MGM Resorts International, previously MGM Mirage, has taken the first step towards satisfying a settlement agreement with New Jersey regulators this week with the announcement of an agreement to sell the land under the Borgata Resort.
Under the terms of the settlement, reached earlier this year, with the New Jersey Casino Control Commission, MGM will sell its 50% stake in the Atlantic City Borgata Resort co owned with Boyd Gaming and all related land.
New Jersey Gaming regulators deemed that MGM’s Macau partner was unfit and questioned whether they should have their gaming license revoked. MGM choosing the fast growing Macau gambling operation, agreed to a settlement removing them for the state.
While a deal has not been reached to sell off its stake in the Borgata, MGM has reached an agreement to sell 11 of the 96 acres owned under and adjacent to the resort to Vornado Realty Trust and Geyser Holdings for approximately $73 million.
The deal is subject to approval from state regulators and is expected to close before the fourth quarter with no affect to the resort or Boyd Gaming.
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