MGM Mirage, one of the biggest casino operators in the world, announced its plans to sell the three casinos in Primm, a town on the border between Nevada and California. The buyer, Herbst Gaming Inc., will pay $400 million for 2,640 rooms and 136,000 square feet of casino space in all three casinos: Whiskey Pete's hotel-casinos, Buffalo Bill's and Primm Valley.
In addition to the sale, the Las Vegas-based MGM Grand has begun its $7 billion endeavor called Project CityCenter in Las Vegas. The 66-acre project, which is the biggest and most expensive project in Las Vegas' history, will include casinos, hotels, retail stores and condominiums.
The company is now interested in focusing on its casinos in Las Vegas, Mississippi, Macau (which will open next year) and its future plans in New Jeresey.
MGM Mirage's casinos in Primm produced yearly revenue of about $40 million. They are located 40 miles from Las Vegas, on Interstate 15 where 40,000 people drive by every day.
Herbst latest acquisition is also its largest. The company has purchased the Sands Regent for $148 million and three casinos in Missouri and Iowa. They own eight casinos and also 8,400 slot machines located in bars, gas stations and convenience stores.
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