Golf lease ready for switch

Greg Harman

Monday, Oct. 23, 2000 | 11:26 a.m.

The Boulder City Council is poised to approve a release agreement Tuesday that will pass city leasing contracts for an unfinished 18-hole golf course from MGM MIRAGE to Park Place Entertainment Corp.

Park Place purchased MGM's course along with 5.5 acres in Atlantic City from MGM for $60 million last month.

Under the terms of the Novation Agreement, read into the public record at the council's Oct. 10 meeting, Park Place would take over MGM's 70-year lease agreement with the city for 800 acres near the junction of U.S. 95 and U.S. 93 -- contributing $600,000 a year to the city's coffers.

Land leases have become an increasingly important source of dollars to slow-growth Boulder City, making up 10 percent of the town's $14 million annual revenue this year.

MGM had the option to develop two golf courses on the city land but was pursuing only one course when the sale was made to Park Place. It is uncertain whether Park Place will build a second course at the site.

Jeff Davis, vice president of corporate communications for Park Place, could not be reached for comment.