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November 24, 2009

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Flamingo Hilton-Reno being sold

Thursday, Dec. 16, 1999 | 10:55 a.m.

The Las Vegas-based Park Place Entertainment Corp. has agreed to sell the 604-room Flamingo to Sapphire Gaming LLC, officials said. Sapphire is an affiliate of Hertz Investment Group of Los Angeles.

The $20 million deal is expected to close by June 30.

Casino officials said the Flamingo's 1,100 employees will not be affected.

Sapphire bought the Comstock casino in downtown Reno in May. That same month, it announced an agreement to buy a 46 percent stake in The Sands Regent.

The Sands and Flamingo deals are contingent upon licensing by Nevada regulators.

"I am trying to purchase other casinos in northern Nevada," Judah Hertz, Hertz Group principal, told the Reno Gazette-Journal. "I fell that if I get my license, I fell very comfortable about the Reno marketplace and I think it's only going to get better."

Ferenc Szony, president and chief executive of The Sands, will become president of Sapphire and oversee all three Sapphire properties in Reno after Hertz is licensed and the deals are finalized.

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