Las Vegas Sun

March 28, 2024

Goldberg bid for Frontier up in air

Mystery now shrouds a bid by Bally Entertainment Corp. Chairman Arthur Goldberg to buy the strike-ridden Frontier hotel-casino.

Goldberg had planned to fly to Las Vegas to meet today with Frontier owner Margaret Elardi.

But Elardi's lawyer, Steve Cohen, insisted this morning that no meeting has ever been scheduled.

"We don't understand what all the hoopla is about because there is no meeting," Cohen said. "There never was a mention of a meeting, and there are no meetings scheduled."

Goldberg, who is not in Las Vegas, could not be reached for comment today at his New Jersey office.

But sources close to the Bally's boss said he had planned to come to Las Vegas today with the understanding he would be discussing the sale of the Frontier with Elardi at an afternoon meeting. That trip was called off Tuesday.

Earlier Tuesday, Elardi's son, Frontier General Manager Tom Elardi, confirmed in a SUN report that a meeting between Goldberg and his mother had been scheduled this week.

Last week, Goldberg said he wanted to buy the Frontier and turn it into a 3,000-room, themed mega-resort.

Well-placed sources said Goldberg was willing to buy the resort himself if it didn't fit into the plans of Hilton Hotels Corp., which is finalizing a $3 billion merger with Bally.

Goldberg is overseeing the merger that will make the new gaming company the largest in Nevada.

He's the only one of several gaming giants said to be interested in the Frontier to go public. Others rumored to be eying the Strip resort include New York real estate baron Donald Trump and Mirage Resorts Inc. Chairman Steve Wynn.

Goldberg's interest has been hailed by international Culinary Union leaders, who see the sale of the embattled hotel as the only way to resolve the nearly 5-year-old strike at the Frontier.

Last week, Goldberg said he would welcome the union at the Frontier, a move he indicated was necessary for a "smooth-functioning business."

His comments came amid a week of talks aimed at settling the strike. The negotiations broke down over the weekend.

Union leaders have heard the asking price for the Frontier has been between $160 million and $200 million, which many believe is too high.

But Tom Elardi said Monday those figures were too low.

"It's worth what's someone's willing to pay," Elardi said.

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