First it delivered a knockout blow to actress Debbie Reynolds, and now a little hotel-casino near the Las Vegas Strip has the World Wrestling Federation diving out of the ring as well.
The WWF, a unit of World Wrestling Federation Entertainment Inc., said yesterday it will sell its WWF Hotel and Casino for $11.2-million (U.S.) -- about $2-million more than it paid for the resort in 1998.
The WWF picked up the 193-room complex - formerly known as the Debbie Reynolds Hotel and Casino - at a bankruptcy auction after Ms. Reynolds failed to make the place profitable.
However, a year after announcing plans for a $100-million wrestling-themed resort on the site, the WWF has also thrown in the towel, said Judd Everhart, spokesman for the Stamford, Conn.-based company.
"After we bought it, we realized it just wouldn't meet our expectations of being able to provide our brand of entertainment on the right scale," he said. "So we decided to sell it. We have no immediate plans to purchase other property in Las Vegas, but I couldn't rule that out."
The WWF said it expects to report a $1-million gain on the sale.