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December 5, 2009

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Harrah’s sells Las Vegas Showboat hotel-casino to local group

Tuesday, July 20, 1999 | 1:36 a.m.

Harrah's Entertainment Inc. on Tuesday announced it has agreed to sell the 447-room Showboat Las Vegas hotel-casino to VSS Enterprises LLC.

VSS Enterprises members include gaming industry veterans Michael Villamor, formerly of Primadonna Resorts and Gem Gaming; and Gregg Schatzman, formerly with Primadonna and Ameristar Casinos. Another member of VSS is Dan Shaw, a real estate developer and private investor.

The price of the sale wasn't disclosed.

Harrah's acquired the Las Vegas Showboat when it purchased Showboat Inc. in June 1998, and has consistently said the property has been for sale.

Showboat had three other properties in Atlantic City; East Chicago, Ind.; and in Australia.

Harrah's rebranded the East Chicago operation into a Harrah's casino, is selling its interest in the Australia operation and plans to keep the Atlantic City Showboat.

Harrah's said Showboat Las Vegas employees will be offered employment by VSS upon closing of the transaction, which is expected by year-end subject to regulatory approval. VSS also agreed to honor labor contracts at the property, Harrah's said.

The property will operated under the Showboat name for up to one year from closing under a license agreement.

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