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Company pays $12.5 million to take over mall

Monday, Nov. 13, 2000 | 11:17 a.m.

Stratosphere Corp. of Las Vegas has paid $12.5 million to Strato-Retail LLC to assume control of the Tower Shops Mall.

The Sept. 30 settlement ends Strato-Retail's lease on the 69,000-square-foot mall, and dismisses legal claims by Strato-Retail against Stratosphere. The agreement was announced in Stratosphere's quarterly financial report, filed last week with the Securities and Exchange Commission.

Strato-Retail had sued Stratosphere, alleging that plans to build an escalator between the Las Vegas Strip casino and its showroom would divert traffic away from the mall. Strato-Retail was successful in convincing a state judge to issue a permanent injunction against the construction of such an escalator.

Strato-Retail is a joint partnership between Simon Property Group and Gordon Group Holdings.

Funding for the settlement was provided by American Real Estate Partners, the Carl Icahn-controlled owner of the Stratosphere. That company also provided $4.75 million to Stratosphere to complete construction of a 1,000-room tower at the hotel-casino.

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