Trustees: Imperial Palace is not for sale

Thursday, March 6, 2003 | 11:24 a.m.

The Imperial Palace casinos on the Las Vegas Strip and in Biloxi, Miss., aren't for sale, trustees for Ralph Engelstad's estate told Nevada regulators Wednesday.

Engelstad died in November, leaving behind a colorful legacy as well as uncertainty surrounding the future of the aging Las Vegas property and its sister property in Biloxi, which opened in 1997.

William Nitz, the former legal counsel for Engelstad, and accountant Jeffrey Cooper received preliminary approval by the state Gaming Control Board Wednesday as trustees of Engelstad's estate. As licensed trustees, they will take a more active role in overseeing the management of the Imperial Palace. Ed Crispell will continue to oversee day-to-day operations as general manager of the property, where he has worked for more than 20 years.

Nitz said he and Cooper will advise Engelstad's wife, Betty, in her capacity as a co-trustee.

"The decisions are hers," Nitz said. "We are becoming temporarily licensed so we may participate in those decisions."

Engelstad had expressed some interest in selling both properties at one time, Nitz said. But his survivors want to hold on to both casinos and aren't marketing them for sale.

"The continuity of the business will go forward without a glitch," he said. "The management is staying the same."

The Asian-inspired Imperial Palace is known as a bargain spot amid its luxury counterparts in one of the most-traveled sections of the Strip. The property's occupancy rate is also said to be one of the highest in the region. But it is also showing signs of age.

Nitz said he expects to discuss property upgrades with Cooper and Engelstad's widow, though plans haven't been determined yet.

Separately, the Control Board approved Alva Marcus Brandenburg III for a gaming license to operate the Golden Gate casino in downtown Las Vegas. Brandenburg, who owns the casino with his brother, Craig Italo Ghelfi, intends to become the sole proprietor of the casino after Ghefi transfers his interest to Brandenburg.