Park Place Entertainment Announces Sale of Flamingo Hilton Reno

16.12.1999, Lesen Sie hier den Bericht über «Park Place Entertainment Announces Sale of Flamingo Hilton Reno».

Las Vegas, Dec. 16, 1999 - Park Place Entertainment (NYSE: PPE) announced today that it has entered into a definitive agreement to sell the Flamingo Hilton Reno to Sapphire Gaming for approximately $20 million. The transaction is expected to close by June 30, 2000. Prior to the close, Park Place Entertainment will continue to own and operate the facility.

Following completion of the transaction, the property will retain the Flamingo name under a long- term licensing agreement with Park Place Entertainment. Sale of the property will allow Park Place Entertainment's Northern Nevada management team to focus on the Company's flagship property in the region, the Reno Hilton.

The transaction is subject to regulatory approval and will result in a non-cash, after-tax loss in the fourth quarter of 1999 of approximately $16-18 million.

Über Golden Phoenix:

The Virginia Street casino operated from 1955 until 1978 as the Primadonna. From 1989 to 1992, it was known as Pacos, before becoming part of the Flamingo Hilton and then the Golden Phoenix.

The main hotel/casino was originally opened in 1978 as the Sahara Reno. In 1981, the Sahara became the Flamingo Hilton Reno. In early October, 2001, Park Place Entertainment agreed to sell the property to RFC Reno, LLC, a subsidiary of Capital One, LLC, with sale completion expected within about 30 days. Park Place Entertainment closed the Flamingo on October 23, 2001. The hotel was re-opened, by the new owners, as the Golden Phoenix, in April of 2002. The casino was finally re-opened in the Fall of 2002. The 2003 movie The Cooler was filmed there during the remodeling. While the Golden Phoenix's Virginia Street Casino remained open, the hotel tower and casino on N. Sierra Street closed in 2005 and are currently undergoing conversion to the Montage condominiums.

As of October 2006, the Virginia Street Casino was closed and is currently undergoing a remodel. First floor venders, including Subway Sandwiches, Dreyer's Grand Ice Cream, and Pizza Hut, all closed down with the casino. When business resumes after the completion of the remodel (expected to be in Summer of 2007), all food vendors will be placed in a smoke-free area on the second floor.

Golden Phoenix.

Our hotel casino offers 604 beautifully appointed rooms and suites, including luxurious Jacuzzi suites. The Golden Phoenix is perfect for a spontaneous getaway, relaxing interlude or an exciting vacation.

Golden Phoenix features all of your favorite casino table games with a variety of table limits. Blackjack, Bonus Blackjack, Royal Match, Three Card Poker, Pai- Gow-Poker, Roulette, and Craps. If you are looking for high stakes action, be sure to check our second pit area. So pull up a chair, and become an expert after a few hands are dealt, or after a few rolls of the dice.

--- Ende Artikel / Pressemitteilung Park Place Entertainment Announces Sale of Flamingo Hilton Reno ---


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