The USD 1.3 billion sale of the Stratosphere’s parent company to an affiliate of Goldman Sachs was approved Thursday by the state Gaming Commission. Whitehall Street Real Estate Funds is buying Entertainment Properties, a gaming subsidiary controlled by billionaire corporate raider Carl Icahn. American Casino is the parent company of both Arizona Charlie’s casinos and the Aquarius in Laughlin.
Las Vegas (AP) – A Goldman Sachs investment fund came closer to putting a USD 1.3 billion bet on the Las Vegas Strip, as it was approved Thursday to buy the iconic 1,149-foot-tall Stratosphere tower and casino-hotel, a mid-market property that caters to budget travelers. Managing director Jonathan Langer of Goldman Sachs & Co. told members of the Nevada Gaming Commission that the investment giant believed high-end developments on the north end of the Strip could leave some tourists out in the cold.
Unions representing about 1,200 workers at the Stratosphere hotel-casino reached a tentative labor contract with management over the weekend and plan to hold a vote on the deal Saturday. The agreement involving Culinary Workers Union Local 226 and Bartenders Union Local 165 is the latest in a series of contract agreements reached with Las Vegas Strip employers in the last several months.
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