Lake Tahoe Resort

Cincinnati, OH: (Apr-10-08) Park Cattle Co. brought a lawsuit against Columbia Sussex Corp., parent company of the Horizon Hotel and Casino in Stateline, over the lease for the Tahoe Horizon Resort. In a recent development in the lawsuit, sources close to the negotiations claimed that the two sides had reached a settlement agreement, resolving the civil dispute. Under the terms of the settlement agreement, a filing with the Securities and Exchange Commission stated that Columbia Sussex Corp. will have to pay $165 million over the next three years to Park Cattle Co. Additionally, the terms of the deal stipulated that Park Cattle can terminate its lease for the Tahoe Horizon Resort in 2011 and gives Park the right to terminate its lease on the MontBleu Casino in 2018, which sources state is 10 years earlier that what had been previously agreed to. [THE RECORD-COURIER: ONLINE BUSINESS JOURNAL REPORTS $165 MILLION SETTLEMENT IN PARK]

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Published on Apr-12-08