• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

MGM Resorts completes acquisition of Borgata stake

Aug 02, 2016 Newsdesk Latest News, Top of the deck, World  


MGM Resorts completes acquisition of Borgata stake

Casino operator MGM Resorts International on Monday said it had completed a deal to buy the 50 percent of Atlantic City’s Borgata Hotel Casino and Spa that the group did not already own; for a total consideration of US$900 million. The deal, with seller Boyd Gaming Corp, excludes any future tax settlement that MGM Resorts might agree with the Atlantic City authorities, according to a statement from MGM Resorts.

MGM Resorts, the parent company of Macau-based MGM China Holdings Ltd, paid US$589 million in cash for the transaction, after consideration of Borgata’s outstanding US$575-million in debt.

A portion of this debt was refinanced and then assumed by MGM Growth Properties LLC, a publicly traded real estate investment trust (REIT) that has in turn acquired the Borgata property from MGM Resorts, the latter firm said. The property has been leased back to a subsidiary of MGM Resorts, which will run the operations.

The transaction includes the Borgata casino and hotel, and the Water Club hotel next door in the city’s Marina District.

“Borgata is a great addition to our growing presence in the mid-Atlantic and Northeast United States,” said Jim Murren, chairman and chief executive of MGM Resorts, in a statement.

MGM Resorts had been effectively forced to give up control of its original 50-percent interest in the Borgata Hotel Casino and Spa, one of Atlantic City’s best-performing gaming properties, because of issues raised in 2009 by the local regulator regarding the “suitability” of businesswoman Pansy Ho Chiu King, at that time a 50 percent partner with MGM Resorts in a Macau casino business.

MGM Resorts had put its original 50 percent stake in Borgata into a fund controlled by a trustee when it pulled out of the Atlantic City market voluntarily. In September 2014, the New Jersey Casino Control Commission voted unanimously to allow MGM Resorts to re-enter the Atlantic City casino market.

In July, the Casino Control Commission approved the lease agreements needed for the sale that will give MGM Resorts full control of the property.


  • tweet
Related articles
  • Macau ops share junket deposit liability: Macau top court
    Macau ops share junket deposit...

    May 16, 2022  

  • Possible US$637mln loan via STDM to shore SJM: mgmt
    Possible US$637mln loan via STDM to...

    May 04, 2022  

More news
  • Foreign tourists can get S.Korean peninsula visa from June 1
    Foreign tourists can get S.Korean...

    May 20, 2022  

  • Crown Resorts’ shareholders nod Blackstone bid
    Crown Resorts’ shareholders nod...

    May 20, 2022  


Latest News

Foreign tourists can get S.Korean peninsula visa from June 1

Foreign tourists can get S.Korean peninsula visa from June 1

May 20, 2022  

South Korea on Thursday said it would from June 1 resume issuing short-term tourism visas for trips to the country’s mainland, for individual visitors and groups of tourists. Permits for...
Read More
Crown Resorts’ shareholders nod Blackstone bid

Crown Resorts’ shareholders nod Blackstone bid

May 20, 2022  

JP Morgan ups Aristocrat profit forecast 8pct for FY2022

JP Morgan ups Aristocrat profit forecast 8pct for FY2022

May 20, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”[Revenue at Okada Manila] will be around 80 percent of the pre-pandemic level in 2022 before recovering almost fully in 2023"

Satoru Aoyama, Akash Gupta and Kalai Pillay

Analysts at credit rating agency Fitch



Most Popular

  • Melco to launch family attraction at Studio City in JuneMelco to launch family attraction at Studio City in June May 19, 2022
  • Andrew Lo takes controlling stake in Suncity, Summit AscentAndrew Lo takes controlling stake in Suncity, Summit Ascent May 19, 2022
  • Foreign tourists can get S.Korean peninsula visa from June 1Foreign tourists can get S.Korean peninsula visa from June 1 May 20, 2022
  • Fitch flags Universal Ent founder spat, upgrade on Manila IRFitch flags Universal Ent founder spat, upgrade on Manila IR May 20, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us