Search
 

Harrah's Buying Imperial Palace for $370M

LAS VEGAS-The 2,640-room hotel and casino sits on the Strip between Harrah's Las Vegas and the Flamingo, across from Caesars Palace. The transaction is expected to close by the end of the year.

By Brian K. Miller | Updated on August 22, 2005

LAS VEGAS-Harrah’s Entertainment Inc. has agreed to acquire the 2,640-room Imperial Palace Hotel & Casino on the Strip here for $370 million, or about $20 million per acre. There is no debt to assume as part of the transaction. It is expected to close by the end of the year.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.