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Las Vegas Hilton's Purchase Unlikely5 January 2001LAS VEGAS, Nevada – Jan. 5, 2001 – As reported by the Las Vegas Review-Journal: “Park Place Entertainment's $365 million sale of the Las Vegas Hilton to a Los Angeles real estate developer appears to be dead. ”…The Las Vegas-based casino operator issued a Thursday statement saying that Los Angeles real estate developer Ed Roski Jr. failed to make a scheduled $5 million payment that was required Wednesday. ”The payment would have allowed the owner of the Silverton to postpone the Las Vegas Hilton purchase until Feb. 7. ”…Roski has told Park Place executives that the casino company breached the sale agreement. LaPorta denies Roski's claim. ”…According to the terms of their July sale agreement, Roski provided a nonrefundable $10 million letter of credit to Park Place. ”When he was unable to finance the original deal by the time the Nevada Gaming Commission approved the purchase in October, Roski negotiated an extension with Park Place via $5 million monthly payments…” |