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LAS VEGAS-Harrah’s Entertainment Inc. says it has agreed to acquire the 2,640-room Imperial Palace Hotel & Casino on the Strip here for $370 million, or about $20 million per acre. There is no debt to assume as part of the transaction. It is expected to close by the end of the year.

The Imperial Palace sits on the Strip between Harrah’s Las Vegas and the Flamingo, across from Caesars Palace. The Imperial Palace casino area totals about 54,000 sf. The hotel rooms range from 600 sf to 1,600 sf.

Harrah’s says there are no plans for substantial operational changes in the near term. The seller, the Ralph Engelstad and Betty Engelstad Trust, will be responsible for property operations until the deal is finalized. Owner Ralph Engelstad died in 2002.

In June, Las Vegas-based Harrah’s acquired crosstown rival Caesars Entertainment for $6.8 billion. Harrah’s currently owns six properties on 275.5 acres in the city. “We are actively investing in a wide range of opportunities that will provide growth beyond what we expect to achieve as a result of integrating the recently acquired Caesars business,” says Harrah’s chief executive Gary Loveman in a prepared statement. “This acquisition enhances Harrah’s position in Las Vegas.” A Harrah’s executive was not immediately available Monday afternoon to elaborate.

Harrah’s Vegas presence includes Paris at the south end of the Strip, Harrah’s at the northend, and the Rio on West Flamingo Road. The company’s shares closed up $0.23 at $71.83 and topped out at $71.94 in after-hours trading.

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