$400mn for new Atlantic City project

On schedule for a 2008 opening, The Water Club by Borgata, is aiming to introduce
a unique brand of hospitality to Atlantic City, offering a personality of
its own while combining elements of Borgata Hotel Casino & Spa.The $400
million cosmopolitan hotel will feature 800 finely-appointed guestrooms and
suites with five tiers of accommodations; a two-story ‘spa in the sky;’
18,000 square feet of meeting space; three Residences modeled after chic,
urban lofts; five heated indoor and outdoor pools, each offering a distinct
experience; and six retail shops. Located adjacent to Borgata Hotel Casino
& Spa, The Water Club will be just steps away from Borgata’s world-class
entertainment, dining, nightlife, and gaming options.
  The debut of The Water Club, a joint venture between Boyd Gaming (NYSE:
BYD) and MGM MIRAGE, will complete Borgata’s $600 million
master plan development and bring the total investment into the resort
destination to $1.7 billion, allowing more guests than ever before to
experience the luxe lifestyle that defines Borgata.
  “Shortly after we opened Borgata, we announced our plans for The Water
Club, recognizing the high consumer demand for a second hotel under the
Borgata brand of hospitality,” said Larry Mullin, President and Chief
Operating Officer for Borgata. “Upon its opening in early 2008, The Water
Club will continue Borgata’s efforts in redefining Atlantic City as a
travel destination by introducing a new, uncharted hotel experience to the
market.”
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