LAS VEGAS -- MGM Mirage and Herbst Gaming Inc. have entered into an agreement whereby MGM Mirage will sell its Buffalo Bill's, Primm Valley and Whiskey Pete's hotel-casinoscollectively known as Primm Valley Resortslocated in Primm, Nevada, to Herbst for $400 million.
Three gas stations and a convenience store were among the properties changing hands in the transaction, which is subject to customary closing conditions, including receipt of necessary regulatory and governmental approvals. The parties anticipate the transaction to close by the end of first-quarter 2007.[image-nocss]
MGM Mirage acquired these properties in March 1999 as part of its acquisition of Primadonna Resorts Inc.
Along with the stations and c-store, 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. 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.
Herbst Gaming is an established slot route operator in Nevada with more than 8,400 slot machines and owns and operates eight casinos in Nevada, Missouri and Iowa. The company also owns Terrible Herbst Oil, through which it operates a total of more than 80 gas stations, convenience stores, car washes and quick lubes in Nevada, California & Arizona.
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