Herbst Gaming grew out of the Terrible Herbst Oil Company in 1987 after servicing slot machines at the Terrible Herbst locations in Nevada. The company became an established slot route operator and now has over 8,400 slot machines throughout the state as well as five casinos. Herbst Gaming also has two casinos in Missouri and another in Iowa. Last November MGM Mirage and Herbst Gaming announced an agreement whereby Herbst would buy the Primm Valley Resorts casinos for US$400 million.
Primm is about 40 miles south of Las Vegas and is the closest location to the California border for gambling. The MGM Mirage properties Buffalo Bill’s, Primm Valley and Whiskey Pete’s, collectively known as the Primm Valley Resorts, will keep their present identities but the Terrible brand will be introduced. Yesterday the Nevada Gaming Commission gave approval for the sale of the casinos and the deal is expected to be concluded next month.
Herbst plans to upgrade the Primm properties along with the Sands Regent properties that it recently acquired for US$148 million. The company will spend a further US$45 million this year on the upgrades.
In November Ed Herbst, President of Herbst Gaming commented, “My brothers and I are extremely pleased about the acquisition of these three great assets. We look forward to continuing and building upon the legacy started at these properties by the Primm family. We believe that the Buffalo Bill’s, Primm Valley and Whiskey Pete’s assets and their customer base fit in extremely well with our existing eight casino portfolio and that the “Terrible’s” brand will bring added excitement to the I-15 corridor.” (E-03.23.07)
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