Caesars Entertainment agrees to sell Reno Hilton

16.05.2005, Lesen Sie hier den Bericht über «Caesars Entertainment agrees to sell Reno Hilton».

To Grand Sierra Resort Corp.

(US).- Caesars Entertainment announced yesterday that it has entered into a definitive agreement to sell its Reno Hilton casino resort to Grand Sierra Resort Corp., a Nevada based hotel and resort developer, for approximately $150 million.


The transaction is expected to close by the end of the fourth quarter of 2005

The transaction is expected to close by the end of the fourth quarter of 2005 and is subject to customary regulatory approvals and closing conditions outlined in the purchase agreement.

With nearly 2,000 rooms, ten restaurants, 200,000 square feet of convention space, a world-class dinner theater and 107,000 square feet of gaming space with more than 1,300 slot machines, the Reno Hilton is one of the premier casino resorts in Northern Nevada.

Grand Sierra Resort Corp. plans to reconstruct the property to create the quintessential entertainment destination, which will include one of the world’s largest indoor water parks. Upon approval of the Nevada Gaming Control Board and the Nevada Gaming Commission, Larry Woolf, former chief executive officer and chairman of MGM Grand Hotel, Las Vegas, will lease the property’s gaming operations from Grand Sierra Resort Corp.

"We have some very exciting plans for the Reno Hilton, which I believe is one of the most exceptional properties in Nevada," said Thomas J. Schrade, president of Grand Sierra Resort Corp. "We will disclose further details of those plans as we move forward. Right now, we simply want to say that we are looking forward to working very closely with the people and public officials of Reno to develop an extraordinary resort that will create significant economic benefits for the community."

Über Caesars Entertainment, Inc.:

Caesars Entertainment is the world's most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company.

Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment's resorts operate primarily under the Caesars, Harrah's and Horseshoe brand names.

Caesars Entertainment's portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment.

Our people concentrate on building loyalty and value for our customers, employees, business partners and communities by making us the most service-oriented, geographically diversified company in gaming.

--- Ende Artikel / Pressemitteilung Caesars Entertainment agrees to sell Reno Hilton ---


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