As reported by: AP via Newsday.com
Harrah's Entertainment Inc. announced plans Tuesday to sell the Flamingo hotel-casino in Laughlin to American Real Estate Partners L.P., the owners of the Stratosphere hotel-casino in Las Vegas and the Sands hotel-casino in Atlantic City, N.J.

The $170 million cash deal also includes 7.7 acres of undeveloped land between the Sands and the Atlantic City boardwalk, the former site of the Traymore hotel.

Harrah's assumed ownership of the Flamingo and the Traymore site in its June acquisition of Caesar's Entertainment Inc.

Harrah's spokesman David Strow said the properties were immediately identified as "non-strategic assets" and tagged for sale.

"We have a pretty aggressive growth plan both domestically and internationally," he said. "Our attentions are elsewhere."

Harrah's, the largest gambling company in the world, has said it is looking to expand to Europe. It announced Tuesday that it was considering building a Las Vegas-style casino in partnership with a local gambling operator in Nova Gorica, Slovenia, a city that borders Italy.

But Strow said the company had no plans to shed the Harrah's Laughlin hotel-casino, its only other property in the Colorado River town 97 miles south of Las Vegas.


Article By: AP via Newsday.com