Loan issued for purchase of Continental

Monday, Dec. 20, 1999 | 10:58 a.m.

Del Mar Mortgage Inc. of Las Vegas said it loaned $20 million to fund the purchase of the Continental hotel-casino.

The closed property on the corner of Flamingo and Paradise roads in Las Vegas is being acquired by Flamingo Paradise Gaming. Edward, Timothy and Troy Herbst, sons of Herbst Oil Co. patriarch Jerry Herbst, control Flamingoand also own two hotel-casinos in Pahrump.

The Continental has been closed since March, following its bankruptcy in February 1998. The property is being purchased from American Realty Trust Inc.

When the hotel-casino reopens, plans call for 400 hotel rooms, a 40,000-square-foot casino and 700 to 800 gaming devices. The Herbsts, however, have yet to reveal the theme of the property.

Del Mar did not disclose the total purchase price.

archive