'Terrible' deal
'Terrible' deal
Herbst Gaming buys Primm properties from MGM Mirage
MGM Mirage will sell its Primm Valley resort properties to Herbst Gaming, Inc. for $400 million, under an agreement reached by the two companies and announced in November.
The transaction is subject to customary closing conditions, including necessary regulatory and governmental approvals. The transaction is expected 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, includes Buffalo Bill's, Primm Valley and Whiskey Pete's hotel-casinos in Primm, Nev. Collectively, the resorts feature 2,644 guest rooms, 136,000 square feet of casino space, 2,900 slot machines, 98 gaming tables, 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.
Herbst Gaming, Inc. is an established slot route operator in Nevada with more than 8,400 slot machines and it owns and operates eight casinos in Nevada, Missouri and Iowa.
-Staff Reports
Herbst Gaming buys Primm properties from MGM Mirage
MGM Mirage will sell its Primm Valley resort properties to Herbst Gaming, Inc. for $400 million, under an agreement reached by the two companies and announced in November.
The transaction is subject to customary closing conditions, including necessary regulatory and governmental approvals. The transaction is expected 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, includes Buffalo Bill's, Primm Valley and Whiskey Pete's hotel-casinos in Primm, Nev. Collectively, the resorts feature 2,644 guest rooms, 136,000 square feet of casino space, 2,900 slot machines, 98 gaming tables, 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.
Herbst Gaming, Inc. is an established slot route operator in Nevada with more than 8,400 slot machines and it owns and operates eight casinos in Nevada, Missouri and Iowa.
-Staff Reports
