In a nutshell; to sell off the Boardwalk property and build a second mega resort on the H tract.

Berns & Simpson story from the L.V. Review/Journal:

MGM Mirage may yet sell two prime parcels

it owns in Atlantic City, but don't expect the

high-end casino operator to market its

property on the seaside city's H-Tract.

The company announced last week its plans to name the

H-Tract, acquired when MGM Grand bought Mirage Resorts

last year, Renaissance Pointe, said John Redmond, chief

executive officer of MGM Mirage subsidiary MGM Grand

Resorts.

The company's wealth of prime casino land on the H-Tract and

in Las Vegas, where it owns the Boardwalk property, is behind

its desire to sell two other Atlantic City properties.

The company owns a 14-acre site in the Marina District and

about 12 acres of a 34-acre Boardwalk site. Redmond said the

H-Tract site will hold three casinos. One hotel-casino, the

Borgata, a joint Boyd Gaming Corp. and MGM Mirage project,

is under construction.

MGM Mirage, will own and operate a second casino on the site,

with a name and theme to be announced by early next year, he

said. The project will cost between $1.1 billion and $1.5 billion.