LAS VEGAS Park Place Entertainment Corp., based here, and the Saint Regis Mohawk Tribe filed an application with the Bureau of Indian Affairs for approval of the acceptance of land into trust for the development of a $500 million Las Vegas-style resort and casino. The 750-room resort, with 165,000 square feet of gaming space, 15,000 square feet of meeting space, eight restaurants and a spa, would be located approximately 90 minutes north of New York City in Sullivan County.
Park Place worked closely with the Saint Regis Mohawk Tribe in the preparation of the application and has entered into a letter of agreement to develop and manage the casino for an initial term of seven years. Pursuant to this agreement, Park Place will receive 30% of the net cash flow from operations, commencing with the opening of the casino. (3/26/01)