MGM Mirage Las Vegas completed the transaction last week on the 33.5 acres of the real estate acquisition on the north Strip. The 25.5 acres of land was purchased for $444 million at Sahara and Las Vegas Boulevard next to the Allure condos. The remaining eight acres worth $131 million on the Strip, closed earlier in May 2007.
Both real estate deals were said to have involved a 1031 tax deferred exchange capital from the MGM’s sale of the Primm, Nevada real estate and its holdings in Jean, NV. The reported largest land transaction on the Las Vegas Blvd. cost a total of $576 million.
The recenty acquired land in addition to the other MGM’s assets, which include the Circus Circus Casino real estate, total 102 acres. The company is looking for a joint venture partner for the Las Vegas resort. There has been some serious inquiries from interested partners.A Possible partner could be the Snow Dome Las Vegas by Universal Studio and ex Disney executives we wrote about last year. The Snow Dome would be a resort with an indoor snow park and Las Vegas water park. The company would ultimately need 200 acres possibly near the Las Vegas McCarran International Airport.
MGM now has 865 acres of real estate along the Las Vegas Blvd. Project CityCenter Las Vegas is their current project worth $7.4 billion. Located between Monte Carlo and Bellagio, the resort will include 2,900 luxury condominium units, including Vdara, Veer Towers, Mandarin Oriental, 500,000 sf of commercial space, two 400 room hotels and a 4,000-room luxury hotel and casino. Source: Globe St.
MGM Mirage Las Vegas closes $444 million Las Vegas Strip land acquisition.