Sale of Reno Hilton to Grand Sierra Resort and Casino Final

06/22/2006

Grand Sierra Operating Corporation announced today the acquisition of the Reno Hilton, after obtaining final approval from the Nevada Gaming Commission. The $1.8 billion redevelopment will transform the property into the Grand Sierra Resort and Casino, a 145 acre world-class development, featuring hotel-condominiums, an indoor water park, and new four-level golf driving range. Construction on the project is scheduled to begin in September 2006.