Speaking at a National Press Club luncheon, MGM Resorts International CEO Jim Mullin expressed faith in the Atlantic City market, which he said is why the company has acquired full ownership of the resort’s Borgata Hotel Casino & Spa.
“Atlantic City’s darker days are behind it,” Murren said at the luncheon, held to mark the opening of MGM National Harbor casino and according to NJ.com. “We’re going to see gradual improvement.”
The city has seen five casinos close since 2014 and the city’s municipal government has just been taken over by the state of New Jersey in an effort to save it from bankruptcy. But Murren said MGM would not have bought out Boyd Gaming for full control of Borgata if it wasn’t expecting growth in the market.
“It’s heartbreaking what has happened in Atlantic City,” Murren said. “I would not have just invested additionally another $800 million into Atlantic City if I did not believe that it could move forward.”
Murren did not address the Borgata’s dispute with Atlantic City over back taxes. The city owes the casino more than $150 million after tax court rulings.
However, he did say the company is willing to work with the city on a wide range of issues.
“We’re going to look to continue to work with the state and the city. The city’s got a tough road ahead of it, but we want to be part of the solution,” Murren said. “And I look forward to working with the state and Atlantic City to continue to move that really important market forward.”
Mullen also weighed in on sports betting. New Jersey has been fighting in the courts for several years to get around a federal ban and approve sports betting at Atlantic City casinos.
“People love to bet on sports,” Murren said. “Let’s regulate and give the American public what it wants.”
