Search
 

MGM Acquiring Borgata Hotel Casino & Spa

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.

By Steve Lubetkin | stevelubetkin | | Updated on June 03, 2016
Borgata Hotel, Atlantic City, NJ (Photo by Dustin via Flickr.com, Creative Commons License) 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.