Las Vegas business briefs

LV COUNTRY CLUB REJECTS HILTON'S $60 MILLION BUYOUT OFFER -- The Las Vegas Country Club last week rejected a $60 million acquisition offer from Hilton Hotels Corp. The LVCC board of directors rejected the offer after a survey of the club's 600 members found 58 percent opposed to the buyout. It was the second time the LVCC has rejected Hilton, which wants the club's golf course east of the Las Vegas Hilton to offer Hilton customers golfing opportunities. Members rejected a $38.5 million Hilton offer in September 1997. Ray Hazzard, general manager of the LVCC, said Hilton has an arrangement under which up to 40 Hilton guests can play the golf course every day. The actual number of players is generally far less. "We usually average between eight and ten a day," said Hazzard. Hazzard has heard conflicting talk about Hilton's future intentions. One theory says the company is sick of the LVCC and will look for a course elsewhere. Others say Hilton is preparing a higher offer. Several resorts, including Desert Inn, Rio, MGM Grand and Mirage either own or are building exclusive golf courses for their guests.

STATION GAINS $80 MILLION IN FINANCING -- Station Casinos Inc. said today its bankers allowed Station to enter into a $80 million supplemental revolving loan agreement with Bank of America, Societe Generale and Bank of Scotland. The $80 million will be used to refinance a $25 million unsecured note and to reduce borrowings under Station's existing bank facility. Station said the new loan will allow it to meet short-term capital needs as it proceeds with a $96 million expansion of its Sunset Station and Texas Station hotel-casinos. Station had intended to finance the expansions with new preferred stock to be sold to Crescent Real Estate Equities Co. But that financing fell through with the failure of the merger between Station and Crescent. Station said it's also working with its bank group on a new master loan that would replace its existing bank facility and repay the supplemental loan. "We are extremely pleased with the support we have received from our bank group," said Glenn Christenson, executive vice president and chief financial officer.

TWO STRIP GAMING EXECUTIVES LEAVE -- Desert Inn hotel-casino President John Koster resigned last week for unspecified reasons, D.I. officials said. No replacement has been named. Koster's departure follows the Aug. 3 resignation of Thom Hall as general manager of Harrah's Las Vegas.

To contact Sun Business Editor Steve Green, call 259-4083 or e-mail [email protected]

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