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MGM Mirage to Sell Two Casinos

October 17, 2006|From the Associated Press

LAS VEGAS — MGM Mirage plans to sell its two hotel-casinos in the Colorado River resort town of Laughlin, Nev., to a private investment group for $200 million.

The purchasing group is led by Anthony Marnell III, chairman of Las Vegas-based M Resorts, and partner Edward Sher of Sher Gaming, MGM Mirage said Monday.

Las Vegas-based MGM Mirage acquired Colorado Belle and Edgewater when it bought Mandalay Resort Group in 2005. Combined, the two properties have 2,535 rooms and 138,000 square feet of casino space. They employ 2,200 people and represent the only MGM Mirage properties in Laughlin.

MGM Mirage owns or manages 21 other properties, including 10 on the Las Vegas Strip.

The company said it expected to reap a substantial gain from the Laughlin sales, which it said should close by the second quarter of 2007, subject to regulatory approvals.

MGM Mirage shares fell 1 cent to $42.81.

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