Harrah's Nears Land Goal in Las Vegas

Reaches Agreement to Acquire Barbary Coast

. October 14, 2008

LAS VEGAS, NV, October 2, 2006. A subsidiary of Harrah's Entertainment, Inc. (NYSE:HET) today announced it entered into a definitive agreement with a subsidiary of Boyd Gaming Corp. (NYSE:BYD) to exchange certain real estate Harrah's controls near Boyd's Stardust site on the Las Vegas Strip for Boyd's Barbary Coast property, located at the northeast corner of Flamingo Road and Las Vegas Boulevard. With this acquisition, Harrah's will have substantially completed its land assemblage goals for Las Vegas.

Harrah's did not disclose additional terms of the agreement, which is subject to certain regulatory approvals. The expected closing date of this transaction is first quarter 2007, subject to receipt of all necessary governmental approvals.

The addition of the Barbary Coast to Harrah's holdings in the area considerably strengthens the company's ability to create a destination experience within the Las Vegas market.

"The site we control, some 350 acres, is of unprecedented proportion at one of the most famous intersections in the world,' said Charles L. Atwood, vice chairman of the board for Harrah's. 'This large site is intended to give us many years of development potential and the flexibility to grow our future earnings without undue interruption of our current earnings stream. The fact that our total site will have a cost of approximately $13 million per acre on average is strong evidence of our intention to develop this opportunity with a keen eye toward excellent returns on investment."

Harrah's now holds or has agreed to acquire a total of nearly 350 acres in Las Vegas encompassing the area between Paris Las Vegas to the south, Harrah's Las Vegas to the north, Koval Avenue to the east and the Rio to the west.

Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment through operating subsidiaries. Since its beginning in Reno, Nevada 68 years ago, Harrah's has grown through development of new properties, expansions and acquisitions. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Coming up in November 2019...

Architecture & Design: Biophilic Design

The hospitality industry is constantly evolving to meet and exceed guest expectations. As a result, hotels are always on the lookout for new ways to improve the guest experience, and architecture and design is an essential part of this equation. Bold design is often the most effective way to make an exceptional first impression - an impression guests use to distinguish between brands. One design trend that is being embraced worldwide has become known as “Biophilic Design.” Biophilic design is based on the concept of biophilia, which is the theory that human beings have an innate tendency to seek out nature, natural elements, and natural forms. Biophilic design is more than hotels simply adding a surplus of plants; it involves incorporating specific design elements into a hotel in order to imbue it with a sense of wellness and well-being. Some of those elements include exposure to natural lighting; views of nature and rooms with a view; natural architectural patterns; salvaged or reclaimed woods of all types; reclaimed metals; sustainably sourced stone; living green walls and vertical gardens; and direct and indirect exposure to nature. Hotels that have incorporated biophilic design into their properties are reaping the benefits associated with this trend including reduced stress responses, better air quality, lower energy costs, and more positive guest reviews. Biophilic design has also been shown to improve guest moods and to satisfy consumer demand for environmental responsibility. Savvy hotel owners and managers are aware that nature-inspired elements enhance their guests' comfort and well-being, which is why this trend is becoming so prevalent. Biophilic design is just one topic in the fields of hotel architecture and design that will be examined in the November issue of the Hotel Business Review.