Park Place Entertainment Corporation (NYSE:PPE) today announced that it has entered into an agreement to purchase the Boulder City golf course from MGM MIRAGE (NYSE: MGG), subject to the approval of assignment of the lease by the Boulder City Council from MGM MIRAGE to Park Place. The transaction is expected to close by year-end.
“This tremendous golf course and clubhouse will round out our guest amenity offerings and be a tremendous asset for us as we consolidate our position as the leader in the premium market,” said Mark Dodson, Executive Vice President. “Las Vegas has quickly become a premier golfing destination, and this spectacular course carved out of the desert will rival any in the world.”
The Rees Jones-designed championship golf course is currently under development and is expected to be completed by year-end.
In a separate transaction, Park Place Entertainment has also entered into an agreement to purchase from MGM MIRAGE 5.5 acres of boardwalk fronting property located next to the Atlantic City Hilton.
The combined price for both transactions is approximately $60 million.