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Yates, Tishman to manage $547m Atlantic City project.

Boyd Gaming Corp. and MGM MIRAGE, co-developers of the Borgata Hotel, Casino & Spa, have initiated a $547-million expansion program at the Atlantic City mega-resort, and named Yates Construction Company of New Jersey and Tishman Construction Corporation of New Jersey as joint-venture Construction Manager.

This is the same team that collaborated to manage Borgata's initial, $1.1-billion, 4.95-million square foot development phase on-time and on-budget for its July, 2003 debut.

Designed by joint-venture architects Bower Lewis Thrower and Cope Linder Associates, the expansion is two fold: an 830,000-square foot tower with associated 1,600-car garage, and a 330,000-square foot, low-rise portion.

Borgata's new guest room high-rise is a $347million, 40-story structure that will be connected to the resort's existing Casino. It will include 700 classic guest rooms, 100 suites, indoor and outdoor pools, a lavish spa and fitness center, new meeting space and retail shops.

The tower will complement a $200-million low-rise expansion project, currently underway, which will adjoin Borgata's existing low-rise and include casino space, two nightclubs, retail attractions, and three destination restaurants. New eateries include ventures by world-renowned chefs such as Wolfgang Puck Cafe, Bobby Flay Steak, and Michael Mina Seablue.

"Yates is both honored and excited about our continued involvement in the Borgata," says William G. Yates, III, President of Yates Construction. "Together with Tishman, we look forward to another successful project with the Borgata team."

"The Borgata has been a phenomenal success story in Atlantic City, and we are thrilled to be working with the development team, architects, and Yates once again to make this property an even more spectacular resort destination," says Daniel R. Tishman, Chairman & CEO of Tishman Construction Corporation.

The low-rise expansion is scheduled to open in the second quarter of 2006. Yates and Tishman will break ground on the new hotel tower in the first quarter of 2006 with completion slated for the fourth quarter of 2007.
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Title Annotation:Yates Construction Company. and Tishman Construction Corporation of New Jersey; Borgata Hotel, Casino & Spa.
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Aug 31, 2005
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