Borgata expansion to open in June

Newsday.com
Borgata expansion to open in June
11:42 AM EST, February 27, 2008

BY WAYNE PARRYP> Associated Press WriterP>

ATLANTIC CITY, N.J. (AP) _ The Borgata Hotel Casino & Spa's second hotel tower will open in June, its parent company said Wednesday.

The Water Club, a $400 million 800-room hotel, had been delayed by a fire last year that damaged portions of its exterior. Before the September blaze, the Water Club was scheduled to be the first in a wave of hotel expansion projects to be completed in Atlantic City.

That honor went to Harrah's similarly named Waterfront Tower, which has already started admitting guests on one floor within the past 10 days. A ribbon-cutting ceremony is planned for next week just down the road from the Borgata in the city's Marina District.

Boyd Gaming said The Water Club is in the final stages of construction. It will include five swimming pools, a spa, additional meeting and retail space, and a separate front desk.

Keith Smith, Boyd's president and CEO, said the Water Club and a $130 million expansion of its Blue Chip Casino Hotel in Indiana both remain on schedule and within their allotted budgets.

"We are excited about what The Water Club and Blue Chip hotel developments will mean to our businesses in those markets," he said. "The new additions will elevate each of the respective brands, as we face increasingly competitive landscapes in both markets."

Net revenue for Borgata was $202.7 million for the fourth quarter 2007, an increase of 2 percent over the same quarter in 2006.

The company said that despite increasing competition in Atlantic City from out-of-state slots parlors, the Borgata increased its gambling revenue by 3.7 percent, and increased its share of the Atlantic City market from 14.1 percent to 16 percent last year.



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