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Atlantic City Council took up a measure on MGM Resorts International and a proposed housing development near Borgata Hotel Casino & Spa. Resolution No. 479 was listed for the council session.
The site is the long-vacant tract between Borgata and Harrah’s in the Marina District. MGM took full control of Borgata in 2016 through a $900 million purchase of Boyd Gaming’s 50% stake.
What Resolution No. 479 Would Do
The resolution would not approve a development plan. It would authorize the city to open negotiations with MGM’s development arm.
Those talks would cover a long-term tax exemption agreement for land in the Marina District. City officials have framed the exemption as necessary for the project’s financial viability.
A Casino Formula Applied to Homes
The proposed arrangement would mirror the payment-in-lieu-of-taxes system used by Atlantic City’s nine casinos since 2016. Under that system, properties pay based on gross gaming revenue rather than assessed property value.
New Jersey’s Long Term Tax Exemption Law supplies the mechanism. The parcel already sits inside Atlantic City’s Amended Redevelopment Plan, a designation covering this class of exemption. Extending the framework to a residential project would push the model past the gaming floor.
What MGM Has Floated So Far
Mayor Marty Small Sr. disclosed the housing concept earlier this month. He described three options from MGM: roughly 1,800 units, 1,000 units, or 500 units, with some retail attached.
No construction timeline is public. Design and phasing details remain unreleased.
The council vote determines the next step. Approval would open negotiations between the city and MGM over the housing proposal and the structure of any long-term tax relief.
Source: As reported by The Press of Atlantic City.
