MGM Resorts International enters into an amendment to its Borgata settlement deal
The amendment provides that the mandated sale of the trust property be increased by 18 months to 48 months. During the first 36 months (or until March 24, 2013), MGM Resorts has the right to direct the trustee to sell the trust property.
If a sale is not concluded by that time, the trustee will be responsible for selling MGM's interest in the Borgata during the following 12-month period. All other material terms of the settlement agreement remain unchanged.
The Casino Control Commission is expected to hold a hearing on the amendment to the settlement on August 8, 2011.
MGM remains the sole economic beneficiary of the trust. MGM Resorts International owns its interest in the Borgata through a 50-50 joint venture with Boyd Gaming Corporation whose interest is not affected by the settlement.
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