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Boyd Completes Sale of Stake in Borgata to MGM Resorts

The Borgata Hotel, Casino, and Spa now fully belongs to MGM Resorts International after Boyd Gaming sold its remaining stake in New Jersey's most successful casino for $589 million.

The deal will see the Borgata resort being included in the sale, as well as the Water Club Hotel, which does not offer any gambling.

The sale money will go toward paying down Boyd's own debt and other purposes, and will also see the Nevada-based company getting 50% of any future tax settlement money that Atlantic City owes the Borgata for overages paid.

This is the second stint at Borgata ownership for MGM Resorts, which had previously decided to abandon the market for Macau, but was allowed back into its ownership stake after no buyer for its half of the Borgata could be facilitated.

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bgsharpe
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3 August 2016 - 12:24am
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It's a huge deal obviously, Borgata is world famous casino and would be interesting if they would remain New Jersey's most successful casino under the new ownership of MGM Resorts and I guess the answer would be positive.

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