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Atlantic City's Borgata Casino Financing Completed

14 December 2000

ATLANTIC CITY, New Jersey - Dec. 14, 2000 -- As reported by the Atlantic City PressPlus: "Boyd Gaming Corp. and MGM Mirage finally have all the money needed to pay for their $1 billion Borgata casino hotel.

"Their joint venture on Tuesday completed a $630 million financing with a bank consortium led by CIBC World Markets, Borgata CEO Robert Boughner said.

"...Boyd, the managing partner, put up $207 million cash and MGM Mirage put up $117 million cash, plus 27.5 acres of Marina District land valued at $90 million.

"MGM, which carved the parcel out of its 150-acre Marina District tract, deeded the Borgata parcel to the joint venture as part of the financing arrangement, Boughner said.

"...The $630 million loan is broken into two pieces. Boughner would not disclose the amounts or the interest rates for either, but called the deal `very flexible.'..."

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