 | |
| Founded | 2001 |
|---|---|
| Founder | William Wortman and William Paulos |
| Defunct | December 1, 2016 |
| Fate | Acquired by Boyd Gaming |
| Headquarters | , United States |
Key people | William Wortman and William Paulos |
Cannery Casino Resorts was a hotel and casino operator based in Spring Valley, Nevada. [1] It was acquired by Boyd Gaming in 2016. [2]
Cannery Casino Resorts was an outgrowth of Millennium Management Group, a casino management company. Millennium was founded in 1996 by two long-time gaming executives, Bill Paulos and Bill Wortman. [3] [4]
Millennium's first venture, in 1997, was to join a consortium competing for a license to develop a casino in Detroit, the proposed Greektown Casino Hotel. [5] The Greektown casino opened in 2000 under Millennium's management. [6]
Cannery Casino Resorts was created in 2001 by Millennium to develop the Cannery Casino and Hotel in North Las Vegas. [7]
In 2002, Millennium assumed management of the casino at the JW Marriott Las Vegas under a ten-year lease agreement and rebranded it as the Rampart Casino. [8] [9] [10] Meanwhile, Millennium transitioned to a consulting role at Greektown, as the casino's owners took over management. [11]
The Cannery opened in 2003 at a cost of $105 million. [12]
In 2005, Oaktree Capital Management agreed to buy 33 percent of Cannery Casino Resorts. [4] 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. [13]
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. [14] 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. [14]
Oaktree funding also enabled CCR to buy The Meadows, a harness racetrack near Pittsburgh, in November 2006 from Magna Entertainment for $200 million. [4] [15] Oaktree's stake in the company increased to 42% as part of the deal. [13] 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. [16] 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. [16]
Eastside Cannery Casino and Hotel opened on the site of the Nevada Palace in August 2008.
Cannery's lease of the Rampart Casino expired in March 2012, and the casino's owner, Hotspur Resorts, decided to manage the casino itself instead of renewing the agreement. [17]
In May 2014, Cannery agreed to sell The Meadows to Gaming and Leisure Properties for $465 million, with the proceeds going towards reducing company debt. [18]
Boyd Gaming purchased Cannery in December 2016 for $230 million. [19]
Boyd Gaming Corporation is an American gaming and hospitality company based in Paradise, Nevada. The company continues to be run by founder Sam Boyd's family under the management of Sam's son, Bill Boyd, who currently serves as the company's executive chairman after retiring as CEO in January 2008.
MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Detroit, Mississippi, Maryland, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.
Mandalay Resort Group was an American hotel and casino operator based in Paradise, Nevada. Its major properties included Mandalay Bay, Luxor, Excalibur and Circus Circus, as well as half of the Monte Carlo. In terms of market capitalization, it was one of the largest casino operators in the world. Its stock traded on the New York Stock Exchange with the ticker symbol "CIR" and "MBG".
Pinnacle Entertainment, Inc. was an American gambling and hospitality company. It was acquired by Penn National Gaming in 2018. At the time of acquisition, it operated sixteen casino properties, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Pennsylvania, and Ohio, and a horse track in Texas.
JW Marriott Las Vegas Resort and Spa is a resort in Summerlin, Nevada, near Las Vegas. The Rampart Casino is located within the hotel. The property is owned and operated by Hotspur Resorts, which franchises the JW Marriott name from Marriott International.
Greektown Casino-Hotel in Detroit, Michigan is one of three casino resort hotels in the city; there is a nearby casino in Windsor, Ontario, in Canada, at the other end of the tunnel connecting the two cities. When this casino opened in 2000 in the Greektown Historic District, the federally recognized Sault Ste. Marie Tribe of Chippewa Indians held a majority interest. It was the only gaming casino in Detroit to be controlled by a Native American tribe.
Penn National Gaming, Inc. is an operator of casinos and racetracks based in Wyomissing, Pennsylvania. It operates 44 facilities in the United States and Canada, many of them under the Hollywood Casino brand. The company also owns a 36% stake in Barstool Sports. In 2013, Penn completed the corporate spin-off of Gaming and Leisure Properties, a real estate investment trust.
South Point Hotel, Casino & Spa is a resort located along Las Vegas Boulevard in Enterprise, Nevada, south of the Las Vegas Strip. It is owned and operated by Michael Gaughan, the founder of Coast Casinos. It includes a 137,232 sq ft (12,749.3 m2) casino and a 25-story hotel with 2,163 rooms.
Terrible's Hotel & Casino, formerly the Gold Strike Hotel and Gambling Hall, is a hotel and casino located in Jean, Nevada, approximately 13 mi (21 km) north of the California state line, and about 32 miles (51 km) south of Downtown Las Vegas. It opened in 1987. It is owned and operated by JETT Gaming. It has 811 rooms, several restaurants, and 40,006 square feet (3,716.7 m2) of gaming space.
The Echelon was a proposed $4.8 billion mixed-use project that was to be built on the Las Vegas Strip in Winchester, Nevada. Boyd Gaming announced the project in January 2006, as a replacement for its Stardust Resort and Casino. Echelon Place, to be built on 63 acres (25 ha), was to include a 140,000 sq ft (13,000 m2) casino, 4 hotels providing 5,300 rooms, 25 restaurants and bars, and the 650,000 sq ft (60,000 m2) Las Vegas ExpoCenter. The Echelon Place was also to include the $2.9 billion Echelon Resort, with 3,300 hotel rooms. Other hotels were also to include a Shangri-La Hotel and two hotels by Morgans Hotel Group: a Delano Hotel and a Mondrian Hotel. The project was also to include a $500 million shopping promenade, to be co-developed and managed by General Growth Properties.
The Westin Las Vegas Hotel & Spa is a hotel and former casino near the Las Vegas Strip in Paradise, Nevada. The Westin is owned by Highgate and Cerberus Capital Management, and uses the Westin brand under franchise from Marriott International. It is noteworthy for being one of the first Las Vegas resorts to prohibit smoking in almost all parts of the property.
Cannery Casino and Hotel is a locals casino in North Las Vegas, Nevada, USA, owned and operated by Boyd Gaming. The property sits on 28 acres (11 ha), approximately six miles north of the Las Vegas Strip. The Cannery includes an 80,000-square-foot (7,400 m2) casino, 201 hotel rooms, an indoor/outdoor venue, Galaxy Movie Theater, five restaurants and three bars.
The Cromwell Las Vegas is a luxury boutique casino hotel on the Las Vegas Strip in Paradise, Nevada. It is owned and operated by Caesars Entertainment. It was originally opened by Michael Gaughan as the Barbary Coast on March 2, 1979. Several nearby resorts were opposed to its construction, partially due to concerns about increased traffic congestion. The property featured Victorian décor and later became part of Gaughan's company, Coast Casinos. The Barbary Coast would go on to add two popular restaurants, and a nightclub by Victor Drai.
Affinity Interactive, formerly known as Herbst Gaming and Affinity Gaming, is an American private casino and sports betting company based in Paradise, Nevada. It operates eight casinos in Nevada, Missouri, and Iowa, and publishes the Daily Racing Form.
Eastside Cannery Casino and Hotel is a locals casino on the Boulder Strip in Sunrise Manor, Nevada, owned and operated by Boyd Gaming. The Eastside Cannery has 65,000 sq ft (6,000 m2) of casino space, 307 hotel rooms, a special events ballroom, a private club on the 16th floor, one restaurant and two bars.
Aliante Casino and Hotel is a hotel and casino in the Aliante community in North Las Vegas, Nevada. It is owned and operated by Boyd Gaming. The resort was announced as the Aliante Station in December 2005, as a joint project between Station Casinos and The Greenspun Corporation, with an initial cost of $400 million to $450 million. Construction began in February 2007, and the resort was built at a cost of $662 million.
Full House Resorts, Inc. is a casino developer and operator based in Summerlin South, Nevada. The company currently operates five casinos. It is known for the involvement of Gulfstream Aerospace founder Allen Paulson, who was CEO from 1994 to 2000, and former Chrysler chairman Lee Iacocca, who was a major investor in the company from 1995 to 2013. Dan Lee has served as CEO since late 2014.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 51 casino properties, all of which are leased to other companies.
Jack Entertainment is a gaming, hospitality, and entertainment company based in Cleveland, Ohio. The company operates two gaming facilities in Ohio, Jack Cleveland Casino and Jack Thistledown Racino.
Vici Properties is a real estate investment trust (REIT) specializing in casino properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its subsidiaries' bankruptcy plan. It owns 29 casinos, hotels, and racetracks and 4 golf courses throughout the United States.