Harrah’s closes sale of hotel-casino

Friday, March 31, 2000 | 10:56 a.m.

Harrah's Entertainment Inc. has closed on the sale of the Las Vegas Showboat Hotel and Casino to three local investors.

VSS Enterprises acquired the Boulder Strip property for $23.5 million. Harrah's said it will use the cash to pay down debt.

The new owners said they plan to retheme the property from its Mardi Gras atmosphere to a "lively Spanish Ocean themed resort." VSS received a license from Harrah's to use the Showboat name for the next 12 months.

After that date, the property will be renamed "to better convey the new ambience."

The majority owner of VSS is local real estate investor Dan Shaw. Other principals in the company include former Primadonna executives Michael Villamor and Gregg Schatzman.

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