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Online casino Borgata Hotel Casino & Spa in Atlantic City’s most prosperous resort.
It will soon become owned by MGM Resorts International as the company agrees to buy a 50% stake with Boyd Gaming for $900 million. Online Casino Las Vegas-based MGM and Boyd jointly built the $1.1 billion Borgata and opened the Viboardwalk Casino Resort 50/50 in 2003.
In addition, the online casino Marina Hotspot has undergone three significant refurbishments in 13 years. “Borgata is the premier resort in Atlantic City,” MGM Resorts Chairman and CEO Jim Murren said in a press release.
“As the mayor continues to face challenges, Borgata has surpassed and differentiated itself as an undisputed leader in the city.” MGM plans to sell the Borgata to a real estate trust subsidiary, MGM Gross Properties, for $1.175 billion and then lease it back to MGM Resorts.
Boyd Gaming President and CEO Keith Smith said the sale decision provides significant value to shareholders and enables the company to reduce its debt.
The transaction is expected to close in the third quarter of this year. In addition, MGM Invests in the Northeast MGM Resorts, the largest casino company on the Las Vegas Strip, appears to be focusing its attention on development outside Sin City.
Betting on anything within the boundaries of Atlantic City is currently a somewhat risky gamble.
Even though the casino is making nearly twice as much revenue as any other place in the area.
Borgata has so far earned $220,459,250. Atlantic City’s closest competitor is neighboring Harrah’s Resort Atlantic City, which earned $114.77 million in 2016.
None of the six Atlantic City casinos crossed the $100 million mark by the first quarter of this year. The old business adage about spending money to make money seems to be coming true within the MGM board.
In addition to pouring in $900 million for Borgata, MGM is in the process of building MGM Springfield, Massachusetts, a $950 million casino resort expected to open in 2018. Atlantic City State MGM seems to know something we don’t know.
Investing another $900 million in Borgata and Atlantic City while voters have the option to bring two casinos to the northern counties wouldn’t make the most prudent business sense. Boyd Gaming’s takeover may mean MGM thinks voters won’t approve the November casino referendum.
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At the end of May, Governor Chris Christie (R) signed a financial relief package for Atlantic City to help local governments with money coming in through state loans.
The city has five months to create a balanced budget and cut tens of millions of dollars in annual spending. “For Atlantic City officials, the final countdown begins today,” Christie said on May 27.
“They know that unless they change the tendency of wasteful spending and mismanagement, my administration will have the power to intervene immediately and do the work for them.”
Analysts at Morgan Stanley say Macau’s casinos could run into trouble as more new resorts open.
A vulnerable mass market in a gaming mecca where casinos can hop to and fro for their customers has caught fire.
Analysts say junket operators are also having a tough year as VIP gambling continues to decline. Morgan Stanley’s Mark Goodridge said in an interview with an Australian: “This [new casino], especially coupled with the growing level of competition in Cotai to attract players, suggests that revenues for the industry will decline unless massive revenue growth accelerates.”
Macau has undergone significant changes in recent years. Resorts that have been hit by a weakened Chinese economy, a smoking ban, and a push to stop money laundering and corruption have seen monthly gaming revenues drop.
VIP junk food, which guarantees millions of dollars will go to gaming companies in this semi-autonomous region, has been targeted. Potential for a massive market downturn Macau’s casinos are now being encouraged to invest in more popular market attractions such as shows and entertainment.
Last year, James Packer and Lawrence Ho’s Melco Crown opened Studio City in Macau. The multi-billion-dollar resort features the giant Ferris wheel in Asia and a strong Hollywood theme.
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It is hoped that new “entertainment” complexes like this one will calm the diversity-minded mainland Chinese government.
However, while the economy faltered, casino developers did not hold back. They have continued to build larger and larger integrated resorts hoping that making a way out of the recession is the way forward. For Morgan Stanley, this is a stupid approach. Mass-market gambling can be challenging with up to 750 new gaming tables added to the city. However, according to Morgan Stanley’s predictions, the mass market remains “stable.”
Macau casinos hit by VIP debt What Macau’s casino empires most want is even more bad news for their VIP sector.
But that’s precisely what they got last week as the whales retreat and many chains face massive amounts of bad debt.
A VIP trip planned by intermediaries to lure big gamblers from China and elsewhere, Junket is being audited as part of a general crackdown on senior citizens. Credit risk wasn’t a big deal a few years ago; it’s now a solid part of Macau’s business plan.
“Although positive for the segment’s long-term outlook, this increasing scrutiny and policy tightening will be detrimental to the short-term outlook for junk food operators, VIP revenues, and related activities,” Jamie Su of Daiwa Capital Markets told Las Vegas Review-Journal. same,” he said. “Additional VIP rooms may be closed if operating pressures increase.
” Compared to Las Vegas, Macau still looks like a huge success story. However, despite being one of the world’s leading gaming regions, revenues declined dramatically. As a result, monthly income is expected to decrease for the second year this month.