MGM BEGINS PROCESS OF SELLING OUT OF ATLANTIC CITY

MGM sold about 11 acres of land in Atlantic City, including the land which the Borgata sits on. The sale of the land has been agreed to with Vornado Realty Trust and Geyser Holdings for $73 million. MGM was forced by the New Jersey Casino Control Commission to sell out of Atlantic City if it would not severe its business relations with a Chinese business partner that has criminal ties. MGM still is seeking a buyer for its half of the Borgata and other tracts of land that it owns in the city.