Company agrees to sell Reno Hilton resort

Thursday, May 12, 2005 | 9:03 a.m.

Caesars Entertainment Inc. has agreed to sell its Reno Hilton resort to Grand Sierra Resort Corp. for approximately $150 million, the companies announced Wednesday.

Grand Sierra Resort said it will redevelop the property. Plans include building an indoor water park.

The transaction is expected to close by the end of 2005 and is subject to regulatory approval.

"We have some very exciting plans for the Reno Hilton, which I believe is one of the most exceptional properties in Nevada," said Thomas J. Schrade, president of Grand Sierra Resort. "We will disclose further details of those plans as we move forward."

The 2,000-room Hilton has 200,000 square feet of convention space and 107,000 square feet of gambling space. Grand Sierra Resort, a Nevada-based company, intends to lease the property's gambling operations.

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