Articles

MGM to sell casinos for $400m

MGM Mirage has announced that it is to sell its three casinos in Primm, Nevada to the Herst Gaming company for a fee of $400 million.

The move follows a similar MGM announcement earlier in the month, when it declared that its two Laughlin, Nevada, casinos were also being sold off for $200 million.

The latest move will divest the company of 136,000 square feet off casino space, representing the end of a seven year ownership deal.

MGM is thought to have made the sales so that it can concentrate its business model upon the high-value Las Vegas Strip area. The deals are also thought to be related to the company's intended super-casino plan for Las Vegas.

Project CityCenter, an $8 billion scheme, will see the creation of a 66 acre developmental centre which is set to include e 4,000 room hotel casino resort, along with three other hotels, 1,650 luxury condos and 550,000 square feet of retail, restaurant and entertainment space.

The first phase of the project is due to take approximately 18 months, with the casino scheduled to open in 2010.


© Adfero Ltd