OTHER NEWS - May 14, 1992
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Hilton Bids on Bankrupt Bally’s in Reno: Hilton Hotels Corp. offered to buy a Reno casino hotel resort from bankrupt Bally’s Grand Inc. for $73 million, plus assumption of some debt. Hilton’s offer came nine days after Bally’s Grand, a subsidiary of Bally Manufacturing Corp., agreed to sell the casino to Harvey’s Wagon Wheel Inc., a casino operator in Lake Tahoe, Nev., for $70 million, plus assumption of some liabilities. The competing offers from Hilton and Harvey’s would need approval from Bally’s Grand bondholders, the Nevada Gaming and Control Commission and the bankruptcy courts. Bally’s Grand, which owns casino resorts in Las Vegas and Reno, filed for bankruptcy protection last November.
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