Showboat, Inc., a United States-based organization in the casino and entertainment industry,[1] made its initial public offering in 1969.[2] Later that year, Ramada Inns agreed to buy the company for $15 million in stock,[3] but negotiations failed because of conditions set by Houssels, who wanted cash for his 24% stake.[4]
| Industry | |
|---|---|
| Headquarters | United States |
| Parent | Harrah's Entertainment |
Showboat, Inc. expanded over time, opening Showboat Atlantic City in 1987,[5] Sydney Harbor Casino in 1995,[1] and Showboat Mardi Gras in East Chicago in 1997.[6]
In 1998, Harrah's Entertainment bought Showboat, Inc. for $1.15 billion.[7] Harrah's interests were primarily in the Atlantic City and Chicago markets, however; the Showboat Hotel and Casino in Las Vegas did not fit with the company's strategy.[8] The property was sold in 2000 for $23.5 million to VSS Enterprises, a group owned by Dan Shaw, Mike Villamor, and Greg Schatzman.[9]