ROSKI TO BUY CASINO DEVELOPER SAYS DEAL WON'T HURT NFL BID.

Byline: Dereck Andrade Staff Writer

INDUSTRY - Developer Edward Roski Jr. on Tuesday announced plans to buy the Las Vegas Hilton hotel and casino for $365 million, with intention of building a new hotel tower and gaming area on 30 undeveloped acres at the sprawling complex.

``It's an outstanding opportunity for us,'' said Roski in an exclusive telephone interview from Las Vegas.

Roski, 61, heads City of Industry-based Majestic Realty Co., one of the largest privately held real estate companies in the United States.

Roski also helped develop the $400 million Staples Center in downtown Los Angeles. He said his purchase of the Hilton will not affect his attempts to bring an NFL team into Los Angeles.

``We're still definitely considering an NFL team,'' said Roski, who plans to meet on Friday with Los Angeles Coliseum and state officials in Los Angeles.

It is a violation of National Football League policy for owners also to own casinos.

Roski, co-owner of the Los Angeles Lakers basketball team and the Los Angeles Kings hockey club, said the deal to buy the Las Vegas Hilton from Park Place Entertainment took about six months to work out.

``Like all negotiations, it took a considerable amount of time,'' said Roski, who was ranked 296th on Forbes Magazine's list of the richest people in America in 1999 with a net worth of $850 million.

Roski said he plans to add 1,500 rooms and a time-share development to the Las Vegas Hilton, the seventh-largest hotel in the world. The hotel is next to the Las Vegas Convention Center that is being expanded by 1 million square feet.

``It's an outstanding opportunity for us,'' said Roski, who in March wrapped up a 50-year, $13.2 million lease of the 650-acre Industry Hills Sheraton Resort and Conference Center.

The Las Vegas deal includes $300 million for the property, plant and equipment, $31 million for assuming all liabilities under the Hilton licensing agreement and an estimated $6 million for net working capital.

Park Place Entertainment, which also owns Caesars Palace and other gaming parlors on the strip, will retain all high-end gaming customer receivables, which were $28 million as of June 30.

Roski's plans call for an increase in the Hilton's restaurants, entertainment and retail offerings. He also wants to add slot machines and remodel the casino and hotel rooms and suites.

The property is to remain open during remodeling, and employees can expect to keep their positions, officials said. The sale, subject to regulatory approval, and expected to be completed by the end of the year, is not expected to affect plans to extend the Bally's-MGM Grand monorail to the Las Vegas Hilton.

Park Place officials said the sale will allow the company to consolidate its high-end gaming operations at Caesars Palace hotel and casino.

``We plan to use the proceeds of the sale to pay down debt and repurchase the company's common stock,'' said Arthur Goldberg, president and chief executive officer of Park Place, in a printed statement.

Park Place Entertainment also owns Paris, Bally's and the Flamingo Hilton, all on the Strip.

In 1994, Roski built the Silverton hotel and casino, then called Boomtown, which he has operated since 1997.

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Photo: (color) Roski