Wrestlers confirm plan to sell Debbie Reynolds resort

Wednesday, Aug. 4, 1999 | 11:05 a.m.

World Wrestling Federation Entertainment Inc. confirmed long-running speculation that it is trying to sell the Debbie Reynolds hotel-casino in Las Vegas.

WWF purchased the casino out of bankruptcy court in August 1998 for $10.8 million. But in documents filed with the Securities and Exchange Commission on Tuesday, WWF said it plans to sell the property by the end of 2000 and has begun preliminary talks with several buyers.

"We have since determined that the ownership and operation of this particular property is no longer consistent with our business objectives," the document stated.

Stamford, Conn.-based WWF filed for an initial public offering of $173 million.

Since buying the Debbie Reynolds property, WWF invested an additional $1.5 million in the property, the document states. The company didn't specify how much it was seeking for the property.

WWF had purchased the hotel with plans to redevelop it into a wrestling-themed hotel-casino. But it soon became apparent that the 193-room property was too small for the company's plans.

WWF hinted that it was still interested in Las Vegas, but didn't provide many details.

"In the future, we may seek and develop location-branded entertainment businesses directly or through licensing arrangements, joint ventures or other arrangements," the WWF said. It called this a "key element" of its future business strategy.