Summa officials held a meeting on November 3, 1977, but the company made no decision on selling the Landmark, which lost an average of $500,000 per month. By that time, the Scott Corporation stated that it would likely withdraw its offer to purchase the Landmark because of inability to obtain long-term financing. In January 1978, Summa announced that the Landmark would be sold to the Scott Corporation, with the sale price reportedly ranging between $10 million and $12 million. Up to that time, the resort had reportedly lost $15 million since its opening, despite numerous attempts to increase business. Experts believed that the Landmark suffered financially as a result of its low room-count (486 guest rooms at the time) and its location across the street from the Las Vegas Hilton (formerly the International), which was the world's largest hotel at the time. Frank Scott owned downtown Las Vegas' Union Plaza Hotel, which had become one of the city's most successful casinos, and he said the same management principles used at the Union Plaza would be applied to the Landmark.