Hilton rejected Golden Nugget’s casino bid.
Los Angeles-based Hilton Hotels said it turned down an offer for its nearly completed Atlantic City hotel-casino complex and is continuing to negotiate a sale with New York developer Donald Trump. Chairman Barron Hilton said that Golden Nugget’s offer was “not commensurate with” its more than $300-million investment. He said the offer was $260 million in 8% debentures, whose discounted value would be “substantially” lower, and land bought for $25.5 million in 1983 and now valued by the Golden Nugget at $84 million.
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