Paying a Premium Price
Author: Diana Heeb Bivona
Just how much did Harrah’s Entertainment pay to pick up the 4.3 acre Barbary Coast site at the corner of the Strip and Flamingo Road? How does $84.8 million an acre grab you? Harrah’s is trading 24 acres located next to the Stardust to Boyd Gaming Corp. for the Barbary Coast in a straight-land swap deal that is expected to close by February 2007.
A Harrah’s spokesperson said the Barbary Coast site was important to Harrah’s overall plans, and that they had spent almost $1 billion to accumulate the land package. That’s quite the jump from the roughly $20 million an acre it paid last year to acquire the 18-acre Imperial Palace.