Wednesday, July 7, 1999 | 11:39 a.m.
American Wagering Inc. said today it completed the sale of its 150-room Howard Johnson hotel-casino on Tropicana Avenue to Gold Rush Casino & Hotel LLC.
American Wagering said it received about $4.3 million cash and expects to record a $300,000 gain for the second quarter. The sale also ends litigation over the land lease, the company said.
American Wagering Chief Executive Vic Salerno said the sale will allow the company "to focus entirely on the growth of the sports betting business as well as the launch of new products."
American Wagering will lease the casino from the new owner for two years, he said.
American Wagering operates 45 Leroy's Horse and Sports Place betting sites at 45 locations in Nevada.