MGM MIRAGE Enters Into an Agreement to Sell Primm Valley Resorts to Herbst Gaming, Inc.
01 Novembro 2006 - 11:00AM
PR Newswire (US)
LAS VEGAS, Nov. 1 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
and Herbst Gaming, Inc. today announced that they have entered into
an agreement whereby MGM MIRAGE will sell its Buffalo Bill's, Primm
Valley and Whiskey Pete's hotel-casinos (collectively known as
"Primm Valley Resorts") located in Primm, Nevada, to Herbst Gaming,
Inc. for $400 million. The transaction is subject to customary
closing conditions contained in the purchase agreement, including
receipt of necessary regulatory and governmental approvals. The
parties anticipate the transaction to close by the end of the first
quarter of 2007. Upon successful completion of the transaction, MGM
MIRAGE expects to report a substantial gain. MGM MIRAGE acquired
these properties in March 1999 as part of its acquisition of
Primadonna Resorts, Inc. Primm Valley Resorts, located about 40
miles south of Las Vegas, feature 2,644 guest rooms, 136,000 square
feet of casino space, 2,900 slot machines and 98 gaming tables and
also include three gas stations and a convenience store. The Primm
Valley Golf Club, consisting of approximately 573 acres in
California, is not part of this transaction and will continue to be
owned and operated by MGM MIRAGE. "My brothers and I are extremely
pleased about the acquisition of these three great assets. We look
forward to continuing and building upon the legacy started at these
properties by the Primm family. We believe that the Buffalo Bill's,
Primm Valley and Whiskey Pete's assets and their customer base fit
in extremely well with our existing eight casino portfolio and that
the 'Terrible's' brand will bring added excitement to the I-15
corridor," said Ed Herbst, President of Herbst Gaming. "We are also
excited to welcome all of the great Primm Valley Resorts employees
to the Herbst Gaming family." Lehman Brothers and Wachovia
Securities served as financial advisors to Herbst Gaming and Gibson
Dunn and Crutcher LLP acted as legal counsel. About MGM MIRAGE MGM
MIRAGE (NYSE:MGM), one of the world's leading and most respected
hotel and gaming companies, owns and operates 23 properties located
in Nevada, Mississippi and Michigan, and has investments in three
other properties in Nevada, New Jersey and Illinois. The Company
has entered into agreements to sell its three Primm Valley Resort
properties located in Primm, Nevada and its Colorado Belle and
Edgewater properties located in Laughlin, Nevada. In addition, the
Company has major new developments under construction in Nevada,
Michigan and Macau S.A.R. Project CityCenter is a multi-billion
mixed-use urban development on 66-acres in the heart of the Las
Vegas Strip; a new MGM Grand hotel and casino complex is being
built on 25 acres in downtown Detroit; and the Company also has a
50 percent interest in MGM Grand Macau, a hotel-casino resort
currently under construction in Macau S.A.R. MGM MIRAGE supports
responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its
properties. MGM MIRAGE also has been the recipient of numerous
awards and recognitions for its industry-leading Diversity
Initiative and its community philanthropy programs. For more
information about MGM MIRAGE, please visit the company's website at
http://www.mgmmirage.com/. About Herbst Gaming, Inc. Herbst Gaming,
Inc. is an established slot route operator in Nevada with over
8,400 slot machines and owns and operates eight casinos in Nevada,
Missouri and Iowa. Additional information is available in the
"Investors Relations" section of the Company's website at
http://www.herbstgaming.com/. Forward Looking Statements Statements
in this release which are not historical facts are "forward
looking" statements and "safe harbor statements" under the Private
Securities Litigation Reform Act of 1995 that involve risks and/or
uncertainties, including risks and/or uncertainties as described in
each of the company's public filings with the Securities and
Exchange Commission. DATASOURCE: MGM MIRAGE CONTACT: Alan M.
Feldman, Senior Vice President, Public Affairs of MGM MIRAGE,
+1-702-891-7147; or Mary E. Higgins, Chief Financial Officer of
Herbst Gaming, Inc., +1-702-889-7600 Web site:
http://www.mgmmirage.com/ http://www.herbstgaming.com/
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