Type | LLC Partnership |
---|---|
Industry | Gambling, Hotels, Entertainment |
Founded | 2003 |
Defunct | August 1, 2016 |
Fate | Purchased outright by MGM Resorts International |
Successor | Borgata Hotel Casino & Spa, LLC. |
Headquarters | 1 Borgata Way, , |
Products | Casinos, Hotels |
Owner | Boyd Gaming MGM Resorts International |
The Marina District Development Company, LLC was a joint venture of Boyd Gaming Corporation and MGM Resorts International [1] that was established to develop and operate the Borgata Hotel Casino and 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, 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 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 alleged that Macau businesswoman Pansy Ho and her father Stanley have deep ties to criminal elements in Macau and mainland China, and therefore would not be suitable for licensing in New Jersey. The NJCCC gave MGM a choice of ending their relationship with Ho by selling their interest in the MGM Grand Macau, or facing revocation of their New Jersey casino license. On October 14, the New Jersey Casino Control Commission approved the $73 million sale of land underneath the Borgata to Vornado Realty Trust and Geyser Holdings as part of its exit strategy from Atlantic City. [2] On September 10, 2014 the New Jersey Casino Control Commission approved MGM Resorts International's licensure to resume its 50 percent ownership stake in the partnership. [3]
On August 1, 2016 MGM Resorts International completed the purchase of Boyd Gaming's 50 percent in Marina District Development and The Borgata for $900 million. [4] On that day MDDC ceased to exist and a new company Borgata Hotel Casino & Spa, LLC. was formed as a wholly owned subsidiary of MGM Resorts International.
Boyd Gaming Corporation is an American gaming and hospitality company based in Paradise, Nevada. The company continues to be run by founder Sam Boyd's family under the management of Sam's son, Bill Boyd, who currently serves as the company's executive chairman after retiring as CEO in January 2008.
MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Detroit, Mississippi, Maryland, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM. In January 2019 the company took over Empire City Casino in Yonkers, New York, and also opened MGM National Harbor in Maryland and MGM Springfield in Massachusetts. The company has a majority interest in MGM China Holdings Limited, which owns the MGM Macau resort and casino, and is developing a gaming resort in Cotai. MGM Resorts owns 50 percent of CityCenter in Las Vegas, which features Aria Resort & Casino. It has a majority controlling interest in MGM Growth Properties, a real estate investment trust.
Mirage Resorts was an American company that owned and operated hotel-casinos. It was acquired by MGM Grand, Inc. in 2000, forming MGM Mirage.
MGM Grand may refer to:
The Atlantic City–Brigantine Connector, also known as the Atlantic City Expressway Connector, is a 2.3-mile-long (3.7 km) freeway connector in Atlantic City, New Jersey, United States. It is an extension of the Atlantic City Expressway, connecting it to Route 87, which leads into Brigantine via the Marina district of Atlantic City. The highway contains a tunnel along its route, passing underneath the Westside neighborhood. The connector is a state highway owned and operated by the South Jersey Transportation Authority, with the unsigned designation of Route 446X.
Stephen Alan Wynn is an American real estate developer and art collector. He is known for his involvement in the American luxury casino and hotel industry. Early in his career he oversaw the construction and operation of several notable Las Vegas and Atlantic City hotels, including the Golden Nugget, the Golden Nugget Atlantic City, The Mirage, Treasure Island, the Bellagio, and Beau Rivage in Mississippi, and he played a pivotal role in the resurgence and expansion of the Las Vegas Strip in the 1990s. In 2000, Wynn sold his company, Mirage Resorts, to MGM Grand Inc., resulting in the formation of MGM Mirage. Wynn later took his company Wynn Resorts public in an initial public offering and was Wynn Resorts' CEO and Chairman of the Board until February 6, 2018, when he announced his resignation. He is a prominent donor to the Republican Party, and was the finance chair of the Republican National Committee from January 2017 to January 2018, when he resigned amid sexual misconduct allegations.
Borgata Hotel Casino & Spa is a hotel, casino, and spa in Atlantic City, New Jersey, United States. It is owned and operated by MGM Resorts International. The casino hotel features 2,798 rooms and is the largest hotel in New Jersey. Borgata opened in July 2003 and is the top-grossing casino in Atlantic City.
Tropicana Atlantic City, also known as The Trop and previously as TropWorld Resort, is a resort, casino hotel located on the beach and Boardwalk in Atlantic City, New Jersey. It is owned by Gaming and Leisure Properties and operated by Caesars Entertainment, and is the third largest hotel in New Jersey, with just under 2,400 guest rooms and the 200,000-square-foot shopping and entertainment complex, The Quarter. It has over 30 restaurants, 30 shops, 20 bars and lounges, 4 pools, the Tropicana Showroom, multiple spa's, and an IMAX Theatre. In 2016, Tropicana completed over $200 million in renovations and additions, including a Multimedia Light and Sound Show, the addition of AtlantiCare LifeCenter Fitness, Garces restaurants, renovations to over 900 hotel rooms, and casino floor but Tropicana will continue investing. The Tropicana is the largest resort and casino on the boardwalk, with 2,364 rooms, 3,000 slot machines, 30 restaurants, and 30 shops, along with two 2,500-space parking garages, totaling over 5,000 parking spaces. In 2021-2023 Tropicana is said to complete renovations through these years, the renovations will include renovations to all 604 West Tower Rooms, Modernized Elevators and Escalators, Pool Enhacements, Gaming Space Enhancements, and more undisclosed renovation projects.
Golden Nugget Hotels & Casinos is an American chain of luxury hotels and casinos. It currently operates five casino resorts in Nevada, Louisiana, New Jersey, and Mississippi.
MGM Macau is a 35-story, 600-room casino resort in Sé, Macau. Under a sub concession approved by the Macau government, the project is owned and operated as a 50–50 joint venture between MGM Resorts International and Pansy Ho, daughter of Macau casino magnate Stanley Ho. The sub-concession is one of several examples of new casino construction following the end of the government-granted monopoly held for decades by Stanley Ho.
The Edgewater Hotel and Casino is a casino hotel on the banks of the Colorado River in Laughlin, Nevada, owned and operated by Golden Entertainment.
The Casino Control Commission is a New Jersey state governmental agency that was founded in 1977 as the state's Gaming Control Board, responsible under the Casino Control Act for licensing casinos in Atlantic City. The commission also issues licenses for casino key employees and hears appeals from decisions of the New Jersey Division of Gaming Enforcement. The commission is headquartered in the Arcade Building at Tennessee Avenue and Boardwalk in Atlantic City.
A resort hotel is a hotel which often contains full-sized luxury facilities with full-service accommodations and amenities. These hotels may attract both business conferences and vacationing tourists and offer more than a convenient place to stay. These hotels may be referred to as major conference center hotels, flagship hotels, destination hotels, and destination resorts. The market for conference and resort hotels is a subject for market analysis.
MGM Grand Atlantic City was a cancelled-planned resort casino by MGM Mirage in Atlantic City, New Jersey. It was to be located on 72 acres (29 ha) of land between the Borgata Hotel Casino & Spa and Harrah's Atlantic City.
Harrah's Resort Atlantic City is a casino hotel in the marina district of Atlantic City, New Jersey, owned by Vici Properties and operated by Caesars Entertainment. Harrah's is one of the largest hotels in New Jersey.
The Gaming Hall of Fame was established in 1989 to recognize individuals who have played a significant role in the gaming-entertainment industry.
Pansy Catalina Ho Chiu-king(Chinese: 何超瓊; born 26 August 1962) is a Hong Kong-Canadian billionaire businesswoman who is the daughter of 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. Pansy has major interests in two of the six casino licence-holders in Macau. She was named 25th on Forbes’ list of Hong Kong’s 50 richest people in 2021 with an estimated fortune of HK$31.8 billion, and the 2nd richest woman in Hong Kong.
MGM Growth Properties LLC is a real estate investment trust based in Summerlin South, Nevada, that invests in large-scale casino properties. The company has whole or majority ownership of 15 properties, all of which are operated by MGM Resorts International. The company leases the properties to MGM Resorts via triple-net leases and receives annual payments of $756.7 million. Vici Properties has agreed to purchase the company for $17.2 billion.