MGM Mirage said Wednesday it will suspend plans to build a $1.5 billion casino in New Jersey. The company said five months ago it would break ground in September 2003 for the 1,500- to 2,000-room hotel casino.
J. Terrence Lanni, MGM Mirage chairman, said the company will use the excess cash flow on its existing facilities in Las Vegas, Detroit and Biloxi, Miss. MGM will reduce some of its debt and pursue other growth opportunities, he said.
MGM already has one project under construction in Atlantic City. The company is a partner in a 2,010-room casino Boyd Gaming Corp. is building. Called The Borgata, the casino is slated to open next summer.
