MGM Resorts sells Atlantic City land for US$73m

ATLANTIC CITY, NEW JERSEY MGM Resorts International has sold some 11 acres of property holdings in New Jersey, including some land under Atlantic City’s Borgata Hotel Casino & Spa, to Vornado Realty Trust and Geyser Holdings for US$73 million.

The property divestment is connected to MGM’s exit of the New Jersey gaming market following state regulators’ objections to the company’s Macau partnership with Pansey Ho, daughter of casino magnate Stanley Ho, who is reputed to have connections to organized crime.

The sale and involves ground leases and the land on which part of the Borgata sits, but does not include its 50% stake in the resort itself. The Borgata is jointly owned by MGM and Boyd Gaming

The land sale has to be approved by New Jersey gaming regulators.

MGM still owns about 85 acres in Atlantic City, most of which is adjacent to the Borgata.