MGM Mirage Completes $200M Casinos Sale

LAS VEGAS-MGM Mirage Inc. has completed the $200-million sale of its Colorado Belle and Edgewater hotel-casinos in Laughlin, NV, which sits 90 miles south of Las Vegas near the confluence of Nevada, California and Arizona. Combined, the riverfront properties sit on 57 acres and hold 2,535 guest rooms and 138,000 sf of casino space. The new owner is a group that includes local developer Anthony Marnell III and Sher Gaming LLC, which is led by Ed Sher. The deal was first announced in October .

In addition to its Laughlin casinos, MGM earlier this year sold off Buffalo Bill’s, Primm Valley and Whiskey Pete’s, its three hotel-casino properties in Primm, NV, which sit on the California border 45 miles south of the Las Vegas. 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.

The only Vegas gateway market where MGM is maintaining an interest is Jean, NV, which sits between Primm and Las Vegas. It owns 166 acres there that currently hold the 302-room Nevada Landing property, the 800-room Gold Strike Hotel and Casino and two gas stations/rest stops catering to truckers. MGM plans to master plan, develop and operate gaming casinos and housing on the property along with other commercial and retail elements. MGM Mirage Inc. is selling a 50%-stake in the Jean portfolio as part of its planned redevelopment.