Marina District Development
Encyclopedia
The Marina District Development Company, LLC is a joint venture
of Boyd Gaming Corporation and a divestiture trust for MGM Resorts International that was established to develop and operate The Borgata
Hotel, Casino & Spa in Atlantic City, New Jersey
. 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 Corporation, 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 Resorts 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 have alleged that Macau businesswoman Pansy Ho
and her father businessman Stanley
have deep ties to criminal elements in both Macau and in Mainland China
and therefore would not be suitable for licensing in New Jersey. The NJCCC gave MGM Resorts a choice either end their relationship with Ho by selling their interest in the MGM Grand Macau or face revocation of their New Jersey casino license.
With MGM choosing the latter, on October 14, the New Jersey Casino Control Commission approved the $73 million sale of land underneath the Borgata Hotel Casino & Spa to an investment group Vornado Realty Trust and Geyser Holdings as part of its exit strategy from Atlantic City. As of October 15, MGM has yet to find a potential buyer of its 50% stake in the Borgata property
Joint venture
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
of Boyd Gaming Corporation and a divestiture trust for MGM Resorts International that was established to develop and operate The Borgata
Borgata
The Borgata Hotel Casino and Spa is a luxury hotel, casino, and spa in Atlantic City, New Jersey, United States. It is owned by Marina District Development, a joint venture between Boyd Gaming and a divesture trust established by MGM Resorts International...
Hotel, Casino & Spa in Atlantic City, New Jersey
Atlantic City, New Jersey
Atlantic City is a city in Atlantic County, New Jersey, United States, and a nationally renowned resort city for gambling, shopping and fine dining. The city also served as the inspiration for the American version of the board game Monopoly. Atlantic City is located on Absecon Island on the coast...
. 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 Corporation, 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
New Jersey Casino Control Commission
The Casino Control Commission is a New Jersey state governmental agency that was founded in 1977 as the state's gaming control board, responsible for administering the Casino Control Act and its regulations to assure public trust and confidence in the credibility and integrity of the casino...
and the Division of Gaming Enforcement into the company's suitability as a casino licensee executives at MGM Resorts 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 have alleged that Macau businesswoman Pansy Ho
Pansy Ho
Pansy Catalina Ho Chiu-king is the daughter of Hong Kong and Macau-based businessman Stanley Ho, and the managing director of various companies he founded, including Shun Tak Holdings and the Sociedade de Turismo e Diversões de Macau....
and her father businessman Stanley
Stanley Ho
Stanley Ho, GBM, GLM, GBS, GML, OBE , also known as Ho Hung Sun, Stanley Ho Hung Sun, is an entrepreneur in Hong Kong and Macau. Ho is sometimes nicknamed "The King of Gambling", reflecting the government-granted monopoly he held of the Macau gambling industry for 40 years...
have deep ties to criminal elements in both Macau and in Mainland China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and therefore would not be suitable for licensing in New Jersey. The NJCCC gave MGM Resorts a choice either end their relationship with Ho by selling their interest in the MGM Grand Macau or face revocation of their New Jersey casino license.
With MGM choosing the latter, on October 14, the New Jersey Casino Control Commission approved the $73 million sale of land underneath the Borgata Hotel Casino & Spa to an investment group Vornado Realty Trust and Geyser Holdings as part of its exit strategy from Atlantic City. As of October 15, MGM has yet to find a potential buyer of its 50% stake in the Borgata property