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MGM to place Borgata stake in trust
MGM Mirage could be prepared to place its 50 per cent stake in the Borgata Hotel Casino and Spa in Atlantic City in a divestiture trust as part of discussions with the New Jersey Division of Gaming Enforcement over the suitability of its Macau partner, Pansy Ho.
In a regulatory filing issued on Monday, the operator said that it is in "constructive" discussions with the DGE, which previously hinted that Ho was an "unsuitable" partner.
Although an agreement has yet to be made, MGM has asked its lenders to permit the trust arrangement. The announcement has fueled speculation that MGM will move away from the Atlantic City market in favour of pursuing opportunities elsewhere.
"We disagree with the New Jersey Division of Gaming Enforcement's recommendation to the Casino Control Commission concerning our Macau partner, but believe pursuing a settlement with the DGE represents the best course of action for our company and its shareholders," said Jim Murren, chairman and chief executive officer.
"We would like to put this matter behind us and move forward with the compelling growth opportunities we have in Macau."
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