Here’s some good news for New Jersey.
Atlantic City gaming regulators agreed Wednesday to let MGM Resorts International officially back into the gaming market, the Associated Press reported.
Basically, MGM has received approval to reclaim its 50-percent ownership of the Borgata (Boyd Gaming is the other owner).
Years back, MGM decided to sell its Borgata investment (it has been held in a trust since then), opting to leave the Garden State rather than cut ties to a business partner in Macau—the world’s top gambling hub—whom New Jersey regulators were concerned about. MGM never gave up that 50-percent stake because a buyer wasn’t found.
MGM reportedly has settled those concerns.
MGM’s shares have fallen about 10 percent since late July, due to weaknesses in Macau, Barrons.com reported. The news about its New Jersey casino interest resulted in a $1 increase in its stock price. In other words, it wasn’t that big of a deal.
The company’s stock is currently listed at about $24.30.
