Deals
MGM Resorts Buys Borgata Stake From Boyd Gaming for $900 Million
- Gains full ownership of Atlantic City’s top-performing casino
- Related REIT will own property and lease back to MGM Resorts
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MGM Resorts International, the largest casino operator on the Las Vegas Strip, agreed to buy Boyd Gaming Corp.’s 50 percent stake in Atlantic City’s Borgata hotel and casino for $900 million.
As part of the deal, MGM Resorts will sell the entire property for $1.18 billion to MGM Growth Properties LLC, a real estate investment trust it created earlier this year, and operate the Borgata under a lease-back accord, the companies said Tuesday in a statement.