
Bashaw has said that if the Revel Entertainment Group L.L.C withdraws at any point of time, it is going to be a case like that of Borgata.
