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HILTON HOTELS CORP. TO ACQUIRE BALLY'S RENO RESORT

 HILTON HOTELS CORP. TO ACQUIRE BALLY'S RENO RESORT
 BEVERLY HILLS, Calif., June 16 /PRNewswire/ -- Hilton Hotels


Corp. (NYSE: HLT) announced today it will acquire the 2,001-room Bally's Casino Resort in Reno, Nev., at the end of July and develop it into a major themed destination resort.
 Hilton's offer of $83 million, plus assumption of certain liabilities, was the winning bid in a sale proceeding conducted today by the United States Bankruptcy Court for the District of New Jersey.
 "This decision by the Court is a confirmation of the quality Hilton brings to hotel-casino properties both in Nevada and in other parts of the world," said Barron Hilton, chairman and president of the company. "This aquisition will also add another national marketing opportunity for our meetings and convention sales effort."
 The acquisition is subject to the approval of Nevada gaming authorities. The hotel-casino has been operated by its present owner, Bally's Grand Inc., pursuant to Chapter 11 of the U.S. Bankruptcy Code since October 1991.
 The hotel-casino, located on 143 acres near Reno's airport, has a 100,000-square-foot casino, 50-lane bowling alley, 452-space RV park and 50 shops. It is the largest resort in the Reno area.
 "We intend to put our creative and managerial expertise to work to make this one of the flagship resort properties in the Hilton system," said John V. Giovenco, president of Hilton's Gaming Division. "In addition, we are committed to working with existing Bally's managers and staff who have dedicated themselves to this property."
 Hilton's plans for the resort include a 1,000-room expansion, installation of a Race and Sports Book featuring state-of-the-art technology, and a complete refurbishment of guest rooms, restaurants and public space. The hotel-casino will be renamed the "Reno Hilton Resort."
 "The new resort will be one of the largest in the West, and certainly one of the most distinctive. The hotel-casino will carry a striking new theme along with the improvements we'll be making in the months ahead," Giovenco said.
 "This resort will be an exciting, fun destination for vacationers, and will combine fun and a business-like environment for conventioneers, who will be a major focus of our marketing effort," he added.
 In Reno, Hilton currently operates the Flamingo Hilton, one of the area's major resort hotels, with 600 rooms and a 45,000-square- foot casino. Hilton will continue to operate the Flamingo Hilton after the acquisition of the former Bally's property becomes effective.
 The acquisition brings to five the number of hotel-casinos operated by Hilton in Nevada, totaling more than 11,000 rooms. The others are the Las Vegas Hilton and Flamingo Hiltons in Reno, Las Vegas and Laughlin. Hilton operates a hotel-casino in Queensland, Australia, and has been approved to operate hotel-casinos in Istanbul, Turkey, and Brisbane, Australia.
 -0- 6/16/92
 /CONTACT: Marc Grossman, VP-communications, Hilton Gaming Division, 702-732-5537/
 (HLT) CO: Hilton Hotels Corp. ST: California IN: CNO SU: TNM


CH -- LA023 -- 0871 06/16/92 17:41 EDT
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Publication:PR Newswire
Date:Jun 16, 1992
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