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$200M Casino Sale Gains Preliminary Nod

LAS VEGAS-MGM Mirage Inc. gains initial regulatory approval for the sale of its two Laughlin, NV casino-hotels to the developer of M Resort in Henderson, NV.

By Brian K. Miller | Updated on May 03, 2007

LAS VEGAS-The Nevada Gaming Control Board has signed off on MGM Mirage Inc.’s sale of two casinos in Laughlin, NV, to a partnership led by Anthony A. Marnell III, developer of the planned M Resort in Henderson, NV. The Nevada Gaming Commission is expected to give final approval on May 17 for the $200-million transaction.

Marnell III is son of casino developer and builder Anthony Marnell II, whose firm Marnell Corrao Associates built Wynn Las Vegas and Bellagio and will design and build M Resort. Laughlin sits 90 miles south of Las Vegas, near the confluence of Nevada, California and Arizona. The transaction was announced in October.

The two assets are the Colorado Belle and Edgewater hotel-casinos on the Colorado River. Marnell III is acquiring the properties in partnership with an affiliate of Sher Gaming LLC, led by Ed Sher. Combined, the Edgewater and Colorado Belle properties sit on 57 acres and hold 2,535 guest rooms and 138,000 sf of casino space. MGM acquired the properties in April 2005 as part of its acquisition of Mandalay Resort Group. The two casinos will give the Marnell-Sher partnership a total of three casino-resort properties. In June 2006, the partnership purchased the Saddle West Hotel and Casino in Pahrump, NV.

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