Boyd Gaming to sell half its stake in Borgata casino to MGM

Boyd Gaming Corp. shares rose in the extended session Tuesday after the casino operator said it agreed to sell half of its interest in the holding company that owns the Borgata casino in Atlantic City to MGM Resorts International . Boyd shares surged 4.4% to $19.75 after hours. Under the agreement, Boyd will sell a 50% equity stake in Marina District Development Holding Company LLC for an estimated $900 million. Boyd expects $600 million upfront, after deducting outstanding debt, along with 50% of future property-tax settlement benefits. Boyd expects the deal to close in the third quarter. MGM shares were unchanged at $22.85 after hours.

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