Harrah's Entertainment, Inc. snaps up more Vegas property

Harrah's Entertainment, Inc. purchased a 20-acre apartment complex just east of its Harrah's Las Vegas and Imperial Palace casinos for $164.4 million. The land will likely be used as part of a long-awaited redevelopment of the company's center Strip properties.

Company chairman Gary Loveman said Harrah's will soon announce its master plan for the area. He told the Las Vegas Sun that Harrah's Entertainment, Inc. expects to unify its Strip properties and real estate with its own sense of place, but so far specific plans have been kept under wraps.

Harrah's Entertainment, Inc.'s collection of casinos and property already make them a dominant present on the Strip, but their properties are separate and distinct. The plan is to tie them all together visually for visitors.

This purchase adds to the property the company purchased in 2005, including the Imperial Palace for $370 million, the purchase of Bourbon Street, a small hotel and casino on eight acres on Flamingo Road, and a few acres adjacent to the property. They also own at least 20 parcels of land immediately behind the Flamingo, Imperial Palace and Harrah's.