Las Vegas Sun

November 16, 2009

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Park Place CFO says sale is still on

Wednesday, Nov. 1, 2000 | 11:15 a.m.

Park Place Entertainment Corp.'s chief financial officer said the sale of the Las Vegas Hilton to Los Angeles developer Ed Roski Jr. is still on, despite persistent rumors that the sale may be called off.

"As far as I can tell, it (the deal) is fine," Scott LaPorta said Tuesday.

LaPorta said the deal, approved by Nevada gaming regulators in October, could close as early as Thanksgiving, though the end of January is the date both sides are aiming for.

The $345 million purchase is being financed with a $260 million first mortgage note, a $30 million note held by Park Place, and $55 million in equity provided by Roski. Rumors have been swirling that the deal could be in jeopardy because Roski was having difficulties arranging the debt financing; LaPorta said this concern was dealt with by Park Place providing the $30 million note.

Roski could not be reached for comment.

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