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MGM Mirage Partners with Kerzner on New Strip Resort

Preliminary details were announced today on what MGM Mirage plans to do with part of the property they bought recently at the intersection of Las Vegas Blvd. and Sahara Ave.

The company plans to partner with billionaire Sol Kerzner and his company, Kerzner International Holdings Limited, on a multi-billion dollar resort property on 40 of the 78 acres MGM Mirage acquired on the north side of their Circus Circus property.

In exchange for MGM Mirage providing the land, which is being valued at $20 million an acre, Kerzner’s company will develop and design the property. Kerzner International will also join with one of its financial partners to contribute an unspecified cash equity to the deal. This would ensure that MGM Mirage and Kerzner International are 50/50 partners in the project.

“We see this type of relationship as a major part of our company’s future,” said Terry Lanni, Chairman and CEO of MGM Mirage, in a press release.

The design phase is expected to take about a year, and then once approved, a three-year construction period is expected to follow. This would lead to an approximate 2011 opening date.

No other details have been released regarding the property, but it should be noted that Kerzner is the company behind the popular gaming resort, Atlantis, in the Bahamas, among other luxury properties.

With the two joining forces, it’ll be interesting to see what concept theme is decided on for the resort, which will surely fall into the luxe category.