MGM buys the rest of Borgata
Boyd Gaming Corp. said that it will sell its 50 per cent stake in the parent company of Borgata Hotel Casino & Spa in Atlantic City to MGM Resorts International for a consideration of $900 million, including $600 million in cash, as well as a 50 per cent share of any future property tax settlement benefits received by Borgata. Borgata claims it is entitled to property tax refunds of $180 million. The transaction includes the Borgata casino and hotel, and its non-gaming Water Club hotel next door in the city's Marina District. The transaction is expected to close in the third quarter, subject to regulatory approvals, leaving MGM with full ownership of the property.
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