Boyd Gaming sells its 50 percent stake in Borgata to MGM
Boyd Gaming is selling its 50 percent stake in Atlantic City's top casino to MGM Resorts International, the company that owns the other half.
Boyd made the announcement Tuesday afternoon.
It will get $900 million, plus half of any future tax settlement MGM reaches with Atlantic City.
After the deal closes in the third quarter of this year, MGM will own all of the Borgata, which has been Atlantic City's top-performing casino since shortly after it opened in 2003.
MGM chairman Jim Murren says his company is getting "the premier resort in Atlantic City" as part of its growing footprint in the Northeast gambling market.
The Las Vegas companies have been partners in the Borgata, which reported first quarter net revenue of $812 million and $212 million in adjusted earnings.
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