MGM Resorts International closed on the previously announced acquisition of Boyd Gaming Corporation's interest in Borgata Hotel Casino & Spa in Atlantic City for approximately $900 million.
Cash proceeds paid to Boyd Gaming for its interest were $589 million, after customary working capital adjustments and consideration of Borgata's outstanding debt of $575 million. A portion of this debt was refinanced and then assumed by MGM Growth Properties LLC in connection with its acquisition.
"As the premier resort in Atlantic City, Borgata is a great addition to our growing presence in the mid-Atlantic and Northeast United States," said Jim Murren, chairman & CEO of MGM Resorts. "We are excited to welcome the talented Borgata leadership team and employees into MGM Resorts and look forward to serving guests with new and exciting opportunities through our diverse resort offerings.”
The Borgata Hotel Casino & Spa offers meeting and event space for groups of 10 to 3,500.
