MGM Mirage debuts plans for M Resort in Las Vegas

from GlobeSt 4/26/2007

MGM Mirage Bets $160M on South-End Resort
By Brian K. Miller

"LAS VEGAS-MGM MIRAGE is investing $160 million in M Resort, an 80-acre project here by local investor-developer Anthony A. Marnell III, to whom MGM is selling its two casinos in Laughlin, NV, for $200 million. The M Resort site, located in Henderson, NV, fronts Las Vegas Boulevard about 10 miles south of the six-mile stretch commonly referred to as The Strip." ...

"MGM’s investment in the planned $1.8-billion, 1,000-room casino-resort and commercial center will be in the form of a subordinated convertible note. The note matures eight years from its effective date and contains certain optional and mandatory redemption provisions. MGM has the right to convert the note into a 50% equity interest in The M Resort after 18 months of the note's issuance if not repaid.

M Resort will rise in multiple phases, with the $700-million first phase consisting of 400-room resort, a 100,000-sf casino, a 70,000-sf events center, a full-service spa and several restaurants on 40 acres. Planned amenities include an outdoor canyon pool and entertainment venue, oversized guest rooms, suites, a top-of-the-tower lounge and a convention center.

Site work is under way for the project, which will sport an Italian contemporary design. Actual construction is slated to begin in trhe next several weeks. First phase completion is slated for mid-2009. No updated information was provieded regarding the second phase. Previously, plans called for another 1,000 hotel rooms, an unknown amount of retail and approximately 1,950 condominiums in multiple mid-rise towers.

Catty corner from the M Resort site, Olympia Gaming is planning to develop Southern Highlands Resort. Olympia received approval for the 100-acre, $2-billion mixed-use project last fall from the Clark County Commission. The $750-million first phase is slated to include 600 hotel rooms and an undisclosed amount of retail, entertainment and convention space. " ....

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