MGM MIRAGE Completes Sale of Laughlin Properties to a Group Led by Anthony Marnell III
01 Junho 2007 - 3:37PM
PR Newswire (US)
LAS VEGAS, June 1 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
announced today that it has completed its previously announced sale
of the Colorado Belle and Edgewater hotel-casinos located in
Laughlin, Nevada, to a group led by Anthony Marnell III for $200
million. On a combined basis, these two properties contain some
2,500 guest rooms and over 100,000 square feet of casino space
featuring approximately 2,200 slot machines and 70 gaming tables.
MGM MIRAGE acquired these properties in April 2005 as part of its
acquisition of Mandalay Resort Group. 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. MGM MIRAGE (NYSE:MGM), one of the
world's leading and most respected hotel and gaming companies, owns
and operates 17 properties located in Nevada, Mississippi and
Michigan, and has investments in three other properties in Nevada,
New Jersey and Illinois. 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/. 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 the company's public filings
with the Securities and Exchange Commission. DATASOURCE: MGM MIRAGE
CONTACT: Investment Community, James J. Murren, President, Chief
Financial Officer & Treasurer, +1-702-693-8877, or Media, Alan
M. Feldman, Senior Vice President of Public Affairs,
+1-702-891-7147, , both of MGM MIRAGE Web site:
http://www.mgmmirage.com/
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