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BUSINESS
May 19, 1999 | Bloomberg News
Sun International Hotels, owner of the Atlantis resort in the Bahamas, agreed to buy Desert Inn from Starwood Hotels & Resorts Worldwide Inc. for $275 million in cash. The purchase would mark Sun International's entry into Las Vegas, the world's largest gambling market. Starwood, the world's largest hotel owner, is selling its major casino resorts to focus on its Sheraton and Westin hotel chains.
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BUSINESS
May 19, 1999 | Bloomberg News
Sun International Hotels, owner of the Atlantis resort in the Bahamas, agreed to buy Desert Inn from Starwood Hotels & Resorts Worldwide Inc. for $275 million in cash. The purchase would mark Sun International's entry into Las Vegas, the world's largest gambling market. Starwood, the world's largest hotel owner, is selling its major casino resorts to focus on its Sheraton and Westin hotel chains.
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BUSINESS
August 20, 1996 | Times Staff and Wire Reports
Casino Companies Announce Merger Plans: Bahamas-based Sun International Hotels Ltd. and Griffin Gaming & Entertainment Inc. signed a definitive stock-for-stock agreement to merge Griffin Gaming with and into a wholly owned Sun International unit in a deal that would be worth about $210 million. Griffin Gaming Chairman Merv Griffin, owner of 25% of the company's stock, has agreed to the deal. Griffin Gaming owns Resorts International, the first casino to operate in Atlantic City.
BUSINESS
October 31, 2000 | Reuters
Three weeks after confirming plans to sell its Resorts International Hotel & Casino, Sun International Hotels Ltd. said Monday that it agreed to sell the property for $140 million. Bahamas-based Sun said it will sell the Atlantic City resort to private Los Angeles investment firm Colony Capital, which also will retain an option to buy an adjacent piece of land for $40 million. The deal is expected to close early next year.
BUSINESS
April 22, 1999 | From Times Staff and Wire Reports
Starwood Hotels & Resorts Worldwide Inc. President and Chief Operating Officer Richard Nanula resigned under pressure after only a year at the White Plains, N.Y.-based company. Starwood said there were no immediate plans to name a successor. The chief executives of Starwood's hotel and gaming units will now report directly to Chairman Barry Sternlicht. Sternlicht hired former Walt Disney Co.
BUSINESS
August 21, 1996 | From Times Wire Services
Blue-chip stocks bounded higher Tuesday as the Federal Reserve Board's decision to keep interest rates unchanged removed what could have been a roadblock to the market's continued rally. But the widely anticipated decision--already credited as a catalyst for several recent rallies--left the rest of the stock market little changed in another mixed and sluggish summer session. The Dow Jones industrial average closed up 21.82 points at 5,721.
BUSINESS
July 14, 1999 | LISA MEYER, SPECIAL TO THE TIMES
Cable TV channels are teaming up with companies in the travel business to elevate their images with viewers. The History Channel, working with two tour operators, offers guided historical vacations in the United States and six foreign countries. The Golf Channel, in partnership with a travel company, has tours to golf resorts in Scotland, Ireland, Florida, Hawaii and North Carolina.
BUSINESS
November 26, 1996 | James F. Peltz
Here's an investment gamble: Bet that the nation's gaming stocks will soon rebound from their slump. After surging in the first half of 1996, stocks of the nation's casino operators have turned and skidded the last five months, largely on fears that the industry's rapid expansion--mainly in the wagering capitals of Las Vegas and Atlantic City--is creating a casino glut. Ironically, the stocks also have been hurt by a voter backlash against the expansion of gambling in other locales.
BUSINESS
October 20, 1996 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
To a surprising degree, the streets of this salt-air amusement park have maintained their relative real estate values since Charles Darrow, an out-of-work engineer from Germantown, Pa., carved their names into the American psyche with his Depression-era board game, "Monopoly." Boardwalk and Park Place remain the priciest addresses; Baltic and Mediterranean avenues are still low-rent. In the real-life city, as in the game, the only way to riches is by owning the hotels.
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