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MGM Mirage has announced that they have begun talks with the New Jersey Division of Gaming Enforcement to stop doing business directly in their state.
Previous reports were that the gaming company would sell its 50% stake in Atlantic City’s Borgata Casino, because the states Casino Control Commission has requested MGM to cut ties with a controversial Chinese casino family, that allows them to due business in Macau.
“We disagree with the New Jersey Division of Gaming Enforcement’s recommendation to the Casino Control Commission concerning our Macau partner, but believe pursuing a settlement with the DGE represents the best course of action for our company and its shareholders.” MGM Mirage Chief Executive Jim Murren said in the statement.
While a settlement has not been reached MGM has asked lenders to consent to a trust agreement, where their half of the Borgata would be put into a divestiture trust for which MGM Mirage would be the sole economic beneficiary.
Any settlement reached would be subject to final approval by New Jersey gaming officials.
“We would like to put this matter behind us and move forward with the compelling growth opportunities we have in Macau.” Murren said.
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