ATLANTIC CITY, N.J., June 26 /PRNewswire-FirstCall/ -- Boyd Gaming Corporation (NYSE: BYD) and MGM MIRAGE (NYSE: MGM) today announced the opening of The Water Club, a signature hotel by Borgata Hotel Casino and Spa in Atlantic City.
Adjacent to Borgata, the $400 million, The Water Club is the city's first boutique-lifestyle hotel, offering a personalized guest experience within a distinctively cosmopolitan setting. As the market's first major non-gaming hotel, The Water Club represents Borgata's continued and progressive departure from the archetypal Atlantic City experience of the past.
Style and sophistication merge seamlessly at The Water Club, with a wide variety of luxe amenities. The property features 800 upscale guestrooms and suites, all with water views; a two-story spa on the 32nd floor; food and beverage hospitality by renowned Chef Geoffrey Zakarian of the acclaimed Country and Town restaurants in New York City; 18,000 square feet of meeting space; three Residence suites; five heated indoor and outdoor pools; and six designer retail shops.
The Water Club completes a two-phase, $600 million expansion of Borgata, bringing the total investment in the resort destination to $1.7 billion. The second hotel was conceived as an exclusive extension to the Las Vegas-style Borgata, which single-handedly changed the face of Atlantic City when it opened in 2003. Just steps away from Borgata's gaming, dining, nightlife, and entertainment options, The Water Club combines elements of Borgata while delivering a unique personality all its own.
Bill Boyd, Executive Chairman of Boyd Gaming, commented on the opening, "Almost immediately following our successful opening of Borgata, we began talking with our partners at MGM MIRAGE about how we might accommodate the high demand we saw from day one. That led us to this day and the opening of The Water Club, a project that will fill an untapped niche in this market for a cosmopolitan hotel experience, one that will provide an escape for Atlantic City customers seeking an unforgettable experience. The Water Club's personalized service, sophisticated style and unique brand of comfortable luxury will offer guests the feeling of an exclusive retreat, something the market has never seen."
Terry Lanni, MGM MIRAGE Chairman and Chief Executive Officer, noted, "The Water Club represents the future of Atlantic City as a destination by offering guests in this market the completely new and unique feeling of an exclusive retreat. Just as Borgata did before, The Water Club will serve as the benchmark for all future Atlantic City development."
About Boyd Gaming
Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD) is a leading diversified owner and operator of 16 gaming entertainment properties located in Nevada, New Jersey, Mississippi, Illinois, Indiana, and Louisiana. The Company is also developing Echelon, a world-class destination resort on the Las Vegas Strip, expected to open in the third quarter 2010. Boyd Gaming press releases are available at http://www.prnewswire.com/. Additional news and information on Boyd Gaming can be found at http://www.boydgaming.com/ .
About MGM MIRAGE
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected development companies with significant holdings in gaming, hospitality and entertainment, owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has 50% investments in four other properties in Nevada, New Jersey, Illinois and Macau. MGM MIRAGE is developing major casino and non-casino resorts, separately and with partners in Las Vegas, Atlantic City, the People's Republic of China and Abu Dhabi, U.A.E. MGM MIRAGE supports responsible gaming and has implemented the American Gaming Association's Code of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received numerous awards and recognitions for its industry-leading Diversity Initiative and its community philanthropy programs. For more information about MGM MIRAGE, please visit the company's website at http://www.mgmmirage.com/.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding expectations, goals or intentions regarding the future, including, but not limited to, statements regarding The Water Club, and that The Water Club will fill an untapped niche in Atlantic City, The Water Club's offerings to potential new guests, that it represents the future of Atlantic City and that it will serve as a benchmark for all future Atlantic City development. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. In particular, the Company can provide no assurances regarding the timing or effects of The Water Club. Among the factors that could cause actual results to differ materially are the following: competition, litigation, the availability and price of energy, weather, regulation, economic, credit and capital market conditions and the effects of war, terrorist or similar activity. In addition, The Water Club is subject to the many risks inherent in the expansion or renovation of an existing enterprise or construction of a new enterprise, including lack of demand, failure to achieve market acceptance, failure to attract guests or maintain repeat visits, weather interference, floods, fires or other casualty losses. Failure to achieve market acceptance could materially effect any economic benefits that The Water Club may otherwise provide. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's filings with the SEC, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
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