From what I've heard (living here in Vegas and all ... this could all be false info, though) was that the guy who bought it also owns the station casinos here in Vegas (Boulder Station, Texas Station, Sunset Station, and Palace Station). I think he's planning on putting an Octagon in one of his casinos. Then again, that could all just be speculation. The Station Casinos are also sponsoring several fighters (John Lewis, Tito Ortiz, and I think Frank Shamrock, and Maurice Smith).
I just hope that they have better luck running the whole show. I also hope I'll be able to catch a live show once or twice in my lifetime