Despite not having a major presence in Atlantic City, MGM has always owned a stake in the Borgata, a collaborative operation with Boyd Gaming which is still the highest-grossing casino resort in the Atlantic City area. As of Monday however, MGM shook things up just a bit.
MGM Buys Out Boyd
In a deal completed August 1, MGM bought out Boyd’s 50 percent stake in the Borgata for $900M, with Boyd netting just shy of $600M after paying off the debt it had associated in its stake in the property. With the purchase, MGM becomes the primary operator of the Borgata and now has a significant stake in the Atlantic City gaming scene.
For his part, Jim Murren seemed to sum up MGM’s decision with the quote “Borgata is a great addition to our growing presence in the mid-Atlantic and Northeast United States…”. What this means for Borgata’s growth and change won’t be clear for some time, but it’s unlikely that much will change in the interim except for behind the scenes operations.
Regardless this is an exciting development for MGM in the AC marketplace, one which might allow them to bring some of their exclusive branding from Las Vegas and Macau to one of the world’s most struggling gaming markets. I certainly look forward to seeing what the future holds, and just how Borgata now merges their excellent operations with players in with MGM’s model systems in Las Vegas. Exciting times ahead for the Borgata, that is for certain.
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