Vol. 3, No. 12, December 2006
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MGM sells five Nevada properties
In less than two weeks in November, MGM Mirage disposed of five lesser-known properties in non-Las Vegas venues.
The company sold the Colorado Belle and the Edgewater Hotel Casino to a group led by Anthony Marnell III and others. The two casinos are located in Laughlin, about 90 minutes south of Las Vegas on Colorado River, on the Arizona/California border. While Laughlin has recently been on the rebound, it has stagnated for about 10 years due to the proliferation of Indian casinos in Arizona and California.
Marnell’s group has plans to build the M Club casino resort on the far south end of the Las Vegas Strip, but construction has not yet begun.
And in Primm, Nevada, just 30 minutes from Las Vegas down Interstate 15 on the California border, MGM Mirage sold three casinos in that jurisdiction—Whiskey Pete’s, Buffalo Bill’s and the Primm Valley Casino Resort—to Herbst Gaming Corp., a private company owned and operated by the three Herbst brothers.
According to Alan Feldman, MGM Mirage spokesman, both Herbst and Marnell approached the company about buying the selected properties. He said that while no other casinos are currently on the selling block, “if buyers present themselves—and they do from time to time—we’ll certainly enter into a discussion with them.”
