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November 28, 2009

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Imperial Palace denies talks with California group

Friday, Dec. 29, 2000 | 10:38 a.m.

Ed Crispell, general manager of the Imperial Palace hotel-casino in Las Vegas, said there have been no talks or correspondence with a California group that announced Thursday it's trying to arrange financing to buy the 2,700-room Strip property.

"There is no deal. There is no transaction," Crispell said.

Secure Financial Services LLC said it is representing Mike Yancey, president of Crown Capital Commercial Corp. of San Francisco, "in facilitating the acquisition, redevelopment and expansion" of the Imperial Palace.

Dave Ehlers, an analyst with Las Vegas Investment Advisors, said he hadn't heard of Crown Capital.

"I haven't heard anything about this," Ehlers said. "But it usually isn't the type of thing we're going to hear much about, unless it's a public company."

Paul Towsley of San Diego, who said he's associated with Secure Financial, said Yancey's group has a handshake deal to negotiate the purchase. But he said there is no signed purchase agreement and a sales price has not been negotiated.

Owner Ralph Engelstad told the Sun Herald, a Mississippi newspaper, in November he planned to retire and was liquidating assets, potentially including his 1,100-room casino in Biloxi, Miss., for which Engelstad is asking $200 million.

Crispell said Thursday that Engelstad would also look at legitimate offers for the sale of the Las Vegas property.

"But no one has come to the table with an appropriate offer yet," Crispell said.

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