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HotelGuides.com New Jersey Atlantic City Hotels & Motels MGM Borgata Hotel & Casino MGM Borgata Hotel & Casino Atlantic City 1 Borgata Way, Atlantic City, NJ 08401 US Ready to book? Call 1-800-916-1392. ATLANTIC CITY - The New Jersey Casino Control Commission on Wednesday allowed MGM Resorts International one step closer toward getting back into the Atlantic City casino market.

Maybe there’s hope for Atlantic City yet.

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The famed Boardwalk resort in New Jersey has seen a number of casino hotels close over the past two years, but now MGM Resorts International is stepping in to back the destination big time. MGM has agreed to acquire Boyd Gaming Corporation's 50% interest in Borgata Hotel Casino & Spa for a total of $900 million. MGM already held a 50% stake in the property.

MGM Resorts and MGM Growth Properties (MGP) have agreed that, following the completion of the acquisition of Boyd Gaming's interest, MGP will acquire Borgata's real property from MGM Resorts and lease it back to a subsidiary of MGM Resorts, after which a subsidiary of MGM Resorts will operate Borgata.

Boyd had been operating Borgata since it opened in 2003, even though the resort began as a joint venture between Boyd and MGM. The property remains arguably the most successful in Atlantic City. But other casino resorts have not succeeded. Four of the 12 casinos in the city closed in 2014, including the Atlantic Club, Showboat, Revel, and Trump Plaza. On the other hand, that led the remaining eight casino resorts to report increases in gross operating profits.

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MGM Resorts will pay approximately $600 million for Boyd Gaming's 50% interest after consideration of Borgata's outstanding debt of approximately $600 million, which MGM Resorts will assume and refinance. For the past 12 months ended March 31, 2016, Borgata reported $812 million in net revenues and $212 million in adjusted EBITDA.

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“Borgata is the premier resort in Atlantic City and a great addition to our growing presence in the Northeast,” said Jim Murren, chairman and CEO of MGM Resorts International. 'While the market continues to experience challenges, Borgata has outperformed and differentiated itself as the undisputed leader in the city.”

Subsequent to the purchase of Boyd Gaming's 50% stake in Borgata, MGM Resorts and MGP have agreed that MGM Resorts will sell all of the Borgata property to MGP for roughly $1.175 billion.

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