MGM Mirage Looks to Sell Borgata Stake - TheStreet

LAS VEGAS (

TheStreet

) -- MGM

Mirage

(MGM) - Get Report

is planning to sell its 50% stake in the Borgata casino resort in Atlantic City, N.J., the

Wall Street Journal

reports, citing a source familiar with the matter.

MGM has been scouting for buyers but it hasn't yet come to a deal, two people told the

Journal

.

MGM, which partners with

Boyd Gaming

(BYD) - Get Report

to manage the Borgata property, is reportedly asking for between $700 million and $850 million for its half. However, interested buyers feel the business is worth about $500 million to $550 million, sources told the

Journal

.

MGM hopes that its plan to sell its Atlantic City interests will convince New Jersey regulators to agree to curtail their regulatory oversight of the company.

An unfavorable regulatory ruling could impact MGM's interests elsewhere including a proposed initial public offering of its Macau assets in Honk Kong later this year, the

Journal

notes.

Last year, New Jersey's Division of Gaming Enforcement issued a confidential report saying MGM should disassociate from Pansy Ho, its joint venture partner in Macau, labeling her an "unsuitable" business partner.

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