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ITT CONCLUDES PURCHASE OF DESERT INN PROPERTIES

 NEW YORK, Nov. 3 /PRNewswire/ -- ITT Corporation today concluded the previously announced acquisition of the Desert Inn Properties of Las Vegas, from Tracinda Corporation for approximately $160 million.
 The closing of the transaction follows the granting of licenses to ITT by the State of Nevada and Clark County Gaming Authorities last Thursday.
 The Desert Inn Properties, located on 185 acres of land in the center of the world-famous Las Vegas Strip, include the 820-room Desert Inn Hotel and Casino, its adjoining 18-hole championship golf course and approximately 35 acres of vacant land immediately adjacent to the existing hotel and casino and fronting the Strip.
 The acquisition of the Desert Inn properties, a full service resort in the country's number one destination city and one of the largest convention cities in the U.S. is an important addition to ITT Sheraton's international lodging network. It also provides ITT the opportunity to enter the North American land-based gaming industry. The company has said it plans to carefully enlarge and expand the resort's current facilities to attract visitors from all over the world.
 ITT said that Burton M. Cohen, chairman and chief executive of the Desert Inn Hotel and other key Desert Inn executives would continue to operate the property, now called the Sheraton Desert Inn. ITT hopes to retain the current 2,200 Desert Inn employees.
 -0- 11/3/93
 /CONTACT: Jim Gallagher of ITT, 212-258-1261/
 (ITT)


CO: ITT Corporation ST: New York IN: CNO SU: TNM

LG -- NY037 -- 0058 11/03/93 10:41 EST
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Publication:PR Newswire
Date:Nov 3, 1993
Words:254
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