Davis inks Desert Inn deal with ITT

LAS VEGAS — Billionaire oil man Marvin Davis, who has been scouting for a hotel-casino on the Las Vegas Strip since 1995, has come up with the answer in a joint venture to buy half interest in the Desert Inn Resort and Casino.

The deal with Desert Inn owner ITT Corp. involves $250 million in cash, including $150 million from Davis Gaming LLC and $100 million as the proceeds of new debt issued by the Desert Inn joint venture.

The sale, announced Sunday, comes after ITT sold its stake in Madison Square Garden and several hotels and announced a second three-way split in efforts to repel a $6.5 billion hostile takeover bid from Hilton Hotels Corp.

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