MGM Mirage To Develop New Community In Nevada

GM Mirage has announced that it has entered into a partnership agreement with Jeanco Realty Development to form a 50/50 joint venture whose purpose is to master plan a mixed-use development on approximately 166-acres of land in Jean, Nevada.

The agreement values the Jean assets, which currently generate approximately $6 million of annual cash flow, at $150 million.

Located along Interstate 15, the mostly undeveloped site is well-situated for multi-purpose use, being just 25 miles south of Las Vegas and in close proximity to the proposed Ivanpah Valley Airport.

"As part of our continuing commitment to Southern Nevada, we envision the creation of a community featuring residential, commercial and retail elements in addition to a new hotel Casino," said Terry Lanni, MGM Mirage Chairman and CEO. "We're very enthusiastic at the prospect of working with our new partners on this new development which we anticipate will have a positive impact on our community overall."