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Is Reno Hilton for sale?

Nov 4, 2003 4:44 AM

Apparently, there’s only room for one Caesars property in northern Nevada.

Park Place Entertainment Corp. (PPE), the parent company to all the Hilton and Caesars properties in Nevada, will be changing its name come Jan. 1,2004, to Caesars Entertainment and rebranding a number of its properties.

So it was no surprise last week when the word got out that property was for sale. Actually, the company’s official position is that it had received "formalized offers" on various properties but that no decision had been made regarding sales.

But, according to the Reno Gazette-Journal, a Reno investment properties associate says he was asked to conduct valuation studies for the sale. He said he felt Park Place Entertainment was negotiating with one or more parties for the property.

In addition to the Reno Hilton, which has 2,003 rooms, nine restaurants, and 115,000 square feet of gaming space, the company owns and operates the Caesars Tahoe on the Nevada/California border.

Two years ago, the company sold another of its Reno properties, the Flamingo Reno that is now called the Golden Phoenix.

As the country’s largest gaming company, Park Place Entertainment operates gaming facilities from Atlantic City to Nevada. Prior to the death of president and CEO Arthur Goldberg, arrangements had been made to sell the Hilton Las Vegas to Ed Roski, the owner of the Silverton Hotel/Casino on I-15. Negotiations later fell through the matter ended up in litigation. A settlement was announced prior to any court action.