Lion Slots features interactive slot machines called i-Slots.
Play Now at Superslots Casino
New players voted this site the most exciting casino online.
Play Now at Golden Casino
Golden Casino is the most trusted online gambling site on the internet.
Your Ad Here?
The New Jersey Division of Gaming Enforcement (DGE) has reached a settlement agreement with MGM Mirage to end the gaming companies business in Atlantic City.
The DGE had previously recommended to the Casino Control Commission (CCC) that MGM Mirage’s joint venture partner in Macau be found unsuitable and that the company should be directed to disengage from any business association with the partner.
MGM disagreeing with the DGE’s assessment has agreed to sell its 50% ownership interest in the Borgata Hotel Casino & Spa and related leased land, co –owned with Boyd Gaming.
“We have the utmost respect for the DGE but disagree with its assessment of our partner in Macau,” said Jim Murren, Chairman and Chief Executive Officer. “Regulators in other jurisdictions in which we operate casinos have thoroughly considered this matter and all of them have either determined that the relationship is appropriate or have decided that further action is not necessary. Since the DGE takes a different view, we believe that the best course of action for our company and its shareholders is to settle this matter and move forward with the compelling growth opportunities we have in Macau.”
Under the terms of the settlement, MGM will place its interest in the property and related leased land into a divestiture trust where any cash flows received in respect to the asset will be retained and subject to property taxes and other cost attributable to the trust.
The trust must be sold within a 30 month period. During the first 18 months, MGM will have the right to direct the trustee to sell, subject to the approval of the CCC. If a sale has not been concluded within the allotted time, the trustee will be responsible for selling the trust during the following 12 month period.
“The Borgata is the most successful property in the Atlantic City marketplace, and we expect there will be strong interest in this valuable asset,” said Jim Murren, Chairman and Chief Executive Officer.
The settlement agreement is subject to approval from the CCC, expected to hold a hearing on the subject on March 17, 2010.
Upon approval, MGM Mirage will surrender its New Jersey gaming license; however will be permitted to reapply 30 months after the completion of the sale.
Related posts:
