Just Don't Buy the Railroads

Park Place Entertainment Corp. (Las Vegas), the casino company that owns the historic 900-foot-long Atlantic City (N.J.) Million Dollar Pier, and Gordon Group Holdings (New York), the pier's lessee, have announced plans to transform the pier into an entertainment and retail complex with a Monopoly theme. Fittingly, the board game features Atlantic City streets and landmarks.

The pier will be renamed Park Place on Broadway, as much for the expensive property on the game board as for the pier's owner.

The 280,000-square-foot complex, scheduled to open in spring 2004, will have three large glass atriums connected by three levels of retail space with about 60 shops and 10 restaurants, including some with live entertainment, and several spaces that recreate spots on the board. (Two of the atriums will be named Water Works and Marvin Gardens.)

The whole complex will be linked by a skywalk over the Boardwalk to Caesars Atlantic City Hotel Casino, one of four connected casinos owned by Park Place Entertainment. The casino company also owns Caesars Palace in Las Vegas, and is said to have pioneered the marriage of gambling and retail with The Forum Shops at Caesars. It is leasing the pier for 75 years to the Gordon Group.

The pier might be best known for hosting the original Miss America pageants. It was the world's largest entertainment venue when it was built in 1906 for $1 million.