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MGM Mirage to sell Borgata stake
Wall Street Journal,
Friday, March 12, 2010 at 11:06:35 AM
MGM Mirage will sell its 50% stake in the Borgata Hotel Casino & Spa in Atlantic City, as widely expected, in a settlement with New Jersey gambling regulators.
Shares rose 1.4% in early trading to $11.83 while Borgata partner Boyd Gaming Corp. climbed 1.4% to $8.72.
The regulators had raised concerns about the suitability of MGM Mirage's business partner in Macau. Chairman and Chief Executive Jim Murren reiterated Friday that the casino operator disagrees with the New Jersey regulators. He said other regulators have determined the relationship with Pansy Ho is appropriate or decided further action isn't required.
MGM Mirage disclosed last year that New Jersey's Division of Gaming Enforcement had issued a confidential report saying the company should disassociate from Ho, the company's joint venture partner in Macau. It labeled her an "unsuitable" business partner.
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