MGM Resorts International Enters Into an Amendment to Its Borgata Settlement Agreement in New Jersey

MGM Resorts International MGM today announced that it has entered into an amendment, subject to approval by the New Jersey Casino Control Commission, with respect to its settlement agreement with the New Jersey Division of Gaming Enforcement under which it will sell its 50% ownership interest in the Borgata Hotel Casino & Spa in Atlantic City. The amendment provides that the mandated sale of the trust property be increased by 18 months to 48 months. During the first 36 months (or until March 24, 2013), MGM Resorts has the right to direct the trustee to sell the trust property. If a sale is not concluded by that time, the trustee will be responsible for selling MGM's interest in the Borgata during the following 12-month period. All other material terms of the settlement agreement remain unchanged.