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MGM MIRAGE to Sell Primm Valley Resorts to Herbst Gaming
Thursday, November 02, 2006
LAS VEGAS -- MGM MIRAGE and Herbst Gaming, Inc. today announced that they have entered into an agreement whereby MGM MIRAGE will sell its Buffalo Bill's, Primm Valley and Whiskey Pete's hotel-casinos
Whiskey Pete's is one of three properties that will be sold to Herbst Gaming. (collectively known as "Primm Valley Resorts") located in Primm, Nevada, to Herbst Gaming, Inc. for $400 million. The transaction is subject to customary closing conditions contained in the purchase agreement, including receipt of necessary regulatory and governmental approvals. The parties anticipate the transaction to close by the end of the first quarter of 2007.
Whiskey Pete's is one of three properties that will be sold to Herbst Gaming. (collectively known as "Primm Valley Resorts") located in Primm, Nevada, to Herbst Gaming, Inc. for $400 million. The transaction is subject to customary closing conditions contained in the purchase agreement, including receipt of necessary regulatory and governmental approvals. The parties anticipate the transaction to close by the end of the first quarter of 2007.
Upon successful completion of the transaction, MGM MIRAGE expects to report a substantial gain. MGM MIRAGE acquired these properties in March 1999 as part of its acquisition of Primadonna Resorts, Inc.
Primm Valley Resorts, located about 40 miles south of Las Vegas, feature 2,644 guest rooms, 136,000 square feet of casino space, 2,900 slot machines and 98 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 and operated by MGM MIRAGE.
"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."
Lehman Brothers and Wachovia Securities served as financial advisors to Herbst Gaming and Gibson Dunn and Crutcher LLP acted as legal counsel.
MGM MIRAGE
3600 Las Vegas Boulevard South
Las Vegas, NV 89109
Las Vegas, NV 89109
Phone: (702) 693-7120
Fax: (702) 693-8626
Website: www.mgm-mirage.com
Fax: (702) 693-8626
Website: www.mgm-mirage.com
| MGM MIRAGE is one of the world's leading gaming companies. It owns and operates 24 properties located in Nevada, Mississippi and Michigan, and has investments in four other properties in Nevada, New Jersey, Illinois and the United Kingdom. MGM MIRAGE has also announced plans to develop Project CityCenter, a multi-billion dollar mixed-use urban development project in the heart of Las Vegas, and has a 50 percent interest in MGM Grand Macau. |
Herbst Gaming
3440 West Russell Road
Las Vegas, NV 89118
Las Vegas, NV 89118
Phone: (702) 740-4576
Fax: (702) 740-4630
Email: BestBadGuy@TerribleHerbst.com
Website: www.herbstgaming.com
Fax: (702) 740-4630
Email: BestBadGuy@TerribleHerbst.com
Website: www.herbstgaming.com
| Herbst Gaming, Inc. is an established slot route operator in Nevada with over 8,400 slot machines and owns and operates eight casinos in Nevada, Missouri and Iowa. |