Marina District Development: Difference between revisions
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Three casino-hotels were planned for Renaissance Pointe but only The Borgata has been built. |
Three casino-hotels were planned for Renaissance Pointe but only The Borgata has been built. |
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In 2010 following the conclusion of an investigation by the [[New Jersey Casino Control Commission]] and the Division of Gaming Enforcement into the company's suitability as a casino licensee executives at MGM Resorts announced that they would place their shares in MDDC into a special trust until they find a suitable buyer. In their investigation the NJCCC and DGE have alleged that Macau businesswoman [[Pansy Ho]] and her father businessman [[Stanley Ho|Stanley]] have deep ties to criminal elements in both Macau and in Mainland [[China]] and therefore would not be suitable for licensing in New Jersey. The NJCCC gave MGM Resorts a choice either end their relationship with Ho by selling their interest in the MGM Grand Macau or face revocation of their New Jersey casino license. |
In early 2010 following the conclusion of an investigation by the [[New Jersey Casino Control Commission]] and the Division of Gaming Enforcement into the company's suitability as a casino licensee executives at MGM Resorts announced that they would place their shares in MDDC into a special trust until they find a suitable buyer. In their investigation the NJCCC and DGE have alleged that Macau businesswoman [[Pansy Ho]] and her father businessman [[Stanley Ho|Stanley]] have deep ties to criminal elements in both Macau and in Mainland [[China]] and therefore would not be suitable for licensing in New Jersey. The NJCCC gave MGM Resorts a choice either end their relationship with Ho by selling their interest in the MGM Grand Macau or face revocation of their New Jersey casino license. |
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With MGM choosing the latter, on October 14th, the New Jersey Casino Control Commission approved the $73 million sale of land underneath the Borgata Hotel Casino & Spa to an investment group Vornado Realty Trust and Geyser Holdings as part of its exit strategy from Atlantic City.<ref>http://www.pressofatlanticcity.com/business/article_92f2eca0-c78a-5205-92a7-f736582b170d.html |
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</ref> As of October 15th, MGM has yet to find a potential buyer of it's 50% stake in the Borgata property |
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==See also== |
==See also== |
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*[[Boyd Gaming Corporation]] |
*[[Boyd Gaming Corporation]] |
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Revision as of 12:33, 15 October 2010
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The Marina District Development Corporation, LLC is a joint venture of Boyd Gaming Corporation and formerly MGM Resorts International that was established to develop and operate The Borgata Hotel, Casino & Spa in Atlantic City, New Jersey. After a competitive process, MGM Mirage was selected as the lead developer of government-owned vacant property in the "H-Tract" area, later renamed "Renaissance Pointe". MGM Mirage sought the participation of Boyd Gaming Corporation, which became the operating partner of The Borgata.
Three casino-hotels were planned for Renaissance Pointe but only The Borgata has been built.
In early 2010 following the conclusion of an investigation by the New Jersey Casino Control Commission and the Division of Gaming Enforcement into the company's suitability as a casino licensee executives at MGM Resorts announced that they would place their shares in MDDC into a special trust until they find a suitable buyer. In their investigation the NJCCC and DGE have alleged that Macau businesswoman Pansy Ho and her father businessman Stanley have deep ties to criminal elements in both Macau and in Mainland China and therefore would not be suitable for licensing in New Jersey. The NJCCC gave MGM Resorts a choice either end their relationship with Ho by selling their interest in the MGM Grand Macau or face revocation of their New Jersey casino license. With MGM choosing the latter, on October 14th, the New Jersey Casino Control Commission approved the $73 million sale of land underneath the Borgata Hotel Casino & Spa to an investment group Vornado Realty Trust and Geyser Holdings as part of its exit strategy from Atlantic City.[1] As of October 15th, MGM has yet to find a potential buyer of it's 50% stake in the Borgata property
See also
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