Park Place Announces Cancellation Of Flamingo Reno Sale

Park Place Entertainment Corporation announced today that the pending sale of the Flamingo Reno to Sapphire Gaming LLC has been cancelled. Sapphire Gaming recently notified Park Place of its withdrawal from the approximately $20 million transaction, which was to close on June 30, 2000, subject to regulatory approval. Park Place continues to evaluate its options for the property.
Park Place Entertainment is the world’s largest gaming company and owns, manages or has an interest in 28 gaming properties operating under the Bally’s, Caesars, Paris, Flamingo, Grand and Hilton brand names with a total of approximately 2 million square feet of gaming space, over 28,000 hotel rooms and approximately 57,000 employees worldwide.