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  • Tue, May 31, 4:57 PM
    • MGM Resorts International (NYSE:MGM) agrees to acquire Boyd Gaming’s (NYSE:BYD) 50% stake in Atlantic City’s Borgata hotel and casino for $900M.
    • As part of the deal, MGM will sell the entire property to MGM Growth Properties, the REIT it created earlier this year, for $1.18B while operating the Borgata.
    • After the deal closes, MGM will own all of the Borgata, which has been Atlantic City's top-performing casino since shortly after it opened in 2003.
    • BYD says it expects to receive $600M in net proceeds after deducting its share of the property’s debt, and Borgata estimates it is entitled to tax refunds totaling $180M.
    • Now read Boyd Gaming (still) looks good above $18
    | Tue, May 31, 4:57 PM | 7 Comments
  • Wed, Mar. 2, 6:52 PM
    • MGM Resorts International (MGM +1.7%) has an agreement to sell the Shops at Crystals mall in Las Vegas to a Simon Property Group (SPG +0.4%) partnership, according to media reports.
    • The deal's for $1.13B and could be wrapped up soon, a source told Bloomberg. The mall is part of the $9B CityCenter complex on the Las Vegas Strip.
    • MGM had put the mall up for sale three years ago but pulled it due to unsatisfactory offers. Vegas tourism -- and real estate values -- have grown since then, however.
    • After hours: MGM +0.2%; SPG flat.
    | Wed, Mar. 2, 6:52 PM | 5 Comments
  • Dec. 30, 2015, 9:24 AM
    • The elevated level of consolidation in the gaming sector is expected to continue in 2016 as companies look to scale up amid margin pressure.
    • Analysts think 888 Holdings (OTCPK:EIHDF) and William Hill (OTC:WIMHF, OTCPK:WIMHY) could rekindle their merger talks.
    • Betsson (OTCPK:BTSNF) is seen combining with Malta-based Unibet.
    • Mega-mergers are given a longer shot by analysts despite persistent chatter over Wynn Resorts (NASDAQ:WYNN), MGM Resorts (NYSE:MGM), and Las Vegas Sands (NYSE:LVS). Some names to watch for M&A buzz include Full House Resorts (NASDAQ:FLL), Amaya (NASDAQ:AYA), Tropicana Entertainment (OTCQB:TPCA), Entertainment Gaming (NASDAQ:EGT), Eldorado Holdings (NASDAQ:ERI), Ladbrokes (OTCPK:LDBKY), Boyd Gaming (NYSE:BYD), Isle of Capri (NASDAQ:ISLE), and Golden Entertainment (NASDAQ:GDEN). A wildcard in the mix is Caesars Entertainment (NASDAQ:CZR) which is mired in legal quagmire, but has some strong properties in its stable if it can clear bankruptcy intact.
    • Place your 2016 gaming merger bet in the comment stream.
    • Related ETF : BJK.
    | Dec. 30, 2015, 9:24 AM | 6 Comments