Boyd Gaming Sold Mgm Resorts His Borgata Shares
Boyd gaming sold its 50% stake from the authorized capital of marina district development holding company (mdvhc). Mdvhc – head company borgata hotel casino & spa in atlantic city. The share package will go to the hands of mgm resorts international for $ 900 million, calvinayre reports.Com.
The owner and ceo of boyd gaming keith smith commented on it like this:
«Building and opening borgata in 2003 was an important stage in the development of the company boyd gaming. Under our leadership borgata has become one of the most popular and successful eastertainment seats of the eastern coast. We are pleased with the success of this institution, but its sale – excellent opportunity to provide our shareholders without delay».
Boyd gaming expects advance – about $ 600 million – after the company is calculated for the overdue duty borgata. Indition, boyd gaming expects to get half of the debt return of real estate tax. According to the company estimates, the total amount is approximately $ 180 million.
Finally, the transaction should take place in the 3rd quarter of 2016. Aftert that, borgata hotel casino & spa will fully pass into the ownership of mgm.