Sunday, May 21, 2006

As Reported by the Inquirer :"The gambling subsidiary of Morgan Stanley has
acquired 20 acres on the Boardwalk to develop what will be Atlantic City's
13th casino. "The Wall Street firm confirmed it paid about $74 million for
the land, which had been controlled by a group of developers and the
Atlantic City Housing Authority. "A Morgan Stanley official said yesterday
that the company intended to choose a casino operator to build and operate
the previously reported $1 billion casino hotel on the site that abuts the
Showboat casino and the Bella Condominiums high-rise tower in the city's
rapidly developing South Inlet area."He would not name the firm with which
MS is negotiating, and the New Jersey Casino Control Commission, which
regulates Atlantic City's casino industry, has not received any application
for a new casino license.

"But real estate professionals and gambling industry officials familiar with
Morgan Stanley's plans say a leading contender is Hard Rock International
Inc.

"A housing agency official said MS Gaming was also obligated to produce a
condo tower, or casino hotel, or both, at a cost of at least $80 million
under the terms of the original agreement made when North Beach Holdings
acquired the land.

"With its plans to develop Atlantic City's newest casino, Garrity said MS
Gaming would not be in direct competition with Trump's three casinos there."