The property had previously been subject to a land lease. Boyd Gaming chief executive William Boyd says that while the company has no near-term redevelopment plans, "having full ownership of the entire property at such a premier location greatly enhances the number of development options we have when we are ready to redevelop the property."

Boyd Gaming owns and operates 18 gaming entertainment properties in Nevada, New Jersey, Mississippi, Illinois, Indiana and Louisiana. In a joint venture with MGM Mirage, Boyd is currently overseeing the $547-million two-phase expansion of the Borgata Hotel, Casino & Spa in Atlantic City's Marina District. The selection signals the start of work on the expansion, which was announced last fall and carries a price tag of $547 million. The property is 50-50 owned by Boyd Gaming and MGM Mirage of Las Vegas, and managed by Boyd. The exsisting development totals 4.95 million-sf and was completed two year ago at a cost of $1.1 billion.

The first phase of the Borgata expansion will include a low-rise wing attached to the property's existing low-rise section. At a cost of $200 million, it will add casino space, two nightclubs, retail space and several restaurants, including Wolfgang Puck Café, Bobby Flay Steak and Michael Mina Seablue, according to Borgata officials. The phase is expected to be ready to open by mid-2006. The second and larger phase will consist of an 830,000-sf tower and 1,600-car parking garage that will add 800 guestrooms, including 100 suites to the property. The 40-story tower, which will connect to the properties existing casino, will also include indoor and outdoor pools, a spa and fitness center, additional meeting space and more retail shops. With a price tag of $347 million, it will start construction during Q1 of 2006, with completion targeted for late 2007.