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November 16, 2009

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Park Place to take loss on casino sale

Thursday, Dec. 16, 1999 | 10:49 a.m.

Park Place Entertainment of Las Vegas said it's selling the 640-room Flamingo Hilton Reno to Sapphire Gaming for about $20 million.

The property will retain the Flamingo name under a long-term licensing agreement with Park Place Entertainment.

"Sale of the property will allow Park Place Entertainment's Northern Nevada management team to focus on the company's flagship property in the region, the (2,000-room) Reno Hilton," Park Place said.

The transaction is subject to regulatory approval and will result in a non-cash, after-tax loss in the fourth quarter of 1999 of approximately $16 million to $18 million, Park Place said.

The Reno Gazette-Journal reported Sapphire Gaming is an affiliate of Hertz Investment Group of Los Angeles, a real estate investment firm. The Gazette-Journal reported Sapphire bought the 310-room Comstock in May and later that month agreed to buy a 46-percent stake in Sands Regent, owner of the 850-room Sands Regency hotel-casino, for $6 million.

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