News for the Hospitality Executive
|LAS VEGAS, April 26, 2007 - MGM MIRAGE (NYSE: MGM) announced
today that it will invest in The M Resort, an 80-acre mixed-use
development, currently being developed by Anthony A. Marnell III. The project is located on the southeast corner of Las Vegas Boulevard and St. Rose Parkway, approximately 10 miles south of Bellagio.
The M Resort will be developed in multiple phases, with the first phase located on approximately 40 acres consisting of an Italian contemporary designed resort, spa and casino. The development integrates a customized collection of amenities including an outdoor canyon pool and entertainment venue, oversized guest rooms, panoramic suites, a top-of-the-tower ultra lounge and a state-of-the-art convention center.
"MGM MIRAGE is pleased to be a part of this unique resort and real estate development," said Terry Lanni, Chairman and Chief Executive Officer of MGM MIRAGE. "We share in Anthony's vision and are very impressed with the experienced management team he has assembled. The M Resort is destined to become the premier project on the South Strip."
MGM MIRAGE has committed, subject to certain conditions, to finance $160 million of The M Resort in the form of a subordinated convertible note. The note matures eight years from its effective date and contains certain optional and mandatory redemption provisions. MGM MIRAGE has the right to convert such note into a 50% equity interest in The M Resort after eighteen months of the note's issuance if not repaid.
"To have the dedication and commitment of one of the world's most respected
gaming resort companies with us is a huge validation of the
The first phase of the development program will consist of approximately
400 rooms and suites, a 100,000 square foot casino, various
Site work on the project has already begun. Construction work is scheduled to begin over the upcoming weeks and The M Resort is anticipated to debut in mid-2009. Future phases are being designed to include mixed-use development on the remaining 40 acres.
About MGM MIRAGE:
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected hotel and gaming companies, owns and operates 19 properties located in Nevada, Mississippi and Michigan, and has investments in three other properties in Nevada, New Jersey and Illinois. MGM MIRAGE, please visit the company's website at http://www.mgmmirage.com.
About Anthony A. Marnell III:
Anthony A. Marnell III founded M Resorts along with Raymond J. Shapiro in 2005. Mr. Marnell is the Chairman, Chief Executive Officer and majority owner of M Resorts. Mr. Marnell has retained the services of Marnell Architecture and Marnell Corrao Associates to design and construct The M Resort. These firms have performed design and construction work on such properties as Bellagio, The Mirage, Treasure Island, New York-New York, Borgata and many others.
Presently, Anthony A. Marnell III has partnered with Sher Gaming to own and operate the Saddle West Hotel and Casino in Pahrump, NV, and has entered into a purchase agreement to buy the Colorado Belle and Edgewater hotel and casinos in Laughlin, NV which is scheduled to close during the second quarter, subject to regulatory approvals.
Forward Looking and Safe Harbor Statements:
|Also See:||MGM MIRAGE Selling Colorado Belle and Edgewater Hotel Casinos in Laughlin, Nevada, to a Group Led by Anthony Marnell III for $200 million / October 2006|
|Harrah's to Merge With Rio - Costs Savings Expected / Aug 1998|
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