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Borgata Hotel Casino Spa land deal to close for $73 million Thursday - Press of Atlantic City

Wednesday, 03 November 2010 17:41 administrator

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From Press staff reports | Posted: Wednesday, November 3, 2010

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Borgata Hotel Casino & Spa ( Press of Atlantic City / Danny Drake)

Photo by: Danny Drake

ATLANTIC CITY — An investment group will complete the $73 million purchase of land underneath Borgata Hotel Casino & Spa on Thursday.

In a previously announced deal, Vornado Realty Trust and Geyser Holdings are buying 11.3 acres of property and related ground leases from gaming giant MGM Resorts International, the half-owner of Borgata.

Separately, MGM is in the process of selling its interest in Borgata itself to the Los Angeles-based private equity fund Leonard Green & Partners LP. If the deal goes through, MGM will receive about $250 million from Leonard Green.

MGM is unloading its casino holdings in Atlantic City after New Jersey gaming regulators objected to its partnership in a Macau casino. The company is pulling out of Atlantic City rather than severing its Macau ties to Hong Kong businesswoman Pansy Ho, whose father is allegedly tied to Asian organized crime.

Posted in ATLANTIC-CITY PLEASANTVILLE BRIGANTINE | TOP THREE on Wednesday, November 3, 2010 1:38 pm Updated: 6:37 pm.

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