Excerpts from MGM article confirming Borgata in Atlantic City....
"MGM has told investors in recent weeks that it has no immediate plans to build a casino here. Instead, MGM intends to fund its share of the $1 billion Borgata, the joint venture casino hotel being developed by Boyd Gaming Corp. on the Marina site, and take its time in deciding when, or if, to build its own casino.
"Wednesday's transaction ends a three-month period of limbo for Boyd, which can now work with its new partner, MGM, on the Borgata. Though Boyd is developing the project, MGM is responsible for providing 25 acres of land and $117 million, based on their current plans for a 2,000-room casino hotel.
"Obviously the acquisition has been MGM's top priority. We understand and respect that, and with this phase completed now they're going to be switching their focus," Boyd spokesman Rob Stillwell said. "We still are expecting a late-summer groundbreaking." |
