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MGM seeks more time to sell hotel interest
By Pete Hayman
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Mount Batten Group
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MGM Resorts International has revealed that it is requesting more time to sell off its 50 per cent ownership interest in the Borgata Hotel Casino and Spa in Atlantic City, US.
The company has entered into an amendment to an agreement with the New Jersey Division of Gaming Enforcement, subject to the approval of the Casino Control Commission. MGM aims to gain an 18-month extension to the period in which to direct its trustee to sell the trust property, which will give it until 24 March 2013 to find a buyer.
If it fails to secure a buyer within that period, the trustee would then have a further year for it to sell the 50 per cent stake in Borgata Hotel Casino and Spa. Facilities at the property include Spa Toccare, which offers GM Collin clinical treatments, as well as a swimming pool; a salon and barbershop; a fitness suite; and a number of eateries.
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MGM Resorts International has revealed that it is requesting more time to sell off its 50 per cent ownership interest in the Borgata Hotel Casino and Spa in Atlantic City, US.
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