Regulators Okay Harrah's Imperial Palace Buy
The state Gaming Control Board has endorsed plans by Harrah's Entertainment, the world's largest gambling company, to buy the Imperial Palace hotel-casino on the Las Vegas Strip for $370 million.
The purchase is subject to final approval at a December 22nd meeting of the board's parent state Gaming Commission. The deal gives Harrah's control of about 275 acres in Las Vegas, mainly along Las Vegas Boulevard.
Harrah's hasn't decided on final plans for the Asian-themed Imperial Palace, which employs about 25-hundred people and has a 52-thousand-square-foot casino.
Former owner Ralph Engelstad opened what is now the Imperial Palace in 1979. Engelstad, who suffered from cancer, died in 2002.
Source: AP
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