Search
 

MGM Selling Laughlin Properties for $200M

LAS VEGAS-Located along the Colorado River, the properties hold 2,535 guest rooms and 138,000 sf of casino space. The new owner is also planning a $1.8-billion project on Las Vegas Boulevard in Henderson.

By Brian K. Miller | Updated on October 16, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

LAS VEGAS-MGM is selling its Colorado Belle and Edgewater hotel-casinos in Laughlin for $200 million. The locally based casino operator says the buyer is a group led by Anthony Marnell III, who recently received preliminary approvals to build M Resort, a $1.8-billion mixed-use casino, resort and commercial center several miles south of the Strip on Las Vegas Boulevard. Marnell is the son of casino developer and builder Anthony Marnell II, whose firm Marnell Corrao Associates will design and build the M Resort.

Marnell III, who founded a software company called Tririga, is chairman and CEO of M Resorts. Greg Wells, who oversees investments for the Marnell family, tells GlobeSt.com that the Laughlin resorts were acquired by an affiliate of Marnell III in partnership with an affiliate of Sher Gaming LLC, led by Ed Sher. In June, the same Marnell-Sher partnership purchased the Saddle West Hotel and Casino in Pahrump, Wells says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.