MGM Grand acquires land for resort

THE ASSOCIATED PRESS

ATLANTIC CITY -- MGM Grand Inc.'s plans for a casino resort on 35.5 acres in Atlantic City took a favorable turn Wednesday with the acquisition of eight lots critical to the project.

The Press of Atlantic City reported that Joseph C. Zoll sold eight lots for $2.228 million, or $100 per square foot, to MGM Grand, which wants to build a resort for $700 million to $1 billion.

Zoll and nine other owners of property in the South West Inlet Redevelopment Area agreed to sell, leaving one holdout, New York businessman Shalom Dai, who owns two parcels totalling 5,905 square feet. Dai is said to want $5.9 million, or $1,000 per square foot for his land.

Zoll agreed to the sale after losing a lawsuit in which he tried to stop the city from helping MGM acquire land for the resort through eminent domain.

archive