It will put its 50 percent stake in Atlantic City's Borgata casino in a divestiture trust to resolve regulatory problems, says MGM Mirage.

According to the reports of the Wall Street Journal on Saturday, the agreement reached on Friday with New Jersey's Division of Gaming Enforcement gives the MGM Mirage 18 months to find an owner for its 50 percent share of the Borgata Hotel Casino & Spa.

Any deal must be approved by the state's Casino Control Commission.

The Journal further said that the sale could be worth between $200 million and $500 million based on the property's profits.

After state gaming regulators deemed the company's Macau business partner, heiress Pansy Ho, unsuitable, MGM Mirage agreed to the divestiture.

MGM Mirage will leave Atlantic City due to the divestiture agreement positions, where gambling revenues declined 16 percent in February from a year ago. In contrast the Macau casino market, saw 70 percent revenues increase in February, from a year ago. (With Input from Agencies)