"The sales price of $32 million seems a bit on low side...I think that MTR just wanted to get rid of it. There is a lot of property with the casino and the two parking garages."
They only paid $20 million for it.
They did make some improvements and have had losses but it was a bad acquisition for a company like MTR Gaming.
http://im.live.com/messenger/im/home/?source=TAGWL_June07
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Harrah's made an an offer that MTR couldn't refuse (at $20 million).
Harrah's wanted no part of downtown, but desperately wanted the World
Series of Poker name and TV rights.
If the Speedway Casino was worth $18 million, then Binions has to be
worth at least 2 or 3 times as much...
Don the Dentist
--- In vpFREE@yahoogroups.com, kelso 1600 <kelso1600@...> wrote:
They only paid $20 million for it.
I believe the property - meaning the ground underneath the casino - is leased. It has multiple owners and that has always been a problem with buyers.
Cheers!
Bonnie
From: "kelso 1600" <kelso1600@hotmail.com>
"The sales price of $32 million seems a bit on low side...I think that MTR just wanted to get rid of it. There is a lot of property with the casino and the two parking garages."