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MGM Mirage is in talks that could result in the sale of its stake in the Borgata hotel-casino in Atlantic City.
A company statement released yesterday said that the firm is currently involved in “constructive settlement discussions” with the New Jersey Division of Gaming Enforcement (DGE).
The talks centere on MGM Mirage placing its 50 percent ownership interest in the Borgata hotel-casino and related leased land in Atlantic City into a “divestiture trust”.
“While no definitive settlement with the DGE has been reached, the company has asked its lenders to consent to the trust arrangement,’’ the MGM Mirage statement said.
This was the company’s solution to settle an investigation by New Jersey regulators into the suitability of Pansy Ho Chui-king, its partner in Macau in MGM Grand Paradise gaming operator.
In May 2009, the DGE found Ho to be unsuitable due to the alleged ties of her father, casino tycoon Stanley Ho Hung-sun, with organised crime.
The New Jersey agency recommended MGM Mirage to disassociate itself from Ho in order to continue operating in New Jersey, which would mean selling its stake at MGM Grand Paradise.
We disagree with the New Jersey DGE's recommendation,’’ said Jim Murren, MGM Mirage’s chairman and chief executive officer.
“Pursuing a settlement with the DGE represents the best course of action for our company and its shareholders, he said.
We would like to put this matter behind us and move forward with the compelling growth opportunities we have in Macau,’’ added Murren.
According to the Las Vegas Sun, Boyd Gaming Corp of Las Vegas, MGM Mirage's partner in Borgata, would be a likely buyer of its stake in the hotel-casino but has declined comment.