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The New Jersey Casino Control Commission has agreed to honor the settlement reached between the state’s Divisions of Gaming Enforcement agency and MGM Mirage to sell its 50% stake in the Atlantic City Borgata Hotel and Casino.
The Borgata is a 50-50 venture between MGM Mirage and Boyd Gaming.
MGM said it will place its interest in the Borgata and related leased land in a divestiture trust. The settlement mandates the sale of the trust property within a 30-month period.
The stake sale is a response to the DGE’s recommendation that the commission find MGM’s Macau joint venture partner, Pansy Ho, “unsuitable” and require the gaming company to sever ties and withdrawal from the lucrative Macau market.
Macau has become the world’s number 1 gambling mecca, surpassing Las Vegas and Atlantic City several years ago. In the first two months of the year gaming revenue rose by nearly 70% and MGM has begun laying the ground work for an initial public offering on shares of the Macau partnership on the Hong Kong Stock Exchange.
With Atlantic City gaming revenue falling 25% in the past three years, after facing growing competition from neighboring states and the economic crisis that has effected so many, MGM said that the best course of action for the company and its shareholders was to settle with regulators and surrender the gaming license allowing them to do business in the state.
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