- Associated Press - Friday, October 17, 2014

LAS VEGAS (AP) - MGM Resorts International officials announced Thursday that the company plans to sell the Gold Strike Hotel & Gambling Hall to a company owned by members of the Herbst family.

The company said that it had entered into a purchase and sale agreement with JETT Gaming and Jean Ventures. The deal requires state regulators to sign off on it before it’s final.

The price for the 300-room hotel-casino wasn’t revealed. A nearby truck stop and gas station are included in the deal.

Dan D’Arrigo, executive vice president, chief financial officer and treasurer of MGM Resorts, said in a statement the purchase agreement is in line with the company’s continued efforts to “review and refine our portfolio, and focus on new developments in international and regional markets.”

Gold Strike first opened in 1987 and is in Jean, Nevada about 13 miles north of the California line.

It was part of the property package when MGM bought the Mandalay Resort Group in 2005.

JETT Gaming, a slot machine route company that owns and operates slots at 131 locations, is owned by Jerry Herbst and his son Tim Herbst who also manages Jean Ventures, a property development company. JETT Gaming also operates two small casinos.

The Herbst family is well known for its Terrible’s brand of gas stations and car washes.

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