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Treasure Island To Be Sold
LAS VEGAS, Nevada -- MGM Mirage said this morning that its Treasure Island property will be sold to former Frontier hotel owner Phil Ruffin.

MGM Mirage and Ruffin Acquisition, LLC officially announced this morning that they have signed an agreement for $775 million.

The purchase price to be paid at closing will be $500 million in cash and $275 million in secured notes bearing interest at 10 percent, with $100 million payable not later than 175 days after closing and $175 million payable not later than 24 months after closing.

MGM Mirage has owned Treasure Island since May 2000, when MGM Grand Inc. purchased Mirage Resorts Inc.

"We are extremely proud of the accomplishments of Treasure Island's employees and management team in making it one of the must-see properties in Las Vegas," said MGM Mirage chairman and chief executive officer James J. Murren in a statement. "This transaction creates value to our stakeholders through significantly increased liquidity and enhanced financial flexibility."

Ruffin is the former owner of the New Frontier hotel-casino, which closed on July 16, 2007, and was razed.

"We are very excited to be in a position to acquire such a stellar property in Treasure Island," Ruffin said in a statement. "The property is in pristine condition, ideally located in the heart of the Strip and benefits from a wonderful team of outstanding employees. We are financially positioned to close on this transaction once all of the necessary approvals have been received."

MGM shares jumped $2.44, or 23 percent, to $13.13 in morning trading.

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