Former Circus Circus Chief Close to Buying Sahara Hotel
LAS VEGAS — Former Circus Circus Chairman William Bennett said Tuesday that he is close to completing a deal to buy the Sahara Hotel and 40 acres on the Las Vegas Strip for about $190 million.
Plans call for expanding the 2,035-room Sahara to at least 3,000 rooms and eventually building a resort of similar size on the vacant 40 acres nearby. Also included in the transaction are 22 acres now used as a parking lot. Bennett said he wants to build on that land.
Attorneys were finalizing contracts Tuesday, and Bennett described the sale as imminent.
He has said he would begin renovation at the Sahara and construction of a new tower as soon as the purchase is approved by Nevada gaming regulators--a process that could take three to four months. Work could begin on a new resort across from the Sahara in about two years, Bennett said.
Bennett has sold his stock in Circus Circus Enterprises Inc. for $230 million and says he will use the money to fund his return to gaming. His new company, Gordon Gaming Corp., will be family-owned.
Bennett, 70, retired as chairman of Circus Circus last summer.
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