Wall Street Journal report indicates the Hilton name may vanish from Vegas, this after its parent company Colony Capital failed to renew its Atlantic City property's lease earlier this year.
ATLANTIC CITY — On Wednesday, Aug. 24, the Wall Street Journal reports that a fixture in Las Vegas, the famous Hilton casino and hotel, which dates back to the 1970s and Elvis Presely's famous Vegas period, may be unable to survive the current economic climate.
As with the former Atlantic City Hilton (currently dubbed simply ACH), the Vegas Hitlon is owned by the investment group Colony Capital LLC, "a pioneer among private-equity investors that gambled big on casinos starting in the 1990s, before its luck recently went cold," according to the WSJ report.
The report also states that "Hilton's likely Las Vegas departure is another headache for Las Vegas [and] would be the second Hilton defection for Colony. On May 30, Hilton's contract to manage Colony's Atlantic City, N.J., casino-hotel expired without a renewal. On June 22, Hilton told Colony it will pull its brand from Colony's Las Vegas Hilton by January 2012, barring a compromise in the interim."
Both properties have been mired in a serious economic slump in recent years due in part to newer and more updated casino-hotel properties in and outside of their respective markets. Both properties have also "skipped payments on their mortgages."
After starting out in 1991 by acquiring gambling market properties in Nevada, Colony Capital was on a winning streak that lasted for several years, a period during which it bought Resorts Atlantic City (in 2001) and then refinanced it in 2007. (It was later sold in 2010.)
"Local is an operating philosophy; it's not a geographic commitment," states ACH COO Michael Frawley. "Local means the best value you can find, not that you live around the corner.
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Former President Bill Clinton and former Vice President Dick Cheney will be part of a series of special events this summer at the Atlantic City Hilton that will also include a joint appearance by conservative Fox News political commentators Glenn Beck and Bill O’Reilly, Atlantic City Weekly has learned.
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