MGM MIRAGE Sells Two Nevada Properties
LAS VEGAS, NV, October 17, 2006. MGM MIRAGE (NYSE:MGM) announced that it has entered into an agreement to sell its Colorado Belle and Edgewater hotel-casinos located in Laughlin, Nevada, to a group led by Anthony Marnell III for $200 million.
The transaction is subject to customary closing conditions contained in the purchase agreement, including receipt of all necessary regulatory and governmental approvals. Both parties anticipate the transaction to be completed by the second quarter of 2007.
Upon successful completion of the transaction, MGM MIRAGE expects to report a substantial gain. MGM MIRAGE acquired these properties in April 2005 as part of its acquisition of Mandalay Resort Group.
On a combined basis, these two properties feature 2,535 guest rooms, 138,000 square feet of casino space, 2,224 slot machines and 72 gaming tables on a combined 57 acres of land along the Colorado River.
Anthony Marnell III is the Chairman and CEO of M Resorts. Marnell and his management team are partnered with Sher Gaming, LLC, led by Ed Sher, on this transaction. On June 1, 2006, a Marnell-Sher partnership bought the Saddle West Hotel and Casino in Pahrump, Nevada. Further information on the Marnell-led group can be obtained from Greg Wells, President of Austi LLC, at 702-739-2000.
Banc of America Securities acted as financial advisor to the Marnell group in connection with this transaction.
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