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NEWS 12/15/08 MGM MIRAGE Sells Treasure Island to Phil Ruffin
MGM MIRAGE struck a deal with Phil Ruffin for $775 million for Treasure Island. Ruffin (former owner of the New Frontier) is cash-fat after the $1.24-billion sale of the New Frontier to Elad in 2007.
This will shore-up the funding for CityCenter which is rumored to have financial issues.
The deal should close in the middle of 2009.
This also breaks up the sisters (Mirage and Treasure Island) which were both built by Steve Wynn on the same property. Currently, there is a small tram, linking the two resorts (I wonder how long that will last). In giving up the TI, MGM MIRAGE looses a 17.5-acer lot at the corner of the Strip and Sands Ave. shared by Fashion Show Mall, Wynn, and Palazzo.
It will be interesting to see what (if anything) Ruffin does with TI. He was hell-bent on bringing "real jazz" to the Strip when he announced the (now failed) plans for Montreux, it would be nice if those plans translate to TI - we'll see.
NEWS 8/22/07 Dubai World buys a piece of the Lion
Today, Dubai World (a major investment holding company), has invested about $5.2 billion in MGM MIRAGE. $2.7 billion of the total was invested in CityCenter, which gives them a 50/50 joint venture in that project. They also purchased $2.7 billion in MGM MIRAGE common stock, giving them a 9.5% equity stake.
This could mean many more, better, and bigger projects for MGM MIRAGE in Las Vegas and elsewhere. This opens many doors for MGM MIRAGE.
Read the press release here 
NEWS 6/20/07 MGM MIRAGE and Kerzner International to Develop New Resort
MGM MIRAGE is entering into a 50/50 deal with Kerzner International to build a major resort on 40 of its 78 newly acquired, undeveloped acres on the north end of the Las Vegas strip. The land used will be the new 25.8 acres and about 14 acres of the existing RV park.
Kerzner International developed the amazing Atlantis resort in the Bahamas and will be the imagineers of this project. They are promising something wonderful for the site.
The planning of the proposed resort is expected to take one year with three years of construction after that. They expect a late 2011 opening.
NEWS 6/20/07 Kirk Kerkorian Backing-Out of Proposal
MGM MIRAGE announced that Kirk Kerkorian, had dropped his bid of 5/24/07 to purchase the Bellagio and CityCenter project and take it private. The announcement of 5/24 caused MGM MIRAGE stock to skyrocket.
NEWS 5/24/07 Kirk Kerkorian Wants to Take CityCenter and Bellagio Private
Kirk Kerkorian; visionary, philanthropist, father of the mega-resort, and owner of 56.3% of MGM MIRAGE, wants to clip CityCenter and Bellagio from the MGM MIRAGE collection and take the two properties private.
There have been many theories as to why the 90-year old Kerkorian wants to do this. Stay tuned for further developments.
NEWS 4/27/07 MGM MIRAGE to invest in a 50% stake of Marnell's M Resort
NEWS 4/19/07 MGM MIRAGE Purchases Two Parcels
$444 million for "The Big Lot" (the long vacant 25.8 acres across the strip from the Sahara) from Gordon Gaming Corp. (the current owners of the Sahara).
$131 million for a 7.6 acre parcel from Concord Wilshire Partners, who were planning the Maxim Resort for that land.
Together with Circus Circus and its land, MGM MIRAGE now has 101.84 acres of contiguous land anchoring the north end of the strip. This surrounds Hilton Vacation and Sky. The Travelodge is the only possible NIMBY (hold-out) which I'm sure they're after.
MGM MIRAGE will be working on a master plan for the site and reports say they will keep Circus Circus (although it will be thoroughly renovated). The plans for the remaining 78 acres (which include the doomed RV park) may be something on the scale and scope of CityCenter.
My two cents: This will be a very interesting project. With building height restrictions looser on the north strip (like the slots are, for now), I expect a tall project. Something the Stratosphere will need to get on its toes to see over. I am curious to see how they will make this project look good, considering the vastly different architecture styles of the adjacent Sky and Hilton Vacation projects, around which this will be built.
The Travelodge land will most likely be absorbed into the overall plan.
I also foresee that only some of Circus Circus will be saved. I doubt they will keep it a low-roller joint, considering all the high-end resorts that are being built in that area.
Perhaps an upscale Cirque theme will make CC the entertainment neighborhood of the overall plan. I could see expanding the Adventure Dome and adding yet another Cirque show. The older rooms towers will surely go, as their infrastructures are aging and the rooms are small. Now we wait and see.
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Fish Tank Makeover
