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MGM Mirage buys Las Vegas land for $575 million

Thu Apr 19, 2007 8:20pm EDT

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SAN FRANCISCO, April 19 (Reuters) - U.S. casino company MGM Mirage Inc. (MGM.N) 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.

Mergers & Acquisitions

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.

Mergers & Acquisitions


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