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MGM Resorts takes over full ownership of Atlantic City’s Borgata

2nd August 2016 10:37 am GMT

US casino operator Boyd Gaming Corporation has completed the sale of its 50 per cent equity interest in Atlantic City’s Borgata to former joint venture partner MGM Resorts International.

MGM has acquired the stake for approximately $900m, with cash proceeds of $589m going to Boyd and the remainder used for customary working capital adjustments and consideration of Borgata’s outstanding debt of $575m.

In addition, a portion of this debt was refinanced and then assumed by MGM Growth [...]

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