MGM Mirage buys Las Vegas land for $575 million
SAN FRANCISCO (Reuters) - U.S. casino company MGM Mirage Inc. said on Thursday it agreed to purchase 34 acres on the north side of the Las Vegas strip for $575 million, giving the company a 78-acre development site when the land is combined with its existing holdings.
The 78-acre parcel is adjacent to the company's 24-acre Circus Circus site.
The company said it purchased a 26-acre parcel at the southwest corner of Las Vegas Boulevard North and Sahara Avenue from Gordon Gaming Corp. for $444 million.
It also agreed to buy several parcels totaling eight acres from Concord Wilshire Acquisitions for $131 million.
The deals, expected to close in May, reflect a price of $17 million an acre, MGM said.
MGM said that with the new land, it controls 865 acres of Las Vegas Strip-front property encompassing 16,000 linear feet or just more than three miles of property.
"We have received significant interest by third parties wishing to partner with MGM Mirage on Las Vegas development," Jim Murren, MGM Mirage president and chief financial officer, said.
The property "is ideally suited to exploring the opportunity to master plan with partners a major integrated resort destination," Murren said.
