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November 15, 2009

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American Casino buys southwest LV acreage

Monday, Oct. 14, 1996 | 11:59 a.m.

A Las Vegas-based company that operates as a consultant to two Indian casinos in California has bought 160 acres in southwest Las Vegas.

American Casino Enterprises announced the $5.2 million transaction today, but offered few other details, including future plans for the land.

ACE purchased the land for $5.2 million, with a cash payment of $3.6 million and the assumption of a $1.6 million mortgage. An unaffiliated third party will have a 120-day option to buy the parcel for $5.2 million plus a 16 percent fee.

"We're waiting to see what the option holder does," said spokeswoman Karin Rogers. If the option is not exercised, ACE will announce future plans for the land at the end of the 120-day period, she said.

Publicly traded since 1980, ACE has gaming consulting contracts with the Table Mountain Tribe for its casino 17 miles outside Fresno, Calif.,and a joint venture with theTable Mountain Tribe for a new casino to be developed for the United Auburn Indian Community, in Placer County near Sacramento.

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