Barrick Casinos & IP

[vegasbound]

Gaming Today had an article in Casino News regarding Plaza, Las Vegas Club, Gold Spike and Western Hotel, as well as, Imperial Palace. Full article here (http://www.gamingtoday.com/index.cfm?articleid=14485&AIN=608370)

Last week, Nevada regulators agreed to allow Navegante to assume the operation of four downtown casinos.

If the measure is approved by the Nevada Gaming Commission later this month, Navegante will begin management of the Plaza, Las Vegas Club, Gold Spike and Western Hotel on Dec. 23...

In other action, the Gaming Control Board agreed to recommend Harrah’s $370 million purchase of the Imperial Palace.

The Nevada Gaming Commission is expected to give its final approval later this month.

..."Hopefully, we can make (the Imperial Palace) more profitable, while we make a determination on what is best for the site," said Ted Jenkin, Harrah’s Western Division president.

Jenkins added that Harrah’s doesn’t intend to close the hotel-casino anytime soon, and that it will remain open with the existing management team.

[Perry Spring]

I wonder if Harrah's will auction of the IP's Auto Collection...?


I've thought about buying a classic car, but driving 2,500 miles home isn't a good option.


Thanks, good read..

[Hunter]

I can't imagine them considering the car collection a strategic asset...

As soon as the IP goes, the car collection will go as well (my guess).

[doctor_al]

My buddy and I were wondering what a place like the Gold Spike might sell for, considering the whole downtown package was 80 mil... It's not in such a bad location, and the smallness of the joint is both a plus and a minus. Granted, needs a few truckloads of Lysol.

[blackjack]

I can't believe that Harrah's paid 370 mil for IP. Just a few years back, Wynn only paid 275 mil for Desert Inn & all it's acreage (including the golf course).

"Hopefully, we can make (the Imperial Palace) more profitable, while we make a determination on what is best for the site"...

http://img.photobucket.com/albums/v489/ronv/Vegas/implosion.gif

[Billy Vegas]

Harrahs must know I am staying at the IP in March,they must be looking for a quick return.

[vegasbound]

More on the Navegante Group, a casino-development company, hired by Tamares Group to manage its Plaza, Las Vegas Club, Gold Spike and Western hotels.
http://www.reviewjournal.com/lvrj_home/2005/Dec-24-Sat-2005/business/5041570.html