Trump Entertainment Resorts Inc. Chief Executive James Perry told Reuters in a recent interview that the company is very interested in Las Vegas. However, he said that the price got very high.
Aztar, which owns 34 acres of land on the Las Vegas Strip, saw a fierce two-month bidding war that involved as many as four suitors. Penn National Gaming Inc. Chief Executive Peter Carlino said that the Columbia won and that costs are getting to be prohibitive.
Peter Carlino said that whenever shareholders from various companies that own casinos in Las Vegas find other deals, they too want more. However, the lure of Las Vegas is too powerful for companies to completely ignore.
Harrah's Entertainment Inc., the world's largest gaming operator by revenue, promotes its casinos in smaller markets through offers such as discounts at its Las Vegas properties. That is a competitive edge that companies such as Pinnacle want.
Having a casino in Las Vegas also boosts the value of a company's brand.
By M. Sese
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