ATLANTIC CITY-MGM Resorts International has reached an agreement to sell four long-term ground leases and their respective underlying property parcels at the Borgata Hotel Casino & Spa to Vornado Realty Trust and Geyser Holdings for approximately $73 million. The property parcels are subject to the transaction are comprised of approximately 11.3 acres.

Following the completion of the inspection period, both Vornado and Geyser, along with MGM. have agreed to proceed with the transaction, which is still subject to closing conditions contained in the purchase and sale agreement, including approval by the New Jersey Casino Control Commission and the New Jersey Division of Gaming Enforcement. Calls to Vornado were not returned by deadline.

The parties expect the transaction to close by the fourth quarter of this year. MGM Resorts International continues to own approximately 85 acres of developable land in Atlantic City of which around 70 acres are adjacent to the Borgata on Renaissance Point. These 85 acres of developable land are not included in this transaction.