Golden Nugget Says It Won't Gamble on Atlantic City

Associated Press

Golden Nugget officials are scrapping plans for a second resort in Atlantic City because of disappointing growth rates in the New Jersey resort.

Clyde Turner, Golden Nugget chief financial officer, said the resort will not proceed with the construction of a $300-million hotel-casino in the Marina area of Atlantic City. As a result, Turner said the Golden Nugget has written off as a loss the $15 million it has already spent on the project, exclusive of the purchase price of the land.

The design had been completed and site preparation was accomplished, Turner said, but no above-ground construction had been started.

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