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Showboat, Inc.

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Showboat, Inc., a United States-based organization in the casino and entertainment industry,[1] made its initial public offering in 1969.[2] Later that year, Ramada Inns agreed to buy the company for $15 million in stock,[3] but negotiations failed because of conditions set by Houssels, who wanted cash for his 24% stake.[4]

Showboat, Inc. expanded over time, opening Showboat Atlantic City in 1987,[5] Sydney Harbor Casino in 1995,[1] and Showboat Mardi Gras in East Chicago in 1997.[6]

In 1998, Harrah's Entertainment bought Showboat, Inc. for $1.15 billion.[7] Harrah's interests were primarily in the Atlantic City and Chicago markets, however; the Showboat Hotel and Casino in Las Vegas property did not fit with the company's strategy.[8] They sold Showboat in 2000 for $23.5 million to VSS Enterprises, a group owned by Dan Shaw, Mike Villamor, and Greg Schatzman.[9]

References

  1. ^ a b "Showboat's Sydney casino". New York Times. September 14, 1995. Retrieved 2012-05-13.
  2. ^ "Showboat stock offering makes successful debut". Wall Street Journal. April 22, 1969. ProQuest 133420998. (subscription required)
  3. ^ "Ramada Inns agrees to buy Showboat Inc. for $15 million stock". Wall Street Journal. December 8, 1969. ProQuest 133343598. (subscription required)
  4. ^ "Ramada, Showboat casino terminate negotiations". Wall Street Journal. February 4, 1970. ProQuest 133450579. (subscription required)
  5. ^ Janson, Donald (March 31, 1987). "12th casino-hotel opens, with 60-lane attraction". New York Times. Retrieved 2012-05-13.
  6. ^ "Showboat casino opens with a bang". Post-Tribune. Indiana: via HighBeam. May 21, 1997. Archived from the original on September 21, 2014. Retrieved 2012-05-13. (subscription required)
  7. ^ Roura, Phil (June 7, 1998). "Showboat latest club in Harrah's hand". New York Daily News. Retrieved 2012-05-13.
  8. ^ "Harrah's in $519 million deal to buy Showboat". New York Times. December 20, 1997. Retrieved 2012-05-13.
  9. ^ Simpson, Jeff (March 24, 2000). "Showboat deal gets approval". Las Vegas Review-Journal. Retrieved 2012-05-13.
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