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MGM Closes $400M Asset Sale; More in the Works

LAS VEGAS-Herbst Gaming, the operator of "Terrible's" casinos acquires three gaming properties located on the California border from MGM Mirage, which is selling other border assets as well.

By Brian K. Miller | Updated on April 10, 2007

LAS VEGAS-”Terrible’s” casinos operator Herbst Gaming has closed on its $400-million acquisition of three casinos in Primm, NV, which sits on the California border 40 miles south of the Las Vegas Strip. The Buffalo Bill’s, Primm Valley and Whiskey Pete’s hotel-casinos were acquired from MGM Mirage in a deal that was first announced in November .

Collectively known as Primm Valley Resorts, the group totals 2,644 guest rooms, 136,000 sf of casino space, 2,816 slot machines, three gas stations and a convenience store on 143 acres. Not included in the deal is MGM Mirage’s Primm Valley Golf Club, which Herbst will manage for MGM.

MGM Mirage acquired the Primm Valley Resorts portfolio in March 1999 as part of its acquisition of Primadonna Resorts Inc. Substantially all of the Primm Valley properties sit on a ground lease that, including extension options, expires in 2068, according to MGM Mirage’s latest annual report.

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