The second-largest casino company in the world, MGM Grand, plans to sell two of its casinos in the Colorado River resort town of Laughlin, about 160 kilometers south of Las Vegas, to a private investment group for $200 million.
The private investment group's leaders are Edward Sher (Sher Gaming) and Anthony Marnell, chairman of M Resorts from Las Vegas.
The two casino resorts, the Edgewater and the Colorado Belle, were bought by MGM Grand, when it bought Mandalay Resort Group in 2005.
MGM Grand owns or manages 23 hotel & casino resorts, ten of them on the Las Vegas Strip. The two properties that are to be sold have 2,535 rooms and 138,000 square feet of casino area combined.
According the company, the sale, which should be finalized by the second quarter of 2007, will provide it with a substantial profit.
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