MGM Resorts International has sold its land under Atlantic City’s Borgata Hotel-Casino to Vornado Realty Trust and Geyser Holdings for US$73 million (MOP584 million), the company announced. The deal doesn’t include MGM’s 50 percent ownership in the Borgata itself, although the company is also set to sell it. MGM has been forced to leave Atlantic City’s gaming market after the local regulators raised their eyebrows regarding the company’s joint-venture partner in Macau, Pansy Ho Chiu King. Atlantic City’s regulators alleged her father, Stanley Ho Hung Sun, had close ties to the Chinese organized crime underworld. MGM Resorts still continues to own approximately 85 acres of developable land in Atlantic City of which approximately 70 acres are adjacent to The Borgata on Renaissance Point. These approximate 85 acres of developable land are not included in this transaction.
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