MGM agrees to sell half of Borgata Hotel Casino over ties to Asian casino mogul’s daughter
By Wayne Parry, APFriday, March 12, 2010
MGM Mirage, NJ agree on sale of half of Borgata
ATLANTIC CITY, N.J. — MGM Mirage said Friday it will sell its 50 percent interest in Atlantic City’s top casino and stop doing business in New Jersey rather than cut ties with the family of an Asian casino mogul accused of organized crime ties.
The Las Vegas company reached a settlement with the New Jersey Division of Gaming Enforcement to put its stake in the Borgata Hotel Casino & Spa into a trust and sell it within 30 months.
The move is expected to open a bidding war for half of the Borgata, which dominates the nation’s second-largest casino market.
New Jersey regulators are concerned about Pansy Ho, MGM Mirage’s joint venture partner in Macau. Her father, Stanley Ho, has been accused of ties to Asian organized crime gangs but never charged. He has denied any crime ties.
