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  Dec 27, 2000



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READER ALERT: For all the latest wrestling happenings, check out our News & Rumours section.

WWF gives up on Las Vegas casino


So much for a permanent home for the WWF in Las Vegas.

The ever-growing WWF, based out of Stamford, Connecticut, has thrown in the towel (ala Arnold Skaaland giving up for Bob Backlund in his famous WWF title loss to the Iron Sheik) in its plans for a WWF Entertainment complex-casino in the gambling capital of the United States.

The WWF bought the 193-room resort -- formerly known as the Debbie Reynolds Hotel and Casino -- at a bankruptcy auction in 1998 after Reynolds failed to make the place profitable. Reports at the time listed the price as being $9 million (U.S. dollars).

"We plan to extend the brand identification of the World Wrestling Federation into the hotel-casino gaming business and themed restaurants," Ed Kaufman, senior vice president and general counsel for the WWF said at the time.

Vince McMahon echoed the statement. "Las Vegas is the entertainment capital of the world and definitely our audience."

The announcement of the sale was made on Tuesday, and the transaction price was $11.2 million -- about $2 million more than it paid initially. The WWF said it expects to report a gain of about $1 million on the sale.

"After we bought it, we realized it just wouldn't meet our expectations of being able to provide our brand of entertainment on the right scale," said Judd Everhart, spokesman for the WWF. "So we decided to sell it. We have no immediate plans to purchase other property in Las Vegas, but I couldn't rule that out."

Earlier this year, World Championship Wrestling closed their Nitro Grill in Las Vegas.

-- SLAM! Wrestling, with files from CANOE Wire Services

Aug. 6, 1998: WWF buys Las Vegas hotel