N.J. Casino Regulators Allow MGM To Keep Half Of Borgata Casino

ATLANTIC CITY, N.J. (CBSNewYork/AP) - New Jersey casino regulators are letting MGM Resorts back into the Atlantic City casino market

The Casino Control Commission voted Wednesday to let MGM keep its 50 percent ownership of the Borgata.

MGM decided in 2010 to sell its stake and leave New Jersey, rather than cut ties to an Asian business partner in Macau. But a buyer was never found.

The partner's father is suspected by New Jersey regulators of having organized crime ties to Chinese gangs, but MGM and the family of Pansy Ho deny the allegations.

MGM says Ho's control of the Chinese company has lessened, and that her father, Stanley Ho, is old and sick.

Her ownership stake has gone from 50 percent to 24 percent.

Despite the news, Atlantic City is ailing with multiple casinos filing for bankruptcy and closings their doors.

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