ADVFN - Advanced Financial Network.
HOME» NYSE » B » BYD Stock Price » BYD Stock News

Boyd Gaming Share News

 Boyd Gaming Corp. Stock Price
BYD Stock Price
 Boyd Gaming Corp. Stock Chart
BYD Stock Chart
 Boyd Gaming Corp. Stock News
BYD Stock News
 Boyd Gaming Corp. Company Information
BYD Company Information
 Boyd Gaming Corp. Stock Trades
BYD Stock Trades

MGM Mirage To Sell Borgata Stake In Settlement With NJ Regulators

DOW JONES NEWSWIRES MGM Mirage (MGM) will sell its 50% stake in the Borgata Hotel Casino & Spa in Atlantic City, as widely expected, in a settlement with New Jersey gambling regulators. Shares rose 1.4% in early trading to $11.83 while Borgata partner Boyd Gaming Corp. (BYD) climbed 1.4% to $8.72. The regulators had raised concerns about the suitability of MGM Mirage's business partner in Macau. Chairman and Chief Executive Jim Murren reiterated Friday that the casino operator disagrees with the New Jersey regulators. He said other regulators have determined the relationship with Pansy Ho is appropriate or decided further action isn't required. MGM Mirage disclosed last year that New Jersey's Division of Gaming Enforcement had issued a confidential report saying the company should disassociate from Ho, the company's joint venture partner in Macau. It labeled her an "unsuitable" business partner. The filing didn't elaborate why. But in 2005, the New Jersey regulator reviewed MGM Mirage's Macau joint venture with Ho and submitted a report to the state gaming commission saying that "over the years there have been numerous public allegations suggesting that Stanley Ho [her father] has ties to Asian organized crime." He has never faced charges and has disputed the accusations. The New Jersey Casino Control Commission plans a settlement hearing Wednesday. The deal calls for MGM Mirage putting its half of Borgata into a divestiture trust and selling the stake within 2 1/2 years. The company can reapply for a New Jersey gambling license 2 1/2 years after the sale. Borgata had an original price tag of $1.1 billion when it opened in 2003. Boyd and MGM Mirage have since invested an additional $600 million through an expansion. MGM Mirage hopes that its plan to sell its Atlantic City interests will convince New Jersey regulators to agree to curtail their regulatory oversight of the company. Any additional scrutiny has the potential to cause problems with operations elsewhere. MGM Mirage's decision to leave Atlantic City is an indication of how the broader gambling business has shifted to Asia. Gambling revenues in Atlantic City are at their lowest point in more than a decade, while Macau is expanding rapidly. Macau has now surpassed Las Vegas in gambling revenue and showed 48% year-over-year growth in December. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com (Alexandra Berzon, Jonathan Cheng And Jeffrey McCracken of the Wall Street Journal contributed to this story)

Stock News for Boyd Gaming (BYD)
DateTimeHeadline
08/04/201405:48:24Crown Resorts, Oaktree Capital, Former Wynn Executive to Partner...
01/31/201409:32:15U.S. Hot Stocks: Hot Stocks to Watch
11/15/201308:55:37Highbridge Capital Management 3Q 13F: Largest Eliminations
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest -2-
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Sales
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Purchases
11/15/201307:07:21Two Sigma Investments 3Q 13F: Holdings As Of Sep 30
11/15/201307:07:21Two Sigma Investments 3Q 13F: Holdings As Of Sep -2-
11/14/201307:21:25GAMCO Asset Management Inc. 3Q 13F: Largest -2-
11/14/201307:21:24GAMCO Asset Management Inc. 3Q 13F: Largest Sales
11/14/201307:21:23GAMCO Asset Management Inc. 3Q 13F: Holdings As -2-
11/14/201307:21:23GAMCO Asset Management Inc. 3Q 13F: Holdings As Of Sep 30
11/14/201307:19:32The Vanguard Group 3Q 13F: Largest Purchases -2-
11/14/201307:19:32The Vanguard Group 3Q 13F: Largest Purchases
08/02/201309:21:17U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
07/31/201318:07:25Boyd Gaming, Two Other Firms, Unveil Share Offerings
03/04/201306:32:35Genting Confirms Purchase of Echelon Property in Las Vegas
03/01/201315:23:20WEEK AHEAD: Supermarkets, Casino Operator to Report Results
06/06/201212:09:33Applications Given Early Antitrust Clearance
04/17/201212:27:35EARNINGS PREVIEW: Casinos Reap Benefits From More Visits

Boyd Gaming and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad