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Nevada regulators give first approval to sale of Laughlin casinos
 Message was posted: 09:56 May 3rd, 2007     
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Casino news source: Las Vegas Sun - http://www.lasvegassun.com


Nevada regulators give first approval to sale of Laughlin casinos

LAS VEGAS (AP) - Nevada gambling regulators have given initial approval for MGM Mirage Inc. to sell two Laughlin casinos to a partnership including the son of a Las Vegas casino builder.

The Gaming Control Board signed off Wednesday on a plan for Anthony Marnell III and Marnell Sher Gaming LLC to acquire the Edgewater and Colorado Belle casinos for $200 million.

The Nevada Gaming Commission will be asked May 17 to give final approval to the sale of the two casinos, which are among the largest in the Colorado River resort town about 100 miles south of Las Vegas.

Marnell, 33, a software company founder and son of casino construction pioneer Tony Marnell, is a partner in the deal with Sher Gaming, led by Ed Sher. He said he hoped to complete the purchase by June 1.

Tony Marnell built and operated the Rio hotel-casino before Harrah's Entertainment Inc. bought it in 1999.

The younger Marnell and Sher Gaming bought the Saddle West Casino in Pahrump last year, and spent almost $7 million renovating it.

"The Saddle West helped re-establish us in the business," Marnell told the Las Vegas Review-Journal following Wednesday's control board hearing. "Laughlin really is a big step up, but we see a tremendous amount of potential."

The Colorado Belle and Edgewater occupy 57 adjacent acres fronting about 300 yards of Colorado River. Together, the two properties have 2,535 hotel rooms and 138,000 square feet of casino space with 2,224 slot machines and 72 gaming tables.

Marnell told the Gaming Control Board the partners planned to spend about $22 million to upgrade slot machines. The Colorado Belle, with its paddle wheel riverboat theme, would probably remain as is, he said. The Edgewater might be rebranded.

The Colorado Belle and Edgewater were acquired by MGM Mirage when the Las Vegas-based casino giant bought the Mandalay Resort Group in April 2005 for $7.9 billion.

MGM Mirage last week announced it was investing $160 million in a planned $700 million Marnell property on the far south end of the Las Vegas Strip through a subordinated convertible note.

Marnell told the control board that Sher Gaming chose not to participate in that project, dubbed the M Resort.





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