New Jersey’s Casino Control Commission voted 3-0 to approve lease agreements needed for MGM Resorts International’s purchase of Boyd gaming’s 50 percent ownership of the Borgata Hotel Casino & Spa in Atlantic City.
Boyd will get $900 million, plus half of any future tax settlement MGM reaches with Atlantic City.
The deal is expected to close in the third quarter, giving MGM full ownership of the casino. MGM will oversee operations of the property and will merge Borgata’s customer loyalty program with its own, according to the Associated Press.
The two companies have been partners in the Borgata, which has been Atlantic City’s top-performing casino since it opened in 2003.
With the sale, MGM will be able to use the Borgata customer list to market to its new casinos in Maryland and Massachusetts.
