Advertisement

London bank buys shuttered Las Vegas hotel-casino

LAS VEGAS, Nev. -- Lloyds Bank of London is the new owner of the shuttered, 498-room Landmark hotel-casino a block east of the famed Las Vegas Strip.

The resort closed in August when no bids were tendered in a public auction.

Advertisement

The bank paid a reported $20 million for the property to protect a $25 million loan made in 1988 to former owner William Morris.

The sale places a $6 million debt owed by Morris to Imperial Palace hotel-casino owner Ralph Engelstad in limbo, along with another $1.7 million owed to taxicab company owner Charles Frias.

Reno attorney Lee Molof, representing the bank, declined to say Thursday what the financial institution planned to do with the resort.

The Landmark hotel-casino, a space-needle shaped resort once owned by the late billionaire Howard Hughes, is located on a choice piece of real estate across the street from the busy Las Vegas Convention Center.

Latest Headlines