Dunes Hotels turned down Golden Nugget's offer.

Financially troubled Dunes Hotels & Casinos said the $115-million offer for M&R; Investment Co., the unit that operates the Dunes hotel-casino in Las Vegas, was unsolicited. Dunes said, however, that it is willing to negotiate with Golden Nugget, another Las Vegas-based gambling firm. Dunes Hotels said a sale of assets is one of the alternatives for the firm, whose M&R; unit filed for protection from creditors Nov. 6 under Chapter 11 of the U.S. Bankruptcy Code.

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