New Jersey regulators uneasy with company's association with Pansy Ho.
-- Hotels, 1/29/2010 8:03:02 AM
MGM Mirage is preparing to divest its 50% stake in Atlantic City's Borgata Hotel Casino & Spa, in response to concerns raised by New Jersey gaming regulators over MGM's Macau partnership with Pansy Ho.
The Wall Street Journal reports that MGM has been searching for buyers but has not yet come to a deal. The paper cites an unnamed "person with knowledge of the negotiations" in its report.
New Jersey's Division of Gaming Enforcement has previously labeled Ho an "unsuitable" business partner. Ho's father, Stanley Ho, has long been rumored to have ties to organized crime in Asia. Stanley Ho's Sociedade de Jogos de Macau once controlled a monopoly on gaming in Macau. He has never been formally charged with any wrongdoing.
Borgata, which opened in 2003, is owned by a joint venture between MGM Mirage and Boyd Gaming Corp.
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