The property is located five miles south of the Las Vegas Strip.It cost $583 million to develop and opened in December. One of theunique amenities is a 1,200-stall equestrian center.
The agreed upon sale price will be the net proceeds fromGaughen's sale of his 17.7% stake in the company. At today'sclosing price of $33.59, which is down nearly $3.00 from Tuesday'sclose, his 15.8 million shares are worth $530.72 million. AtTuesday's closing price, the value of the deal is $576.5million.
The stock sale is required to occur within the next 60 days. Thetransaction is expected to be completed by the end of the year.
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