Marina District Development: Difference between revisions
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YborCityJohn (talk | contribs) Two things, first Marina District Development Corp. was NEVER a public company it was a 50/50 joint venture between Boyd Gaming and MGM Resorts International and Second it is now defunct because as of August 1st 2016 MGM purchased the Borgata outright. |
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| name = Marina District Development Company, LLC |
| name = Marina District Development Company, LLC |
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| logo = |
| logo = |
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| type = [[ |
| type = [[Limited Liability Corporation|LLC]] [[Partnership]] |
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| traded_as = |
| traded_as = |
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| fate = |
| fate = Purchased outright by [[MGM Resorts International]] |
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| predecessor = |
| predecessor = |
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| successor = |
| successor = [[Borgata|Borgata Hotel Casino & Spa, LLC.]] |
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| foundation = {{start date and age|2003}} |
| foundation = {{start date and age|2003}} |
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| founder = |
| founder = |
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| defunct = |
| defunct = {{end date|August 1, 2016}} |
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| location_city = [[Atlantic City, New Jersey]] |
| location_city = [[Atlantic City, New Jersey]] |
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| location_country = [[United States]] |
| location_country = [[United States]] |
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| location = |
| location = 1 Borgata Way |
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| locations = |
| locations = |
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The '''Marina District Development Company, LLC''' |
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]]. |
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==History == |
==History == |
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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>http://www.pressofatlanticcity.com/business/article_92f2eca0-c78a-5205-92a7-f736582b170d.html |
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>http://www.pressofatlanticcity.com/business/article_92f2eca0-c78a-5205-92a7-f736582b170d.html |
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</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>. On August 1, 2016 MGM Resorts International completed the purchased of [[Boyd Gaming]]'s 50 percent in Marina District Development and The Borgata for $900 million dollars.<ref>[http://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. |
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</ref> As of October 15, MGM has yet to find a potential buyer of its 50% stake in the Borgata. |
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==References== |
==References== |
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Revision as of 04:18, 11 August 2016
 | This article needs additional citations for verification. (February 2008) |
| 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
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 purchased of Boyd Gaming's 50 percent in Marina District Development and The Borgata for $900 million dollars.[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
- ^ New Jersey Casino Control Commission Ownership Information For The Borgata Hotel, Casino & Spa
- ^ http://www.pressofatlanticcity.com/business/article_92f2eca0-c78a-5205-92a7-f736582b170d.html
- ^ MGM Wins N.J. Approval Returns to Atlantic City
- ^ MGM Buys Boyd Gaming's Share of the Borgata for $900 million (Press of Atlantic City
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