Not content to have their hands in new developments on the north end of the Strip, word came today that MGM Mirage is also planning to invest in an 80-acre mixed-use project that is being built about ten miles from the south end of the Strip.
In a statement released by the company, they are partnering with developer Anthony Marnell III in the luxury property, called the M Resort.
They will finance $160 million of the costs through a subordinated convertible note. If the note is not repaid within 18 months, MGM Mirage will have the right to covert the note into a 50-percent equity in the property.
The M Resort will be located at the southeast corner of the intersection of Las Vegas Blvd and St. Rose Pkwy, near the Henderson Executive Airport. The map to the left shows the distance from the south end of the Strip, anchored by Mandalay Bay.
The inital phase will offer an Italian contemporary design amongst 400 rooms and suites, a 100,000 square-foot casino, an events center and a spa. Reports say this part of the project will cost about $700 million, not including the land costs.
The M Resort has a projected opening date of mid-2009.
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