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Courtesy of MGM
Plans for New $5 Billion Casino Put on Hold Due to Sluggish Economy
MGM Mirage’s plans to build a $5 billion casino hotel in Atlantic City have been put on hold, according to an
announcement made last week by the Las Vegas-based gaming, hospitality and entertainment company.
The weak economy and a tight credit market drove the company to postpone the construction of MGM Grand
Atlantic City, says Terry Lanni, MGM Mirage’s chief executive officer. But the delay does not mean MGM is abandoning
New Jersey, he adds.
“We intend to resume development at such time as economic conditions and capital markets are sufficiently
improved to enable us to go forward on a reasonable basis,” Lanni says.
Third-quarter net income at MGM Mirage fell 67 percent, to $61.3 million on $1.8 billion of revenue, according to last
week’s announcement. That compares to $183.9 million in earnings on $1.9 billion of revenue in the year-ago quarter.
The delay means fewer jobs for Atlantic City and reflects a general slowdown in the gaming segment, says John
MGM says plans for the hotel casino will resume when markets improve. Staszak, an analyst with New York City’s Argus Research Co. – Martin C. Daks
missioner since 2006, and has ters building, 540 Broad St., last real-time 3-D view of the terrain. 10-year-old firm in Ann Arbor,
Corzine’s Cabinet been in public service for 20 years, year, and said it was moving out of The software also displays alerts Mich., that calls itself an online
Getting Fresh Look including a management position Newark, according to a report in when moving targets are detected. “health coach.” HealthMedia
at the U.S. Environmental Protec- The Star-Ledger of Newark. In an Sarnoff says the systems currently essentially runs programs
Lisa Jackson, commissioner of the tion Agency. She is an engineer, about-face, it then decided to are in production, but released no sponsored by pharmaceutical
state Department of Environmental with a master’s degree in chemical lease and renovate space in the further details. – João-Pierre S. Ruth companies like J&J, GlaxoSmithK-
Protection, was named Gov. Jon S. engineering from Princeton Uni- same building. It’s the first compa- line and Daiichi Sankyo that pro-
Corzine’s next chief of staff, the versity, and has forged a strong ny to be granted tax credits under mote health, wellness and med-
Corzine administration announced reputation in Trenton. “Lisa’s lead- the program.
New Help for ication compliance. The price was
in an Oct. 24 statement. She will ership, work ethic and skills at The Urban Transit Hub Tax Older Job Seekers not disclosed.
replace Bradley Abelow at the end handling complex issues make her Credit program offers tax credits J&J Chairman William Weldon
of this month. a perfect fit to manage the day-to- that in some cases fully reimburse Workers older than 40 who have lost said the acquisition will help its cus-
Abelow told NJBIZ the all- day operations of the governor’s large companies the cost of building their jobs are underserved by federal tomers cut health care costs and
consuming nature of the job com- office,” Corzine said. or investing in offices that are within work force programs that help with also “deliver new growth.”
pelled him to The day before Corzine one-half mile of a train station in training and job placements, accord- HealthMedia’s existing clie-
resign and seek announced the chief of staff change, one of nine cities. To qualify, a com- ing to a new research paper the New nts, including some J&J competi-
more time with Secretary of Agriculture Charles M. pany must have at least 250 full- Brunswick-based John J. Heldrich tors, see no conflicts of interest
his wife and Kuperus submitted his resignation, time employees. – Scott Goldstein Center for Workforce Development with the ownership change
three children. effective Dec. 31. Kuperus’ put out last week. and will stay on, according to
The chief expressed a desire to spend more However, some state govern- Caren Kenney, a HealthMedia
of staff, consid- time at his family’s