Boyd said it expects to receive about $600 million in net cash proceeds after deducting its share of Borgata’s debt.
MGM will assume and refinance Borgata’s debt, which is about $600 million. Borgata’s real-estate assets will then be sold to MGM Growth Properties LLC for about $1.175 billion. MGM Resorts will lease back and operate the resort.
Ref: Wall Street Journal
Boyd Gamings stock has risen about 6% since midday 26 May.
MGM will assume and refinance Borgata’s debt, which is about $600 million. Borgata’s real-estate assets will then be sold to MGM Growth Properties LLC for about $1.175 billion. MGM Resorts will lease back and operate the resort.
Ref: Wall Street Journal
Boyd Gamings stock has risen about 6% since midday 26 May.