>MGM Mirage to Sell Borgata Stake

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>MGM Mirage said Friday that it had reached an agreement with the state of New Jersey’s Division of Gaming Enforcement to place its 50% stake in Atlantic City’s Borgata Hotel Casino & Spa in a divestiture trust after the regulatory group found problems with its partner in Macau.

Under the terms, which have to be approved by New Jersey’s Casino Control Commission, MGM Mirage would be the sole beneficiary of the trust. The company would have 18 months to sell its stake in the Borgata and related property, a sale which would have to be approved by the Commission. If the sale isn’t completed by then, the trustee would have 12 months to sell the stake.

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