MGM MIRAGE Completes the Sale of Primm Valley Resorts to Herbst Gaming, Inc.
10 Abril 2007 - 11:00AM
PR Newswire (US)
LAS VEGAS, April 10 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
and Herbst Gaming, Inc. announced today that they have completed
their previously announced transaction involving the sale of
Buffalo Bill's, Primm Valley and Whiskey Pete's hotel-casinos
(collectively known as "Primm Valley Resorts") located in Primm,
Nevada to Herbst Gaming for $400 million. "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." Primm
Valley Resorts, located about 40 miles south of Las Vegas, feature
2,642 guest rooms, 137,000 square feet of casino space, 2,816 slot
machines and 93 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 by MGM MIRAGE. Herbst
Gaming will manage the Primm Valley Golf Club on behalf of MGM
MIRAGE. MGM MIRAGE expects to report a substantial gain in the
second quarter. MGM MIRAGE acquired these properties in March 1999
as part of its acquisition of Primadonna Resorts, Inc. About MGM
MIRAGE MGM MIRAGE (NYSE:MGM), one of the world's leading and most
respected hotel and gaming companies, owns and operates 19
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 an agreement to sell 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. CityCenter is a
multi-billion dollar mixed-use urban development in the heart of
the Las Vegas Strip; a new MGM Grand hotel and casino complex is
being built in downtown Detroit; and the Company has a 50% 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 a diversified
gaming company which, when the transaction closes, will operate 16
casinos in Nevada, Missouri and Iowa, as well as, a slot route
operation in Nevada. 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.herbstgaming.com/ Web site: http://www.mgmmirage.com/
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