MGM Mirage Purchases Land on the North Strip

Even as construction continues on the company’s mega-complex CityCenter, MGM Mirage announced late last week that they have entered into agreements to purchase several parcels of land on the north end of the Strip.

From the Gordon Gaming Corp, MGM Mirage has agreed to purchase a 26-acre parcel of land at the southwest corner of Las Vegas Blvd and Sahara Ave for approximately $444 million. They have also agreed to purchase approximately eight acres from Concord Wilshire Acquisitions for a price of approximately $131 million.

As this property borders the MGM Mirage-owned Circus Circus property, this now gives them a 78-acre site to use for a future development, including land currently housing the Circus Circus Manor and KOA Circusland RV Park.

“This new land provides us with a much-improved position to develop our existing North Strip holdings,” said Terry Lanni, MGM MIRAGE Chairman and CEO, in a press release about the purchases. “These transactions secure critical Strip access, which will greatly increase the development possibilities for the 44 existing acres in our portfolio. We see this as an opportunity to not only harness the power of our portfolio, but also as a means to expand and enhance the operations of our valuable Circus Circus property for years to come.”

For those keeping track, this means the company now owns over 800 acres of property, including almost 3 miles of Strip-front property.

The company hasn’t released any definite plans for the new property, but plans to explore options once the purchases are complete.

It’s also worth noting that the Concord Wilshire property was the same property Maxim magazine was eyeing for their proposed resort. With its sale to MGM Mirage, it appears Maxim will have to look elsewhere if they still plan to bring their brand to the Strip.