Atlantic City Takes on Las Vegas

Atlantic City is about to get a $9 billion makeover, with four companies slated to build  as many new mega-casinos by 2012. The luxury resorts constitute the biggest burst of investment in the city since the start of casino gambling in 1978, the AP reports. As Atlantic City bids to compete with Las Vegas as a luxury travel destination, many older casinos are planning expansions to keep pace.

Kicking off the new development, Revel Entertainment Group and Morgan Stanley are planning a $2 billion casino-resort, Revel, with two towers, as many as 3,900 rooms, and Atlantic City's first casino wedding chapel. MGM Atlantic City will have three hotel towers offering more than 3,000 rooms and the largest casino floor. "This is exactly the development cycle that Las Vegas has experienced over the past 15 to 20 years," said one booster,  "and is what Atlantic City is poised to achieve as well."