Showboat, Inc., a United States-based organization in the casino and entertainment industry,
made its
initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
in 1969. Later that year,
Ramada Inns agreed to buy the company for $15 million in stock, but negotiations failed because of conditions set by Houssels, who wanted cash for his 24% stake.
Showboat, Inc. expanded over time, opening
Showboat Atlantic City
The Showboat Atlantic City is a resort hotel and former casino in Atlantic City, New Jersey. The Showboat opened as a casino hotel in 1987 and closed in 2014; the hotel reopened in 2016. It is owned by developer Bart Blatstein.
History
On Marc ...
in 1987,
Sydney Harbor Casino in 1995,
and
Showboat Mardi Gras in
East Chicago
East Chicago is a city in Lake County, Indiana, United States. The population was 29,698 at the 2010 census. The city is home of the Indiana Harbor and Ship Canal, an artificial freshwater harbor characterized by industrial and manufacturing act ...
in 1997.
In 1998,
Harrah's Entertainment
Harrah's Entertainment (later named Caesars Entertainment Corporation, previously The Promus Companies) was an American casino and hotel company founded in Reno, Nevada, and based in Paradise, Nevada, that operated over 50 properties and seven go ...
bought Showboat, Inc. for $1.15 billion. Harrah's interests were primarily in the Atlantic City and Chicago markets, however; the
Showboat Hotel and Casino
The Showboat Hotel and Casino, known as the Castaways Hotel and Casino from 2000-2004, was a hotel and casino located at the north end of the Boulder Strip in Las Vegas, Nevada. The hotel consisted of a 19 story tower containing 445 rooms, a ca ...
in Las Vegas did not fit with the company's strategy. The property was sold in 2000 for $23.5 million to VSS Enterprises, a group owned by Dan Shaw, Mike Villamor, and Greg Schatzman.
References
{{reflist
American companies established in 1969
Casinos in the United States