The company said it anticipated a substantial gain on the sale. MGM shares rose 81 cents, or 7. Advertisement Ruffin is the former owner of the New Frontier hotel-casino, which was imploded in November to make room for a multibillion-dollar resort bearing the Plaza brand. It now has 2, guest rooms and suites, 90, square feet of gambling space, restaurants and entertainment. Ruffin and MGM Mirage noted that the sale must clear regulatory and governmental reviews. The acquisition was targeted to close by the end of the second quarter next year.
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Harrahs Entertainment guarantees this facility, and alla of the material wholly owned domestic subsidiaries of Harrahs Operating pledged their assets to secure this facility. It also guarantees the notes. The guarantee of Harrahs Entertainment of the obligations under the notes is structurally subordinated to any guarantee of the operating leases under the CMBS Facilities. Harrahs Operating non-U. In addition, subsidiaries that are not directly or indirectly wholly owned by Harrahs Operating that do not, or that are not otherwise required to, secure the new veteran secured credit facilities do not guarantee the notes.
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MGM took over both properties when the company bought Mirage Resorts in Ruffin acquired Treasure Island when MGM was trying to complete the massive CityCenter complex during the heart of the recession and needed the kontant. He made his mark in Las Vegas owning the New Frontier, which was closed and imploded in