No layoffs planned
MGM Resorts International plans to sell its 83-year-old Railroad Pass casino to First Federal Realty. Both the property and its new owner are located in Henderson, Nevada.
First Federal Realty has pledged to retain all the current employees.
Railroad Pass, near Boulder City, opened in 1931 as a casino and dance hall. Its operator received the fourth gaming license in U.S. history, and the mayor of Las Vegas granted Railroad Pass permission to operate a single roulette wheel, reported the Miami Herald.
MGM and First Federal Realty did not disclose the sale price for the 120-room hotel. The deal is contingent upon regulatory approvals.
DeSimone, who will be new to the casino industry, has entered a purchase agreement with MGM Resorts, which has owned the Henderson property since 2005, acquiring it as part of the $7.9 billion Mandalay Resort Group purchase. MGM Resorts Chief Financial Officer Dan D’Arrigo said the gaming giant’s pending sale reflects the company’s continuing “review and careful consideration” of all its properties, customers and employees.
