NJ Approves $900 Million Borgata Sale To MGM Resorts International
ATLANTIC CITY, N.J. (CBSNewYork/AP) -- MGM Resorts International's purchase of Boyd Gaming's 50 percent stake in Atlantic City's top casino has received regulatory approval in New Jersey.
The Casino Control Commission on Wednesday voted 3-0 to approve lease agreements needed for the sale that will give MGM full control of the property.
Boyd will get $900 million, plus half of any future tax settlement MGM reaches with Atlantic City.
After the deal closes in the third quarter of this year, MGM will own all of the Borgata. MGM will oversee operations of the property and will merge Borgata's customer loyalty program with its own.
The Las Vegas companies have been partners in the Borgata, which has been Atlantic City's top-performing casino since shortly after it opened in 2003.
MGM decided in 2010 to sell its stake and leave New Jersey, rather than cut ties to an Asian business partner in Macau. But a buyer was never found. The Casino Control Commission voted let MGM keep its 50 percent ownership of the Borgata in 2014.
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