Casino Partner Completes Acquisition in New Jersey
The gaming subsidiary of investment banking firm Morgan Stanley has completed its acquisition of a 20-acre parcel along the Atlantic City Boardwalk in the South Inlet for $70 million. With the land in the bank, MS Gaming Holdings Inc. will move ahead in its search for a partner to operate a casino resort.
"MS Gaming Holdings Inc. will act as the financial sponsor for the project. We will recruit an experienced gaming operator to develop and manage the project. Negotiations are ongoing," MS Gaming Holdings Inc. Director Michael C. Garrity said last week. Hard Rock Casino has been mentioned.
Pinnacle Entertainment, which lost its bid for Aztar Corp, is another, as is Stations Casino. Penn National Gaming of Wyomissing, Pa., also has a strong urge to enter the Atlantic City marketplace.
"A lot of companies are kicking the tires of that site," said local gaming analyst Michael Pollock, publisher of Gaming Industry Observer.
June 26, 2006
Posted By Susan Torres
Staff Editor, CasinoGamblingWeb.com
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