Caesars Entertainment to Sell Reno Hilton - Thursday 12th of May 2005

Caesars Entertainment to Sell Reno Hilton to Grand Sierra Resort for $150 Million Casino resort operator Caesars Entertainment Inc. said Wednesday that it agreed to sell its Reno Hilton casino resort to Grand Sierra Resort Corp., a Nevada-based hotel and resort developer, for about $150 million. The transaction is expected to close by the end of the fourth quarter, subject to regulatory approval and closing conditions.

Grand Sierra said it plans to reconstruct the property, and will lease its gaming operations to Larry Woolf, former chief executive and chairman of MGM Grand Hotel, Las Vegas, and president of Navegante Group.

The company said a Navegante unit will acquire certain Reno Hilton gaming assets and assume certain liabilities.Oppenheimer & Co. advised Grand Sierra and CB Richard Ellis represented Caesars Entertainment on the transaction.In July 2004, Caesars accepted an acquisition offer from Harrah's Entertainment Inc. valued at $9.4 billion in cash and stock. On March 11, shareholders of both companies approved the merger, which is expected to close in the second quarter, pending federal and state regulatory approval.Caesars Entertainment shares rose 15 cents to close at $20.37 on the New York Stock Exchange, and later climbed 10 cents to $20.47 in after-hours trading.

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