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State Okays Borgata Settlement

ATLANTIC CITY-The Casino Control Commission has signed off on a settlement in which MGM Mirage will sell its 50% interest in the Borgata.

By Paul Bubny | Updated on March 17, 2010

ATLANTIC CITY-MGM Mirage will sell its 50% ownership of the Borgata Hotel Casino & Spa here rather than cut ties with its partner in a proposed Macau gaming resort, the state’s Division of Gaming Enforcement said Wednesday. Separately, the state Casino Control Commission approved the settlement between MGM Mirage and the DGE, which stipulates that the Las Vegas-based gaming company sell its Borgata interest within 30 months.

In a May 2009 report to the CCC, the DGE requested that MGM Mirage sever its business relationship with its Macau partner, Pansy Ho, managing director of Shun Tak Holdings Ltd. Ho is also daughter of Hong Kong billionaire Stanley Ho, who allegedly has ties to organized crime. The DGE report, which was made public for the first time Wednesday, determined that Stanley Ho was “unsuitable” as a joint venture partner and that his daughter had failed to demonstrate that she was personally, professionally and financially independent from him.

MGM Mirage chairman and CEO Jim Murren says in a statement issued Wednesday that the DGE report “acknowledges there is no evidence that Pansy Ho has engaged in any wrongdoing or been accused of any illegal activity. Gaming regulators in the other jurisdictions where we operate casinos are well aware of this matter, had access to the same information as the New Jersey gaming regulators and have all either determined that the company’s relationship with Pansy Ho is appropriate or that further action was not necessary.”

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