Las Vegas casinos continue to change hands from operator to operator with this week's announcement by MGM Mirage that the company has made an agreement with M Resorts and Sher Gaming LLC. Led by M Resorts Chief Executive Officer, Anthony Marnell III, and Sher Gaming's Ed Sher, the buying partners agreed to a sum of $200 million for the sale of MGM's Colorado Belle Casino and the Edgewater Hotel and Casino, both of which are located in Laughlin, Nevada.

The deal is expected to be completed by April of 2007, pending standard closing procedures, contractual negotiations and regulatory approvals. The sale is expected to greatly benefit MGM Mirage considering the casinos were obtained as part of deal when MGM acquired the Mandalay Resort Group nearly a year-and-a-half ago. Although both casinos are and will continue doing well for themselves, MGM has several other projects on the burner, and the $200 million will go a long way in getting those up and running, and consequently, more revenue coming in.

As for the partnership between Marnell and Sher, these two have been making waves in the casino business as of late, for the newly formed pair also recently purchased the Saddle West Hotel and Casino in Pahrump, Nevada in June. Bank of America Securities financially advised the Marnell group on the sale of Colorado Belle and Edgewater, who have not revealed what they intend to do with the casinos, or whether this marks the beginning of an entrance into the locals casino gambling industry in Las Vegas.