page_title: Landmark (hotel and casino)
section_title: Sale negotiations and Howard Hughes
hierarchical_section_title: Landmark (hotel and casino) / History / Further developments (1968–69) / Sale negotiations and Howard Hughes
caption_attribution_description: Photo of Howard Hughes in 1938.
context_page_description: The Landmark was a hotel and casino located in Paradise, Nevada, east of the Las Vegas Strip and across from the Las Vegas Convention Center. The resort included a 31-floor tower, inspired by the design of the Space Needle tower in Seattle. Frank Caroll, the project's original owner, purchased the property in 1961. Fremont Construction began work on the tower that September, while Caroll opened the adjacent Landmark Plaza shopping center and Landmark Apartments by the end of the year. The tower's completion was expected for early 1963, but because of a lack of financing, construction was stopped in 1962, with the resort approximately 80 percent complete. Up to 1969, the topped-off tower was the tallest building in Nevada until the completion of the International Hotel across the street.
  In 1966, the Central Teamsters Pension Fund provided a $5.5 million construction loan to finish the project, with ownership transferred to a group of investors that included Caroll and his wife. The Landmark's completion and opening was delayed several more times.
context_section_description: In July 1968, there were five firms interested in purchasing the Landmark, which was expected to sell for $16 million to $17 million. One of the firms, Olla Corporation, withdrew consideration of a purchase later that month, while an announcement of the resort's sale was expected within several days. Several companies made purchase offers that were ultimately rejected, including Rosco Industries Inc., based in Los Angeles. On October 12, 1968, Caroll denied a report that the Landmark would be leased to Royal Inns of America, Inc. and operated without a casino. At the time, negotiations were underway with three corporations interested in purchasing the resort.
  On October 23, 1968, billionaire Howard Hughes reached an agreement to purchase the Landmark through Hughes Tool Company for $17.3 million, after previously denying reports in March 1968 that he was interested in purchasing the project. As part of the sale agreement, Hughes' Hotel Properties, Inc. would accept responsibility for approximately $8.9 million owed to the Teamster Union, as well as approximately $5.9 million in other debts and a balance of $2.4 million to Plaza Tower, Inc. At the time of the agreement, Hughes also owned five other hotel-casinos in Las Vegas. The United States Department of Justice launched an antitrust investigation into Hughes' proposed purchase, after previously investigating his attempt to purchase the Stardust Resort and Casino. As part of the investigation, the Department of Justice attempted to determine if there were other prospective buyers for the Landmark. By December 1968, negotiations were underway with several interested firms, including a $20 million offer from Tanger Industries, a holding company based in El Monte, California.
caption: Howard Hughes, pictured in 1938, purchased the Landmark in 1969
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