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November 28, 2009

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Bellagio gallery to close to the public

Wednesday, May 24, 2000 | 9:36 a.m.

The Bellagio Gallery of Fine Art is expected to close Sunday, just days before MGM Grand, Inc. is scheduled to complete a deal to buy Bellagio parent Mirage Resorts, Inc.

It's likely that many of the masterpieces will make their way over to the Desert Inn resort, which is being bought by outgoing Mirage Chairman Steve Wynn.

Wynn and Mirage spent some $400 million for a collection of masterpieces from artists such as Monet and Van Gogh. The art has been displayed at the Bellagio resort, which opened in October 1998.

Wynn and his wife, Elaine, have agreed to buy the Desert Inn from Starwood Hotels & Resorts for $270 million in cash.

MGM Grand plans to replace the art collection with traveling art exhibits.

MGM Grand's purchase of Mirage Resorts is scheduled to be finalized by May 31.

According to terms of the MGM-Mirage deal, Wynn has the right to match any outside offer for pieces in the collection. He also could buy the art at book value or the appraised value, whichever is higher.

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