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MGM Mirage completes Primm Valley Resorts sale10 April 2007
LAS VEGAS, Nevada – (PRESS RELEASE) -- MGM Mirage (NYSE: MGM) and Herbst Gaming, Inc. announced today that they have completed their previously announced transaction involving the sale of Buffalo Bill's, Primm Valley and Whiskey Pete's hotel-casinos (collectively known as "Primm Valley Resorts") located in Primm, Nevada to Herbst Gaming for $400 million.
"My brothers and I are extremely pleased about the acquisition of these three great assets. We look forward to continuing and building upon the legacy started at these properties by the Primm family. We believe that the Buffalo Bill's, Primm Valley and Whiskey Pete's assets and their customer base fit in extremely well with our existing eight casino portfolio and that the 'Terrible's' brand will bring added excitement to the I-15 corridor," said Ed Herbst, President of Herbst Gaming. "We are also excited to welcome all of the great Primm Valley Resorts employees to the Herbst Gaming family."
Primm Valley Resorts, located about 40 miles south of Las Vegas, feature 2,642 guest rooms, 137,000 square feet of casino space, 2,816 slot machines and 93 gaming tables and also include three gas stations and a convenience store. The Primm Valley Golf Club, consisting of approximately 573 acres in California, is not part of this transaction and will continue to be owned by MGM Mirage. Herbst Gaming will manage the Primm Valley Golf Club on behalf of MGM Mirage.
MGM Mirage expects to report a substantial gain in the second quarter. MGM Mirage acquired these properties in March 1999 as part of its acquisition of Primadonna Resorts, Inc.