MGM Acquiring Borgata Hotel Casino & Spa

Borgata Hotel, Atlantic City, NJ (Photo by Dustin via Flickr.com, Creative Commons License)

ATLANTIC CITY, NJ— Casinos continue to play musical chairs in Atlantic City, with MGM Resorts International and MGM Growth Properties acquiring Boyd Gaming Corporation’s 50 percent interest in Borgata Hotel Casino & Spa in Atlantic City, NJ for $900 million. After completion of the acquisition of Boyd Gaming’s interest, MGP will acquire Borgata’s real property from MGM Resorts and lease back the real property to a subsidiary of MGM Resorts , which will operate Borgata . ” Borgata is the premier resort in Atlantic City and a great addition to our growing presence in the Northeast,” says Jim Murren , chairman and CEO of MGM Resorts International . “While the market continues to experience challenges, Borgata has outperformed and differentiated itself as the undisputed leader in the city. Our decade-long partnership with Boyd Gaming has been a great one, and Borgata’s talented employee base will complement and strengthen our more than 60,000-member worldwide MGM Resorts team. We are excited about the opportunity to bring our market-leading loyalty program, M life Rewards, to the resort and integrate our operations, to position Borgata for further growth.” The transaction is expected to close in the third quarter of 2016.