Vegas Hilton Sold to Developer
Place Entertainment announced on July 11 an agreement to sell the
Las Vegas Hilton
to Ed Roski, Jr. for $365 million. The transaction is expected
to be complete by yearend and is subject to regulatory approval.
sale of the Las Vegas Hilton allows Park Place to consolidate its
high-end gaming operations at the legendary
Caesars Palace," said Arthur Goldberg, President and
CEO of Park Place Entertainment. "We can now focus 100% of our efforts
in Las Vegas on our four properties at the center of the Las Vegas
Strip, while at the same time we can feel comfortable knowing that
this asset will be in the hands of a successful and responsible
businessman like Ed Roski."
President and CEO of Majestic Realty Co. and co-owner of the Los
Angeles Lakers basketball team and the Los Angeles Kings hockey
team, plans to focus his efforts on several areas in Las Vegas Hilton
upon completion of the sale. Some include: increasing the number,
variety and quality of dining, entertainment and retail offerings;
renovating the casino and public space to a more contemporary experience
with more slot machines; and remodeling over 1,000 hotel rooms.
very excited to bring our commitment