D’Arrigo: MGM to focus on “new developments”
MGM Resorts International has agreed to sell its Gold Strike casino in Jean, Nevada to JETT Gaming, owned by members of the Herbst family, well-known in the gaming industry as the former owners of Herbst Gaming.
MGM’s Chief Financial Officer Dan D’Arrigo said the sale is part of a plan by the company “to review and refine our portfolio of properties, and focus on new developments in international and regional markets.” It is the second sale in as many months of a smaller MGM casino; the company sold the Railroad Pass in Henderson last month.
JETT Gaming is a slot machine route operator created in 2009 and owned by Terrible Herbst CEO Jerry Herbst and his son, Tim Herbst, according to the Las Vegas Review-Journal. Tim Herbst also manages Jean Ventures, a property development firm. The company owns slot machines in 131 locations, including the Terrible Herbst convenience stores, and two small Nevada casinos.
Tim Herbst and his brothers operated Herbst Gaming until 2010, when the company went through a bankruptcy reorganization and became Affinity Gaming. When Jerry Herbst created JETT Gaming, he bought back the slot machine routes at Terrible Herbst convenience stores.
The 300-room Gold Strike, 13 miles from the California state line, has two restaurants, a casino with 400 slot machines and 10 tables, and a truck stop. The property opened in 1987 and was first acquired by MGM in 2005.
“We are pleased with the opportunity to purchase Gold Strike and the surrounding property,” Tim Herbst said in the statement. “We will continue to evaluate our plans for the site as we work diligently to get this transaction completed.”