MGM Resorts International has reached an agreement to sell the land under the Borgata Hotel Casino and Spa resort in Atlantic City, US, for approximately $73m.
It is believed that the decision to off-load the land is part of MGM’s plans to leave Atlantic City following the state regulator’s objections to its partnership with Pansy Ho in Macau. The company is believed to be in talks over the sale of its 50 per cent stake in the resort.
The 11.3 acres of land is being sold to Vornado Realty Trust and Geyser Holdings and, subject to regulatory approval, the transaction is expected to be completed by the fourth quarter of this year.
MGM continues to own around 85 acres of land suitable for development in Atlantic City, of which 70 acres are adjacent to the Borgata.
