MoFo advised Las Vegas-based Boyd Gaming Corporation in the sale of its 50% equity interest, valued at $900 million, in Marina District Development Holding Company, LLC, the parent company of Borgata Hotel Casino & Spa in Atlantic City, New Jersey, to MGM Resorts International. The deal announced on May 31, is the third in a series of M&A-related transactions the firm has handled for Boyd Gaming over the past two months. Pursuant to the transaction, Boyd is also to receive a 50% share of potential future property tax benefits which are expected to include, among other benefits, property tax refunds totaling $180 million. Boyd acquired Borgata in 2003 and under its management the property became one the East Coast’s most successful and popular entertainment resorts.
The MoFo deal team was again led by San Francisco partner Brandon Parris and included corporate group attorneys Jeff Washenko, Ali Assareh, and Jae In Yoo. Others rounding out the team were Anna Ferrari, Chris Lyon, Ali Nardali, Adam Nguyen, Geoff Peck, Bernie Pistillo, Mary Race, Aaron Rubin, Bill Tarantino, Eric Tate, and Marc Young.
To learn more about the transaction and Boyd Gaming visit: http://boydgaming.investorroom.com/2016-05-31-Boyd-Gaming-To-Sell-Its-50-Interest-In-Borgata