MGM Mirage To Sell Colorado Belle And Edgewater Hotel-casinos For $200 Mln

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Message was posted: 01:45 Oct 16th, 2006

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The Las Vegas, Nevada-based MGM Mirage (MGM | charts | news | PowerRating) announced that it has entered into an agreement to sell its Colorado Belle and Edgewater hotel-casinos in Laughlin, Nevada, to a group led by M Resorts Chairman and CEO Anthony Marnell III for $200 million. This transaction s expected to close by the second quarter of 2007. MGM Mirage anticipates to report a substantial gain following the completion of this acquisition. MGM Mirage acquired these properties in April 2005. On a combined basis, these two properties feature 2,535 guest rooms, 2,224 slot machines, 138,000 square feet of casino space and 72 gaming tables on a combined 57 acres of land along the Colorado River.

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