Posted: Wed., Dec. 27, 2000

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WWF cashes in Vegas hotel

Chicago's Mark IV group antes up

Vince McMahon's World Wrestling Federation Entertainment has sold the WWF Hotel & Casino in Las Vegas for $11.2 million -- about $2 million more than the org paid for the property in early 1999.

A Chicago real estate development group called Mark IV is the buyer. The company's projects include a House of Blues and a Smith & Wollensky in Chicago.

The WWF bought the building, formerly called the Debbie Reynolds Hotel & Casino, at a bankruptcy auction planning to create a $100 million wrestling-themed resort on the site, just off the Las Vegas strip. The idea never quite jelled: Though the site stayed open, the WWF theme was never fully incorporated. The WWF is eyeing other potential sites in Vegas.

WWF will realize a $1 million gain on the sale.

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