Developer Purchases Site in Atlantic
City
The New York Times has reported that R. Donahue Peebles, a
Miami Beach-based developer, has bought the vacant MGM Grand
casino site in Atlantic City, N.J. and is currently in negotiations
to purchase additional city-owned sites to develop a resort
and entertainment center.
Peebles told the Times that a casino is also an option but
city officials said that Peebles risks losing tax credits
and public investment if he does build a casino.
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