Jun
02
MGM to Buy Boyd’s Half of Borgata in Atlantic City
ByMGM Resorts is shelling out $900 million to acquire Boyd Gaming’s 50 percent interest in the Borgata Hotel Casino & Spa.
Borgata Hotel Casino & Spa, Atlantic City, N.J.
Atlantic City, N.J.—For a cool $900 million, MGM Resorts International has agreed to acquire joint venture partner Boyd Gaming Corp.’s 50 percent interest in Borgata Hotel Casino & Spa in Atlantic City, N.J., MGM announced earlier this week.
In a related transaction, MGM Growth Properties LLC will acquire Borgata’s real property from MGM Resorts for total consideration of approximately $1.175 billion and lease it back to a subsidiary of MGM Resorts. Another subsidiary of MGM Resorts will operate Borgata, which with The Water Club, comprises New Jersey’s largest hotel at 2,802 rooms…
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