Home » VT News » It's Official: Harrahs Buys Imperial Palace

It's Official: Harrahs Buys Imperial Palace

By Chuckmonster on Monday, 22nd August 2005 5:51pm
  » filed under Las Vegas  comments: 1

   

Harrah's Entertainment Inc. (HET.N: Quote, Profile, Research), the world's largest casino operator, on Monday said it plans to acquire the faded Imperial Palace Hotel & Casino in Las Vegas for $370 million, aiming to further raise its profile in the gambling mecca.

The pagoda-style Imperial Palace, with a 52,000-square foot casino and 2,640-room hotel, occupies 18.5 acres on the Las Vegas Strip between Harrah's Las Vegas and the Flamingo, across from Caesars Palace.

In June, Las Vegas-based Harrah's acquired crosstown rival Caesars Entertainment for $6.8 billion. The company currently owns six properties in the city.

The location of the Imperial Palace fits very well with Harrah's, said Larry Klatzkin, an analyst at Jefferies & Co. With the exception of the Barbary Coast, a casino owned by Boyd Gaming Corp. (BYD.N: Quote, Profile, Research), the deal would give Harrah's a stretch of properties along the strip from Paris Las Vegas to Harrah's, he said.

"This acquisition enhances Harrah's position in Las Vegas, enabling us to offer our customers the most inspiring array of entertainment and gaming options available in the heart of the Las Vegas Strip -- the intersection of Flamingo Road and Las Vegas Boulevard," Gary Loveman, chairman and chief executive of Harrah's, said in a statement.

At about $20 million an acre, the property's $370 million represents "full land value," Klatzkin said.




Tagged:    





Advertisement:





Comments & Discussion:

posted on Monday, 22nd August 2005 - 6:02 pm

Fuck Harrahs. This is a sad day.



Comments Are Closed







Subscribe via RSS







Recent Comments:

michigan2010 posted: "MGM equals cookie cutter casino. No to reason to step foot in Bellagio again. Just hope they don't screw up..."
» Sayonara Bellagio Table Game Canopies...
saharalv posted: "I wish the editors were the entire electoral college in 2016...."
» Introducing the Trippies Class of...
fatbastard posted: "So many people letting a billionaire live rent free in their heads. Funny. Too bad it also detracts from the..."
» Introducing the Trippies Class of...
wpsteel66 posted: "Total bummer…talk about taking the class and uniqueness away from the Bellagio…another smart move on CEO Jim and making all..."
» Sayonara Bellagio Table Game Canopies...
damania posted: "Is there a podcast?..."
» Introducing the Trippies Class of...

» More Comments