Complex sentence: Treasure Bay Casino closed, and the Isle of Capri (originally the first of three Harrah's locations in the area) was bought by neighboring Sam's Town and used only for its hotel tower and parking garage.
Split into simpler sentences: Treasure Bay Casino closed, and the Isle of Capri (originally the first of three Harrah's locations in the area) was bought by neighboring Sam's Town. It is used only for its hotel tower and parking garage.