MGM Resorts buys out Boyd Gaming’s stake in Borgata Atlantic City
Sunday, 01 Jun, 2016
0
MGM Resorts is acquiring Boyd Gaming’s 50% share of the Borgata Resort in Atlantic City for $900 million.
The two companies announced the agreement for the 2,802-room property which had been run as a joint venture.
The Borgata is the largest hotel in New Jersey.
The deal includes the Borgata casino and hotel, and the adjacent Water Club hotel, with an expected completion date by the end of the third quarter of 2016.
Boyd will get $600 million up front plus a share of property tax refunds owed to Borgata by the state.
"Borgata is the premier resort in Atlantic City and a great addition to our growing presence in the Northeast," Jim Murren, chairman and CEO of MGM Resorts International, said in a statement.
"While the market continues to experience challenges, Borgata has outperformed and differentiated itself as the undisputed leader in the city. Our decade-long partnership with Boyd Gaming has been a great one."
MGM plans to lease back the property to a subsidiary to operate
Boyd Gaming CEO Keith Smith said the company will use the proceeds to reduce its debt.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Clearing CSS/JS assets' cache... Please wait until this notice disappears...
Updating... Please wait...
Airlines suspend Madagascar services following unrest and army revolt
Qatar Airways offers flexible payment options for European travellers
TAP Air Portugal to operate 29 flights due to strike on December 11
Air Mauritius reduces frequencies to Europe and Asia for the holiday season
Airbnb eyes a loyalty program but details remain under wraps