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MGM Resorts wins regulatory nod in New Jersey for Borgata casino stake buy

The Casino Control Commission in New Jersey granted approvalfor its acquisition ofBoyd Gaming Corp.'s 50%stake in the Borgata Hotel Casino & Spa in Atlantic City.

The regulator approved the lease agreements required for thetransaction in a 3-0 vote. The deal will give MGM Resorts full control of the asset,according to The Associated Press.

The transaction, set to close during the third quarter, callsfor MGM Resorts to pay Boyd $900 million. Boyd will also receive 50% of any taxsettlement reached between MGM Resorts and Atlantic City. MGM Resorts will subsequentlysell the casino's real estate to MGMGrowth Properties, its REITunit, for roughly $1.18 billion.

Upon the deal's closing, MGM Resorts will oversee the asset'soperations and will integrate Borgata's customer loyalty program with its own, accordingto the report.