LAS VEGAS, Aug. 1, 2016
/PRNewswire/ -- MGM Resorts International ("MGM Resorts")
(NYSE: MGM) closed on the previously announced acquisition of Boyd
Gaming Corporation's ("Boyd Gaming") (NYSE: BYD) interest in
Borgata Hotel Casino & Spa ("Borgata") in Atlantic City, New Jersey 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 of the real property
associated with Borgata from MGM Resorts.
"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, entertainment dominance and
market-leading loyalty program, M life Rewards."
Tom Ballance, President & COO
of Borgata, said, "We welcome MGM Resorts as the new operator and
are excited to further utilize its best-in-class brand to
continually bring quality experiences to our guests."
Murren added, "We have enjoyed working with Boyd Gaming since
Borgata's opening in 2003. We hold the company in the highest
regard and wish them the best of luck in the future."
About MGM Resorts International
MGM Resorts
International (NYSE: MGM) is one of the world's leading global
hospitality companies, operating a portfolio of destination resort
brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage.
The Company is in the process of developing MGM National Harbor
in Maryland and MGM Springfield in Massachusetts. MGM Resorts controls, and holds
a 76 percent economic interest in the operating partnership of MGM
Growth Properties LLC (NYSE: MGP), a premier triple-net lease real
estate investment trust engaged in the acquisition, ownership and
leasing of large-scale destination entertainment and leisure
resorts. The Company also owns 51 percent of MGM China Holdings
Limited (HK: 2282), which owns the MGM Macau resort and casino and
is developing a gaming resort in Cotai, and 50 percent of
CityCenter in Las Vegas, which features ARIA Resort &
Casino. MGM Resorts is named among FORTUNE® Magazine's 2016 list of
World's Most Admired Companies®. For more information about MGM
Resorts International, visit the company's website at
www.mgmresorts.com.
About Borgata Hotel Casino & Spa
Located
in Atlantic City's Marina
District, Borgata Hotel Casino & Spa features 2,000 guest rooms
and suites; 161,000 square feet of gaming; 184 table games; 3,026
slot machines; a 75+ table poker room; 11 retail boutiques; 5
acclaimed fine dining restaurants by renowned chefs; 10 casual
dining options; a 54,000 square foot spa; 70,000 square feet of
event space; 20,000 square foot indoor/outdoor pool and garden;
32,000 square foot outdoor pool; 4 signature nightlife experiences;
and parking for 7,100 cars. The market-leading resort also features
Atlantic City's first cosmopolitan
hotel experience, The Water Club at Borgata, with 800 guest rooms
and suites; a 36,000 square foot spa; 18,000 square feet of meeting
space; 6 designer retail boutiques; and 5 heated indoor and outdoor
pools. Borgata offers online gaming within the state of
New Jersey through its real-money
gaming sites, www.BorgataCasino.com and www.BorgataPoker.com. For
more information on Borgata, please visit www.theborgata.com or
follow www.twitter.com/BorgataAC.
Statements in this release that are not historical facts are
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve risks and/or
uncertainties, including those described in the Company's public
filings with the Securities and Exchange Commission. The Company
has based forward-looking statements on management's current
expectations and assumptions and not on historical facts. Examples
of these statements include, but are not limited to, the Company's
expectations regarding the benefits of the acquisition. These
forward-looking statements involve a number of risks and
uncertainties. Among the important factors that could cause actual
results to differ materially from those indicated in such
forward-looking statements include effects of economic conditions
and market conditions in the markets in which the Company operates
and competition with other destination travel locations
throughout the United States and the world, the design,
timing and costs of expansion projects, risks relating to
international operations, permits, licenses, financings, approvals
and other contingencies in connection with growth in new or
existing jurisdictions and additional risks and uncertainties
described in the Company's Form 10-K, Form 10-Q and Form 8-K
reports (including all amendments to those reports). In providing
forward-looking statements, the Company is not undertaking any duty
or obligation to update these statements publicly as a result of
new information, future events or otherwise, except as required by
law. If the Company updates one or more forward-looking statements,
no inference should be drawn that it will make additional updates
with respect to those other forward-looking statements.
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SOURCE MGM Resorts International