LAS VEGAS, July 27 /PRNewswire-FirstCall/ --MGM
Resorts International (NYSE: MGM) announced today that it has
recently reached an agreement to sell four long-term ground leases
and their respective underlying real property parcels at The
Borgata Hotel Casino & Spa in Atlantic City, New Jersey to Vornado Realty
Trust and Geyser Holdings for approximately $73 million. The underlying real property
parcels subject to the transaction are comprised of approximately
11.3 acres.
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The parties entered into a purchase and sale agreement regarding
this transaction on July 2, 2010.
Following the completion of the inspection period under such
agreement, the parties have agreed to proceed with matters in
preparation for closing. This transaction is subject to
customary closing conditions contained in the purchase and sale
agreement, including approval by the New Jersey Casino Control
Commission and the New Jersey Division of Gaming Enforcement.
The parties expect the transaction to close by the fourth
quarter of this year.
MGM Resorts International 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.
Statements in this release which are not historical facts are
"forward looking" statements and "safe harbor statements" within
the meaning of Section 21E of the U.S. the Securities Exchange Act
of 1934, as amended, and other related laws that involve risks
and/or uncertainties, including risks and/or uncertainties as
described in the company's public filings with the Securities and
Exchange Commission. We have based those forward-looking
statements on management's current expectations and assumptions and
not on historical facts. In providing forward-looking
statements, the Company is not undertaking any duty or obligation
to update these statements publicly as a result of new information,
future events or otherwise except as required by law.
About MGM Resorts International
MGM Resorts International is a one of the world's leading global
hospitality companies, operating a peerless portfolio of
destination resort brands, including Bellagio, MGM Grand, Mandalay
Bay and The Mirage. The Company has significant holdings in
gaming, hospitality and entertainment, owns and operates 15
properties located in Nevada,
Mississippi and Michigan, and has 50% investments in
three other properties
in Nevada, Illinois and Macau. One of
those investments is CityCenter, an unprecedented urban resort
destination on the Las Vegas Strip featuring its centerpiece ARIA
Resort & Casino. Through its hospitality management
subsidiary, the Company holds a growing number of development and
management agreements for casino and non-casino resort projects
around the world. MGM Resorts International supports
responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its gaming
properties. The Company has been honored with numerous awards
and recognitions for its industry-leading Diversity Initiative, its
community philanthropy programs and the Company's commitment to
sustainable development and operations. For more information
about MGM Resorts International, visit the Company's Web site at
www.mgmresorts.com.
SOURCE MGM Resorts International