Hilton Offers to Buy Dunes Hotel for $122.5 Million
Associated Press
LAS VEGAS, Nev. —
Hilton Hotel Corp. has offered to buy the troubled Dunes Hotel and Country Club for $122.5 million, with a Japanese group also vying to purchase the Las Vegas Strip resort.
John Giovenco, president of Hilton’s Nevada division, said today that the cash offer will expire Aug. 3.
If Hilton purchases the Dunes, the company will spend an additional $110 million on the property, including a new 1,000-room tower and refurbishing of the existing 1,156-room hotel and casino.
The second offer, by Manami Shoji Co. of Tokyo, is contingent upon the Japanese company obtaining a Nevada gaming license. That licensing procedure took nearly a year for a Japanese businessman who purchased the Aladdin Hotel and Casino last year.
