SBD / 17 / ITT DELAYS CASINO COMPLEX PLANS INDEFINITELY

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ITT DELAYS CASINO COMPLEX PLANS INDEFINITELY

Published October 17, 1994

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     ITT has indefinitely delayed the construction of its $750M,
3,500 room Desert Kingdom casino complex.  The company has
decided to review its plans with three major new resorts are
opening in Las Vegas, with a total of 10,500 rooms.  There is
concern that profits would be "squeezed" if visitors spend more
time sightseeing than "pumping quarters" in slot machines.  ITT
will continue its $85M expansion of Desert Inn and its Sheraton
Hotel chain may decide to acquire existing casino sites (Pauline
Yoshihashi, WALL STREET JOURNAL, 10/17).
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