If you’ve ever walked through the gold-tinted doors of the Borgata in Atlantic City, you know the vibe is just... different. It’s sleek. It’s expensive. It feels like a piece of the Las Vegas Strip was air-lifted and dropped right into the Marina District. But honestly, behind that high-roller aesthetic is a tangled web of corporate chess moves that would make a seasoned poker player dizzy.
The short answer? MGM Resorts International runs the show. But if you’re looking for the name on the actual deed to the land, that’s where things get interesting. As of 2026, the physical property is owned by VICI Properties Inc., a massive real estate investment trust (REIT).
Basically, MGM pays rent to VICI to keep the slots humming and the lights on in that giant gold tower.
Who Owns Borgata Casino Right Now?
Let's break this down because "ownership" in the casino world is rarely a one-sentence explanation.
Today, MGM Resorts International is the sole operator. They own the brand, the player data (MGM Rewards), the chips, and the day-to-day operations. When you use your rewards card or book a suite in the MGM Tower, you're dealing with MGM.
However, back in 2022, a massive $17 billion deal changed the paperwork. VICI Properties—which is essentially the world’s biggest casino landlord—acquired a company called MGM Growth Properties. In that shuffle, VICI became the owner of the land and the buildings.
It’s a "triple-net lease" setup. MGM is the tenant, and VICI is the landlord. It sounds weird to think of a billion-dollar casino having a landlord, but in the modern business world, it's a way for casino companies to free up cash instead of having billions tied up in bricks and mortar.
The Messy History: It Wasn't Always Just MGM
Borgata didn't start as an MGM solo project. Not even close.
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When it opened in 2003, it was a 50/50 joint venture between MGM Mirage (as they were called then) and Boyd Gaming. For over a decade, Boyd was actually the one managing the place. They were the "boots on the ground" partner.
Then things got complicated.
Around 2010, MGM almost got kicked out of New Jersey entirely. There was a huge drama involving the New Jersey Division of Gaming Enforcement and MGM's business dealings in Macau—specifically a partnership with Pansy Ho. The regulators basically told MGM, "It’s her or us."
MGM actually put their 50% stake into a divestiture trust and prepared to leave Atlantic City for good. But, in a twist, they eventually cleared things up with the regulators, returned to the state, and in 2016, they just bought Boyd Gaming out for $900 million.
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The Ownership Timeline at a Glance
- 2003: Borgata opens as a joint venture (MGM and Boyd Gaming).
- 2010: MGM enters a legal battle with NJ regulators; their stake is put in a trust.
- 2014: Regulators give MGM the green light to come back.
- 2016: MGM buys Boyd’s 50% stake for $900 million. They now own 100%.
- 2016 (Later): MGM spins off its real estate into MGM Growth Properties (MGP).
- 2022: VICI Properties buys MGP. VICI is now the landlord; MGM remains the operator.
Is Borgata Still the Top Dog?
People ask "who owns Borgata casino" often because they want to know if the quality is going to slip. When a property changes hands, there’s always that fear that the new owners will start cutting corners.
Honestly, since MGM took full control, they’ve doubled down. They rebranded the "Water Club" to the MGM Tower and dumped $55 million into room renovations recently.
Borgata still accounts for a massive chunk of Atlantic City’s total gaming revenue—usually around 25% to 30% of the entire market. Even with newer competition like Ocean Casino Resort or Hard Rock, Borgata stays at the top of the pile.
Why the Landlord Model Matters
You might wonder why we even care that VICI Properties owns the dirt under the casino.
It matters because it shows where the industry is heading. Companies like MGM Resorts International want to be "asset-light." They want to focus on sports betting (like BetMGM), entertainment, and hospitality rather than being a real estate company.
By selling the land to VICI, MGM got a massive influx of cash. They used that money to expand into new markets and beef up their digital presence. VICI, on the other hand, just wants the steady rent checks. It’s a boring business for them, but a very profitable one.
Misconceptions About Borgata's Ownership
One common myth is that the "Borgata" name is its own company. It’s not. It’s a subsidiary.
Another one? That it's owned by a private equity firm. While plenty of casinos are, Borgata is tied to two of the largest publicly traded companies in the gaming and real estate space (NYSE: MGM and NYSE: VICI).
What This Means for You
If you're a gambler or just a weekend visitor, the MGM ownership is actually a huge plus for your wallet—specifically through the MGM Rewards program. Because MGM owns Borgata, your play in Atlantic City earns you points you can spend at the Bellagio in Vegas or MGM National Harbor in Maryland.
If it were still a joint venture with Boyd, that cross-country loyalty wouldn't be nearly as seamless.
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Next Steps for You:
- Check your MGM Rewards status: If you haven't linked your account recently, make sure your Borgata play is actually counting toward your tier status.
- Look at the MGM Tower: If you haven't stayed there since the 2023/2024 rebranding, it's worth checking out the "Vista" suites. They are a significant step up from the old Water Club rooms.
- Watch the VICI stock: If you're into the business side of things, following VICI Properties gives you a better look at the financial health of the land itself, while MGM's earnings calls will tell you how the actual casino is performing.
The "gold giant" of Atlantic City isn't going anywhere, but its "parents" have certainly changed over the years. From a shared project to a leased-back powerhouse, Borgata remains the crown jewel of the East Coast for MGM.