Sale of Alliance Gaming casino going nowhere

Wednesday, Feb. 23, 2000 | 11:12 a.m.

THE ASSOCIATED PRESS

VICKSBURG, Miss. -- The absence of serious offers will likely result in Rainbow Casino being taken off the market, company officials say.

"There were several offers, but I don't think any of them are going to come through," said Curt Mollmer, the casino's general manager. "The company wanted top dollar because the casino is so profitable."

Follmer said he expects the casino, which has been for sale for nearly a year, to be taken off the market in the next few weeks. Plans for new site improvements could be in the works once plans to sell the casino are scrapped, he said.

Alliance Gaming, a Las Vegas-based company that primarily makes slot machines, said last year it planned to sell the Rainbow and its other casino venture, Rail City in Sparks, Nev., to help eliminate part of its $336 million in debts.

For the quarter that ended Dec. 31, revenues at Rainbow were up 4 percent to $11.7 million. Rainbow completed an expansion in November, bringing the casino from 725 slot machines to more than 1,000.

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