Marina District Development
| Public | |
| Traded as | NYSE: BYD |
| Industry | Gambling, Hotels, Entertainment |
| Founded | 2003 |
| Headquarters | Atlantic City, New Jersey, United States |
| Products | Casinos, Hotels |
| Owner |
Boyd Gaming MGM Resorts International |
The Marina District Development Company, LLC is a joint venture of Boyd Gaming Corporation and a divestiture trust for MGM Resorts International[1] that was established to develop and operate the Borgata Hotel Casino and Spa in Atlantic City, New Jersey.
History
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, 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 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 alleged that Macau businesswoman Pansy Ho and her father Stanley have deep ties to criminal elements in Macau and mainland China, and therefore would not be suitable for licensing in New Jersey. The NJCCC gave MGM a choice of ending their relationship with Ho by selling their interest in the MGM Grand Macau, or facing revocation of their New Jersey casino license. On October 14, the New Jersey Casino Control Commission approved the $73 million sale of land underneath the Borgata to Vornado Realty Trust and Geyser Holdings as part of its exit strategy from Atlantic City.[2] As of October 15, MGM has yet to find a potential buyer of its 50% stake in the Borgata.
References
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