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MGM to invest in $700m US resort
By Sarah Todd
Hotel and gaming company MGM Mirage is to invest US$160m (118m euro, £80.7m) in a development partnership with Anthony Marnell III for the 80-acre mixed use property The M Resort in Las Vegas, Nevada, US.
The resort, which will include a luxury spa, is being developed by Anthony Marnell III and will cost a total of US$700m (517m euro, £353m) in the first phase alone, excluding land.
Built in multiple phases, the first stage of the development will be located on approximately 40 acres of land and consist of the resort, a spa, an outdoor canyon pool and a 100,000sq ft (9,290sq m) casino.
The development will be situated on the south east corner of Las Vegas Boulevard and St Rose Parkway, around 10 miles south of the Bellagio.
Chair and CEO of MGM Mirage Terry Lanni said: “MGM is pleased to be a part of this unique resort and real estate development. The M Resort is destined to become the premier project on the south Strip.”
Site work on the project has already begun and the resort should open in mid-2009.
Future phases of development for the remaining 40 acres of land are currently being designed and could potentially include a further mixed-use property.
Marnell founded M Resorts with Raymond J Shapiro in 2005 and is the chair, CEO and majority owner of the company.
Hotel and gaming company MGM Mirage is to invest US$160m (118m euro, £80.7m) in a development partnership with Anthony Marnell III for the 80-acre mixed use property The M Resort in Las Vegas, Nevada, US.
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