Vegas Property to Cost MGM Grand $123 Million

From United Press International

MGM Grand Inc. plans to pay $123 million in cash and stock for 117 acres on the Las Vegas Strip for its movie studio theme-park resort, the Beverly Hills company said.

The company had announced Oct. 3 that it planned to buy property at Tropicana Avenue and Las Vegas Boulevard to develop the theme park and a 5,000-room hotel, but did not say how much it was going to pay.

Construction of the project, which would include a working movie studio, is set to begin in 1991.

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