USD 160M in property tax refunds
MGM completes acquisition of Boyd Gaming's interest in Borgata
2016-08-02
Reading time 41 seg
Boyd Gaming Corporation announced that it has completed the previously announced sale of its 50% equity interest in Marina District Development Holding Co., LLC, the parent company of Borgata Hotel Casino & Spa in Atlantic City, New Jersey, to MGM Resorts International.
Boyd Gaming received net cash proceeds of $589 million from the transaction, after deducting its share of Borgata's currently outstanding debt.
These proceeds do not include Boyd Gaming's 50% share of any future property tax settlement benefits.
““Borgata estimates that it is entitled to property tax refunds totaling $160 million, including amounts due under court decisions rendered in its favor and estimates for open tax appeals.
”
Boyd Gaming plans to use proceeds from the transaction for debt reduction and general corporate purposes.
Borgata is considered a market leader in struggling Atlantic City, where four of 12 casinos closed in 2014. Over the year that ended March 31, the casino reported $812 million in net revenue and $212 million in adjusted earnings before interest, taxes, depreciation and amortization.
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