MGM Mirage invests in new South Strip casino
MGM Mirage plans to invest in the new M Resort, an 80-acre mixed-use development including hotel-spa-casino that will be on the far south side of the Strip (near St. Rose Pkwy.).
MGM Mirage will put $160 million into the project by issuing a subordinated convertible note, which will change into 50 percent equity interest if it hasn't been repaid in 18 months.
Being developed by Anthony Marnell III, construction is expected to begin in the next couple months with the first $700 million phase expected to open in mid-2009.
Marnell's father owns Marnell Corrao Associates, a casino developer that built Rio, Bellagio, and Wynn Las Vegas. The firm will also be behind the M Resort.
