Las Vegas Hotel and Casino operator, MGM Mirage is considering the to sale most of its undeveloped land on the Las Vegas Strip and in other locations as part or an executive plan intended to increase the company’s liquidity in these harsh financial times. The disposition is part of a larger project to sale several properties and possessions, including three airplanes owned by the company.

"We have an awful lot of land on the Strip, in the county and in the state. Land prices may be down but in many cases they are still far above what we have on our books." said MGM’s President and COO, James Murren, who also stated that the company could get about $300 million from the sales.

MGM controls over 865 acres in Nevada, reinforcing its position as the biggest and most important landowner in Las Vegas. Besides its hotels and other properties, MGM owns 33.5 acres adjacent to MGM’s Circus Circus hotel and casino at the north end of the Las Vegas Strip, 20 acres nearby to the MandalayBay Resort and Casino and an additional 15 acres across the Luxor. Off the Strip, the company owns 66 acres contiguous to Shadow Creek in North Las Vegas and 47 acres next to RailroadPass in Henderson, NV. Outside of Las Vegas, the company owns 125 acres adjacent to the Prim Valley Golf Club in Prim, NV, and 116 acres as well as two small casinos and two gas stations in Jean, NV.

Over the last year, MGM has engaged in several ventures in Macau and Las Vegas, including the development of the $700-million M Resort, Spa and Casino. MGM Mirage became a partner in the M Resort after investing $160-million in a convertible note provided in April 2007. The development includes the 11-story M Resort with almost 400 rooms and suites; 90,000 square feet area dedicated to casino and gaming space; 40,000 square feet for meeting and conference facilities; a 20,000-square-foot spa; a 2.3-acre pool and events area; private wine cellar and degustation room; a top-floor lounge and nine restaurants. The structures, including a 2,000-slip parking garage, cover about 12 of 95 contiguous acres controlled by MGM’s partner and M Resort’s developer, Anthony Marnell III.

MGM Mirage also merged with Dubai World to develop the Citycenter project located between the Bellagio and Monte Carlo resorts, the $11-billion complex is expected to open in 2009 and will include several gambling and non gambling hotels, 2,900 condominium units and 500,000 square feet for a luxury shopping venue.