The planned joint venture will be on 40 acres at the corner of Las Vegas Boulevard and Sahara Avenue comes just months after MGM Mirage reorganized its holdings on the north portion of the Strip, near its popular Circus Circus hotel-casino.
The company currently controls many mammoth casino-resorts on the famed gambling corridor, and is in the middle of erecting a $7.4 billion “Project CityCenter” on the Strip.
A potential impediment to the deal was eliminated today when investor Kirk Kerkorian said he no longer wanted to buy the company’s famed assets - the Bellagio resort and the unfinished CityCenter project.
Kerzner International -- run by Kerzner -- owns and manages the Atlantis resort complex on Paradise Island, near Nassau, in the Bahamas, and is building a second Atlantis resort in Dubai in the United Arab Emirates, a company spokesman said.
The privately held firm developed the Mohegan Sun tribal casino in Uncasville, Conn., in the 1990s, near New York City. Kerzner, now71years old, once operated casinos on the boardwalk in Atlantic City, N.J.
According to the company, Kerzner International is going to be responsible for designing and operating the new resort in Las Vegas, whilst MGM Mirage will furnish the land. Each company will own 50% of the project.
This is quite a deal for Kerzner -- MGM Mirage’s land on that parcel is valued at approximately $20 million an acre.
Kerzner and other gambling executives will be required to undergo the casino licensing process to run a gambling establishment in Nevada, with the Nevada Gaming Commission, experts said.
Officials at both companies declined to disclose financial terms of the proposed deal. They said the new project has not yet been named and they hope to close the deal sometime before the end of September. Construction could take roughly three years.
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