Hilton Sale Off
VEGAS - Park Place Entertainment's $365 million sale of the Las
Vegas Hilton to Los Angeles real estate developer Ed Roski Jr.
Place Entertainment said January 4 its deal to sell the 3,174-room
Paradise Road property to the Southern California-based real estate
developer is in dispute, saying that Roski failed to make a $5 million
earnest payment January 3. The payment would've allowed the owner
of the Silverton hotel-casino to postpone the Las
Vegas Hilton purchase until February 7.
Roski, who also owns a share of the Los Angeles Lakers and Kings
sports franchises, has until Jan.9 to complete the transaction,
according to Park Place executives.
upon our conversations with Mr. Roski, we believe it's highly unlikely
he'll complete the purchase," Park Place Chief Financial Officer
Scott LaPorta said Jan. 4.
purchase was first announced in July 2000, and was approved by the
Nevada Gaming Commission in October after the minority owner of
the Los Angeles Kings and Lakers negotiated an extension with Park
Place allowing him more time to secure financing.
think we have to now assume the transaction won't be completed,"
Robertson Stephens gaming analyst Harry Curtis said Jan. 4. Curtis
estimated that the poor performance of the Las
Vegas Hilton cost Park Place $20 million during the company's
fourth quarter, which ended Dec. 31, 2000.