Cannery Casino Resorts

Cannery Casino Resorts is a Spring Valley, Nevada based gaming business that develops and manages hotels and casinos across the country.[1] CCR is owned by Millennium Gaming (58%) and Oaktree Capital Management.

History

Cannery Casino Resorts was established in 2001 by Millennium Gaming, which was founded by William Wortman and William Paulos.

In 2002, CCR took control of the Regent Casino in Summerlin and, after remodeling, rebranded it as Rampart Casino.

The Cannery Casino and Hotel in North Las Vegas, Nevada was opened in January 2003 and CCR completed an expansion of the property in 2006.

In 2005, Oaktree Capital Management agreed to buy 33 percent of the company.[2] With the funds injected, Wortman was able to buy out two minority partners in the Nevada Palace casino, which was placed under the Cannery umbrella.[3]

Wortman bought a 20 percent stake in the Rockingham Park racetrack in New Hampshire in 2005, and Cannery obtained an option to buy the park outright.[4] The company led an unsuccessful lobbying effort to legalize casinos in New Hampshire, and proposed a $450 million expansion of the park with up to 5,000 slot machines.[4]

Oaktree funding also enabled CCR to buy The Meadows, a harness racetrack near Pittsburgh, in November 2006 from Magna Entertainment for $200 million.[2][5] Oaktree's stake in the company increased to 42% as part of the deal.[3] A temporary casino at the racetrack was opened in June 2007, and the permanent facility opened in April 2009.

In December 2007, Australian gaming company Crown Limited agreed to buy CCR for $1.75 billion.[6] The agreement was ended in March 2009, however, with Crown instead buying a 24.5 percent stake in the company for $370 million, and paying a $50 million termination fee.[6]

Eastside Cannery Casino and Hotel opened on the site of the Nevada Palace in August 2008.

Cannery's lease of the Rampart Casino expires in March 2012, and the casino's owner, Hotspur Resorts, decided to manage the casino itself, instead of renewing the agreement.[7]

In May 2014, Cannery agreed to sell The Meadows to Gaming and Leisure Properties for $465 million, with the proceeds to go towards reducing company debt.[8]

Casinos

Casino Management

Owned

References

  1. ↑ "Cannery Casino Resorts, LLC Company Information". Retrieved October 11, 2012.
  2. 1 2 Benston, Liz (13 September 2008). "Cannery partners did it their way". Las Vegas Sun. Retrieved 23 March 2012.
  3. 1 2 Stutz, Howard (6 September 2006). "Second Cannery to come". Las Vegas Review-Journal. Retrieved 24 March 2012.
  4. 1 2 Bencks, Jarret (21 October 2009). "Developer's vision for The Rock hasn't changed". Eagle Tribune. Retrieved 24 March 2012.
  5. ↑ "Meadows casino to open June 11". Pittsburgh Business Times. 6 June 2007. Retrieved 23 March 2012.
  6. 1 2 Stutz, Howard (13 March 2009). "Plan to buy Cannery Casino Resorts falls apart". Las Vegas Review-Journal. Retrieved 23 March 2012.
  7. ↑ Green, Steve (9 May 2011). "Herbst Gaming in noncompete, consulting deal with Rampart Casino". Vegas Inc. Retrieved 11 March 2012.
  8. ↑ Howard Stutz (14 May 2014). "Cannery Casino Resorts sells Pennsylvania racetrack casino". Las Vegas Review-Journal. Retrieved 18 May 2014.
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