Thursday, Oct. 5, 2000 | 10:46 a.m.
CARSON CITY -- Edward P. Roski Jr., who is buying the Las Vegas Hilton for more than $300 million, wants to attract middle-income gamblers and let Caesars Palace, Bellagio and the MGM Grand cater to the high rollers.
Roski, a part owner of the NBA champion Los Angeles Lakers and the Los Angeles Kings hockey team, gained preliminary approval Wednesday from the state Gaming Control Board to purchase the Hilton.
He already owns the Silverton hotel-casino off Interstate 15 south of Las Vegas and is planning a $600 million expansion at that location.
Board member Bobby Siller told Roski "You found a niche. Everybody drove by it and you recognized it."
Siller added he was impressed with the management team Roski has put together for the Hilton, which will continue to use the Hilton name. It will also continue to use the worldwide Hilton room reservation system.
The purchase includes the hotel-casino and 60 adjacent acres but not the Las Vegas Hilton time-shares. The 3,000-room hotel is the eighth largest in the world.
When the adjacent Las Vegas Convention Center completes adding 1.9 million square feet to its present 1.4 million square feet, it will be the largest convention center in the world, Roski told the board.
He called the Hilton "one of the great hotels," and said it was very successful for one year when it started to cater to high-end players six years ago. But he wants to reposition the property to the middle market. The table limits will run from $5 to $5,000.
He eventually plans a 2,000-room expansion.
To finance the purchase, Roski said $300 million in trust deed notes will be issued and will be secured by real estate in Los Angeles. And $45 million will be added to help in the purchase.
He hopes to close the deal by the first week in November.
The state Gaming Commission will meet Oct. 26 to take final action on the application.
Other nonrestricted applications recommended for approval by the board included:
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