Harrah’sto buy IP for $370M

Aug 23, 2005 5:23 AM

Harrah’s Entertainment Inc. (HET) continued to add to its Las Vegas Strip inventory on Monday with the announcement that it will acquire the Imperial Palace Hotel/Casino for $370 million.

Harrah’s said it expects to close on the acquisition by year end but that the IP will continue to operate under the current ownership, a trust consisting of Betty Engelstad, widow of Ralph Engelstad, the original owner; Owen Nitz, and Jeff Cooper.

It was emphasized that the purchase was of the Las Vegas property only and did not affect Imperial Palace’s Mississippi operations.