MGM Resorts International to pay Atlantic City $6.1 Million
MGM Mirage Casino
MGM Resorts International is preparing to pay Atlantic City $6.1 million, after information surfaced about a long running deal between legislators in the New Jersey city and Mirage Resorts Inc. MGM Resorts International merged with Mirage Resorts Inc., Steve Wynn’s (of Wynn Resorts Limited) former casino company in 2000. In 1995, Mirage Resorts Inc. reached an agreement with state legislators, which would allow the casino operator to clean up a landfill in Atlantic City and build a gambling resort in its place. While Mirage Resorts Inc cleared the landfill area, the Mirage Resorts Inc. casino was never built.
The agreement between state legislators and Mirage Resorts Inc. stated that Steve Wynn’s former company could recoup up to $20 million from New Jersey for clearing the landfill area. However, the deal also meant that Mirage Resorts Inc. would have to pay $8 million out of the $20 million reimbursement funds back to the state. In 1998, New Jersey received $1.9 million from Mirage Resorts Inc., but until recently, has heard little from the casino operator about the remaining $6.1 million owed to the state.
However, a report from Press of Atlantic City has revealed that MGM Resorts International, the company which purchased Mirage Resorts Inc., is now prepared to fulfil its obligations and pay the $6.1 million owed to Atlantic City. City Council President, William Marsh has admitted he had “no clue, to be honest”, that MGM Resorts International were even considering reimbursing the state. It’s believed that the Atlantic City City Council will meet with a representative from MGM Resorts International to discuss how to use the funds to tackle the city’s $14 million budget deficit.
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