Marina District Development: Difference between revisions
GoingBatty (talk | contribs) Typo fixing and general fixes, typos fixed: of it's → of its using AWB (7522) |
Iridescent 2 (talk | contribs) m →History: Cleanup and typo fixing, typo(s) fixed: September 10, 2014 → September 10, 2014, (2) |
||
| (20 intermediate revisions by 15 users not shown) | |||
| Line 1: | Line 1: | ||
{{Short description|Business in New Jersey, United States (2003–2016)}} |
|||
{{Refimprove|date=February 2008}} |
|||
{{Infobox company |
|||
| ⚫ | The '''Marina District Development Company, LLC''' |
||
| name = Marina District Development Company, LLC |
|||
| logo = |
|||
| type = [[Limited Liability Corporation|LLC]] [[Partnership]] |
|||
| traded_as = |
|||
| ⚫ | |||
| predecessor = |
|||
| successor = [[Borgata|Borgata Hotel Casino & Spa, LLC.]] |
|||
| foundation = {{start date and age|2003}} |
|||
| founder = |
|||
| defunct = {{end date|August 1, 2016}} |
|||
| location_city = [[Atlantic City, New Jersey]] |
|||
| location_country = [[United States]] |
|||
| location = 1 Borgata Way |
|||
| locations = |
|||
| area_served = |
|||
| key_people = |
|||
| industry = Gambling, Hotels, Entertainment |
|||
| products = Casinos, Hotels |
|||
| services = |
|||
| revenue = |
|||
| operating_income = |
|||
| net_income = |
|||
| assets = |
|||
| equity = |
|||
| owner = [[Boyd Gaming]]<br>[[MGM Resorts International]] |
|||
| num_employees = |
|||
| parent = |
|||
| divisions = |
|||
| subsid = |
|||
| homepage = |
|||
| footnotes = |
|||
| intl = |
|||
}} |
|||
| ⚫ | The '''Marina District Development Company, LLC''' was a [[joint venture]] of [[Boyd Gaming Corporation]] and [[MGM Resorts International]]<ref>[http://www.nj.gov/casinos/home/info/index.html#3 New Jersey Casino Control Commission Ownership Information For The Borgata Hotel, Casino & Spa]</ref> 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. |
|||
| ⚫ | |||
| ⚫ | 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 |
||
With MGM choosing the latter, on October 14, the New Jersey Casino Control Commission approved the $73 million sale of land underneath the Borgata Hotel Casino & Spa to an investment group Vornado Realty Trust and Geyser Holdings as part of its exit strategy from Atlantic City.<ref>http://www.pressofatlanticcity.com/business/article_92f2eca0-c78a-5205-92a7-f736582b170d.html |
|||
</ref> As of October 15, MGM has yet to find a potential buyer of its 50% stake in the Borgata property |
|||
| ⚫ | 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 Ho|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.<ref>{{Cite web|url=http://www.pressofatlanticcity.com/business/article_92f2eca0-c78a-5205-92a7-f736582b170d.html|title = Borgata land deal approved}}</ref> On September 10, 2014, the [[New Jersey Casino Control Commission]] approved MGM Resorts International's licensure to resume its 50 percent ownership stake in the partnership.<ref>[http://www.pressofatlanticcity.com/news/press/casinos_tourism/special_report/mgm-wins-n-j-approval-returns-to-atlantic-city/article_2d25444a-3923-11e4-b18c-0019bb2963f4.html MGM Wins N.J. Approval Returns to Atlantic City]</ref> |
||
==See also== |
|||
*[[Boyd Gaming Corporation]] |
|||
On August 1, 2016, MGM Resorts International completed the purchase of [[Boyd Gaming]]'s 50 percent in Marina District Development and The Borgata for $900 million.<ref>[https://www.forbes.com/sites/darrenheitner/2016/06/01/mgm-buys-boyd-gamings-share-of-borgata-for-900-million/#426bff65519d MGM Buys Boyd Gaming's Share of the Borgata for $900 million], [[Press of Atlantic City]]</ref> On that day MDDC ceased to exist and a new company Borgata Hotel Casino & Spa, LLC. was formed as a wholly owned subsidiary of MGM Resorts International. |
|||
| ⚫ | |||
==References== |
==References== |
||
| Line 18: | Line 51: | ||
[[Category:Gambling companies of the United States]] |
[[Category:Gambling companies of the United States]] |
||
[[Category:MGM |
[[Category:MGM Resorts International]] |
||
[[Category:Companies based in Atlantic County, New Jersey]] |
[[Category:Companies based in Atlantic County, New Jersey]] |
||
{{US-company-stub}} |
{{US-entertainment-company-stub}} |
||
Latest revision as of 04:33, 4 January 2022
| Company type | LLC Partnership |
|---|---|
| Industry | Gambling, Hotels, Entertainment |
| Founded | 2003 |
| Defunct | August 1, 2016 |
| Fate | Purchased outright by MGM Resorts International |
| Successor | Borgata Hotel Casino & Spa, LLC. |
| Headquarters | 1 Borgata Way, , |
| Products | Casinos, Hotels |
| Owner | Boyd Gaming MGM Resorts International |
The Marina District Development Company, LLC was a joint venture of Boyd Gaming Corporation and MGM Resorts International[1] that was established to develop and operate the Borgata Hotel Casino and Spa in Atlantic City, New Jersey.
History
[edit]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] On September 10, 2014, the New Jersey Casino Control Commission approved MGM Resorts International's licensure to resume its 50 percent ownership stake in the partnership.[3]
On August 1, 2016, MGM Resorts International completed the purchase of Boyd Gaming's 50 percent in Marina District Development and The Borgata for $900 million.[4] On that day MDDC ceased to exist and a new company Borgata Hotel Casino & Spa, LLC. was formed as a wholly owned subsidiary of MGM Resorts International.
References
[edit]
 | This article about an entertainment company in the United States is a stub. You can help Wikipedia by expanding it. |