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MGM Resorts buys out Borgata Hotel Casino & Spa partner for $900M

MGM Resorts International is buying out the 50% stake of its partner, Boyd Gaming, in Atlantic City’s Borgata Hotel Casino & Spa. It is paying $900 million for Boyd’s stake as well as assuming the property’s $600 million in liabilities. The deal is structured so that MGM will sell the Borgata’s real estate to the REIT it created this year for $1.175 billion in a sale-and-leaseback arrangement. Read TheStreet.com story here

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