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MGM Resorts sells Gold Strike to JETT Gaming

17 Oct 2014

By Howard Stutz
LAS VEGAS -- MGM Resorts International said Thursday it agreed to sell the Gold Strike Hotel & Gambling Hall in Jean to JETT Gaming, a company owned by members of the Herbst family.

A sales price was not disclosed.

The transaction, which needs approval by Nevada gaming regulators, is the second sale of a small casino by MGM Resorts this year. Last month the company sold the Railroad Pass Hotel and Casino in Henderson.

MGM Resorts Chief Financial Officer Dan D’Arrigo said the transaction was part of the company’s plan “to review and refine our portfolio of properties, and focus on new developments in international and regional markets.”

JETT Gaming is a slot machine route operator created in 2009 and owned by Terrible Herbst CEO Jerry Herbst and his son, Tim Herbst, who also manages Jean Ventures, a property development company.

JETT Gaming operates slot machines in 131 locations, including Terrible Herbst convenience stores. The company also owns two small Nevada casinos.

Tim Herbst and his brothers operated Herbst Gaming until the company was reorganized through bankruptcy in 2010. The company is now known as Affinity Gaming.

Jerry Herbst created JETT Gaming and reacquired the slot machine routes associated with Terrible Herbst convenience stores.

MGM Resorts purchased the Gold Strike as part of its 2005 acquisition of Mandalay Resort Group.

The 300-room hotel is located 13 miles from the California state line. Opened in 1987, the property has two restaurants, a casino with 400 slot machines and 10 table games and a truck stop-service station complex.

“We will continue to evaluate our plans for the site as we work diligently to get this transaction completed,” Tim Herbst said.

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