Casino operator sells land to home builder

Thursday, Oct. 16, 2003 | 9:10 a.m.

MGM MIRAGE today said it completed the sale of about 315 acres of land north of its Shadow Creek golf course in North Las Vegas for about $55 million to home builder Centex Homes.

"At one time, the company had considered the development of a second golf course on this site," said MGM MIRAGE CEO J. Terrence Lanni. "Given that Shadow Creek and our two championship golf courses at Primm Valley are in pristine condition, this land sale is an efficient way for our company to monetize this non-core asset. We will utilize these proceeds to continue to reinvest in our premier collection of assets and further strengthen our balance sheet."

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