MGM Resorts is in the preliminary stages of developing over 1,000 housing units on land next to the Borgata casino, according to Atlantic City Mayor Marty Small Sr. This long-vacant 35-acre lot, situated between the Borgata and Harrah’s, is poised to become a mixed-use residential development. Mayor Small shared the news via his social media platforms, emphasizing the growth potential and investor confidence in Atlantic City.
In This News
MGM’s Housing Development Plans
The project discussions involve national real estate developers, as MGM seeks to transform the land into a bustling residential area. Options on the table span from 1,000 to 3,500 units. Small portrayed the announcement as a major development for the city, underscoring its future trajectory and potential for economic growth. MGM, however, has not disclosed specifics on whether they intend to sell the land outright or retain a stake in the development—though past patterns suggest the former is more likely given MGM’s focus on gaming rather than housing.
Market Context and Strategic Timing
MGM’s property aside Borgata has sat idle since the casino’s 2003 opening. Initially assumed to host another casino, that prospect has dimmed due to a saturated market and impending competition from upcoming New York City casinos. The timing of this residential pivot is key. Atlantic City has tightly controlled casino licenses, making the land ripe for alternative developments. Industry observers note that transforming such properties aligns with broader trends of diversification within casino-owned real estate portfolios. And yet, it’s worth mentioning that similar grand projects touted by Mayor Small in the past, like the Bader Field motorsport community and Trump Plaza redevelopment, have yet to break ground.
The Challenges of Realizing Grand Projects
Mayor Small’s announcement is not without challenges. The Atlantic City skyline is dotted with planned projects that never materialized. Notably, the $3.4 billion motorsport project at Bader Field remains on paper, and the Trump Plaza site hasn’t evolved since its 2021 implosion. Skepticism lingers in the city, as past proposals have fallen short of execution. MGM’s latest initiative could either invigorate the city’s redevelopment goals or join the list of unfulfilled visions. Still, the uncertainty is real—will this project proceed beyond the planning phase?
Next Steps and Future Outlook
The path ahead involves further discussions with real estate developers and potential revisions to the proposal based on market feedback. The local government and investors will be closely watching. While MGM has remained tight-lipped on specifics, any concrete steps forward will likely be scrutinized. The Board’s decision on any necessary zoning changes or approvals is expected later in the year.
Eri Gaitu leads the news desk at Best in Slot, tracking breaking developments across the gambling world in real time. From exclusive bonus offers and casino launches to licensing updates and regulatory shifts, Eri ensures readers are always first to know about the changes that matter to their gaming experience.
