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Quick Fact – Road to Monopoly?


May 20, 2016December 14, 2019No comments

Howard Hughes, 1973

1968

Howard Hughes, billionaire industrialist, received the Nevada Gaming Commission’s blessing to buy the Stardust hotel-casino in Las Vegas, Nevada for $30.5 million and moved forward with the acquisition.

He already owned five such properties on the Strip — the Castaways, Silver Slipper, Frontier, Sands and Desert Inn. (Adding the Stardust would’ve given him control of about 14 percent of Nevada’s gambling volume.) 

A few days before the deal’s closing, however, the U.S. Department of Justice asked Hughes to delay it by 90 days so it could investigate whether the Stardust purchase would violate the Sherman Anti-Trust Act.

Instead, he abandoned the transaction altogether.

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