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MGM Mirage Buys Into 166-Acre Development

LAS VEGAS-The locally headquartered casino operator creates a partnership for the development of land it owns in Jean, NV. As part of the plan, one of the two casinos MGM operates there will close.

By Brian K. Miller | Updated on February 12, 2007

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LAS VEGAS-MGM Mirage Inc. will develop 166 acres it owns in Jean, NV, in partnership with American Nevada Corp. and Cloobeck Cos. MGM officials say they sold a 50% stake in the planned development in a transaction that valued the partnership’s assets at $150 million. Currently, the assets generate approximately $6 million in annual cash flow.

MGM’s new partner in the project is Jeanco Realty Development LLC, which includes American Nevada Holdings LLC, a subsidiary of American Nevada Corp., and Diamond Resorts LLC, a subsidiary of Cloobeck Cos. The partnership is subject to state gaming approvals; the related transaction is anticipated to close later this year.

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