LAS VEGAS MGM Resorts International is considering an offer of about US$250 million for its 50% stake in Atlantic City’s Borgata Hotel Casino & Spa.
The bid by an unnamed buyer has been forwarded to Boyd Gaming Corp., which owns the other half of Borgata and has a right of first refusal if MGM were to sell the stake.
MGM, which seeks to unburden itself of about US$13 billion worth of debt—much of it tied to the launch of CityCenter Las Vegas—also announces an upcoming sale of 40.9 million shares of its common stock. The sale is expected to generate between US$550 million and US$600 million.