MGM MIRAGE Completes the Sale of Treasure Island to Phil Ruffin
20 Março 2009 - 3:15PM
PR Newswire (US)
LAS VEGAS, March 20 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE:MGM)
today announced that it has completed its previously announced sale
of Treasure Island Hotel & Casino ("TI") to Ruffin Acquisition,
LLC for $775 million. Ruffin Acquisition, LLC is wholly owned by
Phil Ruffin. At closing, MGM MIRAGE received $600 million in cash
proceeds and a $175 million secured note bearing interest at 10%
payable not later than 36 months after closing. Ruffin Acquisition,
LLC has an option to prepay this note on or before April 30, 2009
and receive a $20 million discount on the purchase price. The note
is secured by the assets of TI and will be senior to any other
financing. "TI is in great hands with Phil Ruffin and we wish him
and all of the property's wonderful employees nothing but the
best," said Jim Murren, Chairman and CEO of MGM MIRAGE. TI is
located on the Las Vegas Strip and features 2,885 guest rooms and
suites, approximately 87,000 square feet of gaming space, several
fine and casual dining outlets, The Sirens of TI - the iconic
pirate battle attraction, and Mystere, the first permanent
production in Las Vegas by Cirque du Soleil. "We are very excited
to have acquired such a stellar resort in Treasure Island," said
Mr. Ruffin. "The property is in pristine condition, ideally located
in the heart of the Strip," Mr. Ruffin noted. As a result of the
sale, MGM MIRAGE expects to report a substantial gain in the first
quarter. MGM MIRAGE (NYSE:MGM), one of the world's leading and most
respected companies with significant holdings in gaming,
hospitality and entertainment, owns and operates 16 properties
located in Nevada, Mississippi and Michigan, and has 50%
investments in four other properties in Nevada, New Jersey,
Illinois and Macau. CityCenter, an unprecedented urban metropolis
on the Las Vegas Strip scheduled to open in late 2009, is a joint
venture between MGM MIRAGE and Infinity World Development Corp, a
subsidiary of Dubai World. MGM MIRAGE Hospitality has entered into
management agreements for future casino and non-casino resorts in
the People's Republic of China, Abu Dhabi, U.A.E. and Vietnam. MGM
MIRAGE supports responsible gaming and has implemented the American
Gaming Association's Code of Conduct for Responsible Gaming at its
properties. MGM MIRAGE has received 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, Daniel J. D'Arrigo, Executive Vice
President, Chief Financial Officer, +1-702-693-8895, or News Media,
Alan M. Feldman, Senior Vice President, Public Affairs,
+1-702-650-6947, both of MGM MIRAGE Web Site:
http://www.mgmmirage.com/
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