The Atlantic City Council on Wednesday authorized the negotiation of a long-term tax exemption with MGM Resorts International to help it build as many as 1,800 new market-rate housing units on vacant land it owns near Borgata Hotel Casino & Spa.
Council voted to begin negotiating a financial agreement with Mac Corporation, a wholly owned subsidiary of MGM Resorts International, which owns Borgata, the MGM Tower and an expanse of vacant land between Borgata and Harrah’s Resort Atlantic City.
The move follows an announcement earlier this month by Mayor Marty Small Sr. of MGM’s interest in developing the 70-acre site, which had long been eyed for additional casino development.
