LAS VEGAS-The $775-million deal for the Treasure Island resort-casino o the Las Vegas Strip includes 18 acres of property, according to a copy of the agreement filed with the SEC. MGM Mirage revealed earlier this week it was selling the property to billionaire Phil Ruffin but did not immediately reveal how much acreage would be included.

Treasure Island shares a 102-acre property with the Mirage casino resort. According to the SEC filing 18 acres that includes Treasure Island will be parceled off as part of the transaction, which is expected to close by the end of June 2009. Two parking garages not included in the transaction will continue to be shared by both properties.

The break-up fee for the deal is $25 million. If either side can’t perform, it would owe the other that sum and only that sum, according to the agreement.

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