Boyd Gaming is selling its 50% share in the hugely successful Borgata Casino Resort in Atlantic City to its partner for over a decade MGM Resorts for $900 million along with any property tax rebates that maybe due.
“The consistent success of Borgata is a tribute to the entire Borgata team, as they have continued to outperform an evolving and challenging Atlantic City market,” Boyd president and CEO Keith Smith said in a company statement. “We thank them for their tremendous contributions to Borgata and Boyd Gaming, and we wish them continued success as they join the MGM team.”
“Borgata is the premier resort in Atlantic City and a great addition to our growing presence in the Northeast,” MGM Resorts CEO and chairman Jim Murren said in a statement. “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.”
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