'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.' '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. 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. Jeanco Realty Development, LLC is a joint venture of American Nevada Holdings, LLC, a subsidiary of American Nevada Corporation, and Diamond Resorts, LLC, a subsidiary of the Cloobeck Companies. The agreement values the Jean assets, which currently generate approximately $6 million of annual cash flow, at $150 million.
MGM MIRAGE (NYSE: MGM) announced today that it has entered into a partnership agreement with Jeanco Realty Development, LLC to form a 50/50 joint venture whose purpose is to master plan a mixed-use development on approximately 166-acres of land currently owned by MGM MIRAGE in Jean, Nevada.
