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twitterL.A. company investing in casino
Monday, May 24, 1999 | 11:51 a.m.
The family controls 45 percent of the Sands Regent, or about 2.1 million shares. It agreed to sell its holding to Sapphire Gaming, a division of The Hertz Group of Los Angeles.
Terms of the deal were not released, though a Hertz official confirmed the pending transaction and said no staff or management changes will occur.
Hertz bought the 310-room Comstock Hotel-Casino in downtown Reno for $5 million earlier this month.
The purchase agreement is contingent upon Sapphire being able to refinance the Sands' almost $11 million debt to Wells Fargo Bank and obtain licensing from Nevada casino regulators.
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