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MGM buys out partner in Borgata casino, spins out real estate

Jun 01, 2016 - The Deal Pipeline
Mergers and Acquisitions

Las Vegas gaming company MGM Resorts International (MGM) on Tuesday agreed to buy out its 50% partner in Atlantic City's Borgata Hotel Casino & Spa just days after the state of New Jersey approved a bailout package that will help the cash-strapped city's gaming industry.

MGM would pay activist target Boyd Gaming Corp. (BYD) $900 million for the half of Borgata it doesn't already own and also assume the hotel and casino's remaining $600 million in liabilities. MGM, in turn, will sell Borgat...