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Select Hotel Casinos Owned By MGM MIRAGE To Be Sold To Group


MGM MIRAGE (NYSE: MGM) announced today that it has entered into an agreement to sell its Colorado Belle and Edgewater hotel-casinos located in Laughlin, Nevada, to a group led by Anthony Marnell III for $200 million. The transaction is subject to customary closing conditions contained in the purchase agreement, including receipt of all necessary regulatory and governmental approvals. Both parties anticipate the transaction to be completed by the second quarter of 2007.

Upon successful completion of the transaction, MGM MIRAGE expects to report a substantial gain. MGM MIRAGE acquired these properties in April 2005 as part of its acquisition of Mandalay Resort Group. On a combined basis, these two properties feature 2,535 guest rooms, 138,000 square feet of casino space, 2,224 slot machines and 72 gaming tables on a combined 57 acres of land along the Colorado River.

Anthony Marnell III is the Chairman and CEO of M Resorts. Marnell and his management team are partnered with Sher Gaming, LLC,

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Gambling FAQs 

Are prizes taxable?

Most video games are games that require player skill. The player inserts money, normally less than $1.00 in the game and is permitted to play. Skill games last for several minutes and the player plays for a high score. Most illegal video games permit the player to insert $1.00, $5.00, $10.00 or $20.00 at a time, some even accept $50.00 and $100.00 bills to purchase credits. Unlike skill games the player is then permitted to wager multiple credits on the game. Most of these games are casino type games, i.e., slot game or poker games and last for only a few seconds. The player can win hundreds and even thousands of credits which the player can then use to wager on additional games. Therefore the possession of this type of game is illegal regardless if cash payoffs are made or not.
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Gross Winnings

Definition:The total payout in the end.

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