Borgata  says it's expanding

October 25

On Tuesday, during it's third-quarter earnings report, Boyd Gaming Corp., is slated to  outline details regarding a new hotel tower. This comes right after the company announced its expansion of the Borgata. Boyd Gaming Inc. wants to bring Atlantic City to new gambling heights.

Last Thursday, the company was granted approval for the tower during the monthly board meeting of the Casino Reinvestment Development Authority. Boyd Gaming Corp. proposed plans for a reported $350 million room hotel tower said to include 500 rooms, a huge area for gambling, multiple pools, a spa, convention or  meeting rooms, and shopping.

Plans for the resort state that construction would be set to begin sometime during next summer. At that rate, the project would be completed sometime during late Spring 2007.

Boyd spokespeople do not have any further details to announce regarding specifics at this time. They will detail more about the proposed expansion at the company's 3rd quarter conference call. Boyd Gaming Inc. shares ownership of the Borgata with MGM Mirage.

In the few short years that the Borgata has been in existence, it has been a huge success. Earning a reported $24.5 million in the second quarter including the highest slot machine and table game earnings per game in the entire Atlantic City area. Boyd Gaming disclosed the details of its $200 million casino expansion in July, saying it would add another 600 slots, 36 table games, 56 poker tables, 46 race book seats. Also, it announced and expansion to its shopping area and spa. That project is expected to be finished by late Spring 2006.

The proposed new hotel tower will be backed, in part, from two different fund areas. They are a casino construction fund and a detached expansion fund. They total a reported $92 million.

In other gambling news, last week the CRDA  supported the expansion and renovation set for the Showboat hotel and casino, which is owned by Harrah's Entertainment Inc.. Also approved, were proposed renovations at both Caesars and Bally's resorts. They are both owned by Caesars Entertainment Inc.

The new projects, will include typical renovations such as updates to retail areas and trendy new restaurants to entice a wider variety of gamblers and visitors to the respective properties. The main idea is to keep visitors in the resorts for longer periods of time. Also, with the new permanent housing such as high-rise condos going up, it is important for these properties to provide alternatives to gambling.

With the Borgata seemingly setting the new standard in AC, the East Coast gambling Mecca is sure to get a boost.