Casino owner rethinking company's future

OSCEOLA, Iowa, March 1 (UPI) -- Herbst Gaming Inc. of Las Vegas is considering selling several, if not all, of its businesses, including Terrible's Lakeside Casino in Iowa.

Herbst Chief Executive Officer Ed Herbst said the company hired a financial adviser to help decide which businesses should be sold to help benefit the gaming group the most, The Des Moines Register reported Saturday.

"We are confident that our retention of a financial adviser will help us capitalize on the strength of our brand and position the company to maximize long-term value," Herbst said.

Herbst bought the Lakeside Casino in 2005, along with casinos in two other Midwest locations, and brought the sites under the Terrible's brand name.

The Lakeside Casino in Osceola, Iowa, employs nearly 470 people and in the 12 months before July 2007 it had 1.1 million admissions. Those admissions allowed the casino to earn $59.6 million in gross gambling revenue.