ATLANTIC CITY-MGM Resorts International has reached an agreementto sell four long-term ground leases and their respectiveunderlying property parcels at the Borgata Hotel Casino & Spato Vornado Realty Trust and Geyser Holdings for approximately $73million. The property parcels are subject to the transaction arecomprised of approximately 11.3 acres.

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Following the completion of the inspection period, both Vornadoand Geyser, along with MGM. have agreed to proceed with thetransaction, which is still subject to closing conditions containedin the purchase and sale agreement, including approval by the NewJersey Casino Control Commission and the New Jersey Division ofGaming Enforcement. Calls to Vornado were not returned bydeadline.

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The parties expect the transaction to close by the fourthquarter of this year. MGM Resorts International continues to ownapproximately 85 acres of developable land in Atlantic City ofwhich around 70 acres are adjacent to the Borgata on RenaissancePoint. These 85 acres of developable land are not included in thistransaction.

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