Grand Sierra Resort Completes Acquisition

Reno, Nevada - Grand Sierra Resort Corp. said Friday it completed its USD 151 million acquisition of the Reno Hilton from Harrah's Entertainment Inc. after receiving final approval from the Nevada Gaming Commission.
The company plans to turn the property into the Grand Sierra Resort and Casino, featuring hotel-condominiums, residential units and an indoor water park.

The hotel tower's construction is set to begin in September, with the top 11 floors of the 27-floor building being made into luxury hotel-condominiums, the company said.

Construction on the indoor water park is expected to start next year.

The complex's hotel will be overseen by newly hired president of hotel operations Michael Carsch. The casino will be run by an affiliate of Navegante Group, led by Chief Executive Larry Woolf.

Harrah's shares slipped 19 cents to USD 71.42 in afternoon trading on the New York Stock Exchange.