The Imperial Palace sits on the Strip between Harrah's Las Vegas and the Flamingo, across from Caesars Palace. The Imperial Palace casino area totals about 54,000 sf. The hotel rooms range from 600 sf to 1,600 sf.
Harrah's says there are no plans for substantial operational changes in the near term. The seller, the Ralph Engelstad and Betty Engelstad Trust, will be responsible for property operations until the deal is finalized. Owner Ralph Engelstad died in 2002.
In June, Las Vegas-based Harrah's acquired crosstown rival Caesars Entertainment for $6.8 billion. Harrah's currently owns six properties on 275.5 acres in the city. "We are actively investing in a wide range of opportunities that will provide growth beyond what we expect to achieve as a result of integrating the recently acquired Caesars business," says Harrah's chief executive Gary Loveman in a prepared statement. "This acquisition enhances Harrah's position in Las Vegas." A Harrah's executive was not immediately available Monday afternoon to elaborate.
Harrah's Vegas presence includes Paris at the south end of the Strip, Harrah's at the north end and the Rio on West Flamingo Road. The company's shares closed up $0.23 at $71.83 and topped out at $71.94 in after-hours trading.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
