Atlantic City's Borgata Hotel Casino to purchase MGM Mirage stake
On Friday, the Associated Press reported that MGM Mirage plans to sell its 50% stake in the Borgata Hotel, Atlantic City's top casino, before cut ties with the daughter of an Asian casino mogul.
The agency said in an article, "Las Vegas-based MGM's decision could spark a bidding war for the Borgata, which dominates the USA's second largest casino market, according to the AP story. Co-owner Boyd Gaming has the first dibs on MGM's interest."
The contract is the part of a settlement that MGM arrived at with the New Jersey Division of Gaming Enforcement. The story further said that New Jersey casino controller had expressed worry over Panso Ho, MGM Mirage's joint venture partner in the Chinese casino city of Macau. Stanley Ho, her father, is accused of having ties to Asian organized crime gangs however it had never been charged, and Ho denies any ties.
MGM CEO Jim Murren is quoted as saying, "We have the utmost respect for the DGE but disagree with its assessment of our partner in Macau."
Pansy Ho has informed that she operates independently of her father.
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