How Much Did Cactus Pete Casino Sell For

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1. How Much Did Cactus Pete Casino Sell For Kids
2. How Much Did Cactus Pete Casino Sell For Sale

In 1991, Cactus Pete’s completed a $22 million hotel and casino expansion making the property become one of the largest gaming facilities in Elko County. Designed by Steelman Partners, the expansion included adding a 10 story hotel tower, restaurants and an Olympic-sized swimming pool.

Ameristar Casinos, Inc.Public company (NASDAQ)IndustryGaming and hospitalityFateAcquiredSuccessorPinnacle EntertainmentFounded1954 in Jackpot, NevadaFounderCactus Pete PiersantiDefunct2013 (acquisition completed)HeadquartersParadise, Nevada, United States

Key people

Gordon Kanofsky, CEO
Larry A. Hodges, President & COORevenue$1.22B (FY 2009)[1]$104M (FY 2009)[1]$-4.67M (FY 2009)[1]Total assets$2.21B (FY 2009)[2]Total equity$336M (FY 2009)[2]7,100[3]Websiteameristar.com

Ameristar Casino in Kansas City

Ameristar Casinos, Inc. was a casino operator based in Paradise, Nevada.[4] It was acquired by Pinnacle Entertainment in 2013. The company had eight properties in seven markets.

History[edit]

The roots of Ameristar Casinos date to 1954 when ‘Cactus Pete’ Piersanti opened Cactus Petes Desert Lodge on U.S. Route 93 just south of the Idaho border in Elko County. The area would later become Jackpot, Nevada. In 1956, Piersanti and others incorporated the property as Cactus Petes, Inc.

The corporation took over management of the neighboring Horseshu Club in 1964. Cactus Petes came under the partial control of Ray Neilsen of Twin Falls, Idaho, in 1967. Neilsen’s construction company had built many of the structures at Cactus Pete’s. Neilsen’s son, Craig, assumed control of day-to-day operations upon the elder Neilsen’s death in 1971. Craig H. Neilsen became sole owner in 1984.

A November 1985 automobile accident left Craig H. Neilsen a quadriplegic, but he continued to lead the company and expanded it. Neilsen was named “Best Performing CEO” by the American Gaming Association in 2002, and was inducted into the organization’s “Hall of Fame” in 2005.[5] Craig H. Neilsen remained chairman and CEO until his unexpected death on November 19, 2006.

Ray H. Neilsen succeeded his father, serving as co-chairman with John Boushy, who also was promoted from president to CEO at the time of Craig’s death.[6] Boushy resigned in June 2008 and was succeeded by Gordon Kanofsky, who previously served as the company’s executive vice president, and now holds the dual role of CEO and vice chairman. Ray H. was named chairman at the same time.[7][8]

In August 2013, Pinnacle Entertainment bought Ameristar for $869 million plus $1.9 billion in assumed debt.[9] The company had reportedly been ‘on the sales block’ since Craig Neilsen’s death.[10]

Expansion[edit]

The Ameristar Resort Casino Spa, opened October 2009, in Black Hawk, Colorado

In 1992 the company made its first investment outside of Jackpot by acquiring a Vicksburg, Mississippi, property known as Delta Pointe. This property was opened in 1994 as Ameristar Casino Vicksburg. The company subsequently constructed an adjoining hotel, and in 2008, completed a $100 million expansion of the facility.[11] Ameristar opened the first of several riverboat casinos in Council Bluffs, Iowa, in 1996. In 1998, the company opened the Reserve Hotel Casino in Henderson, Nevada.[12]

The company was renamed Ameristar Casinos, Inc. and went public in 1993, on the NASDAQ Stock Exchange under the ticker symbol ‘ASCA.’ Company headquarters was moved from Twin Falls to Las Vegas in 1996.

In 2000, Ameristar purchased properties in Kansas City, Missouri, and St. Charles, Missouri, from Station Casinos, Inc., and in 2001, sold The Reserve Hotel and Casino to Station Casinos, which renamed it Fiesta Henderson.[13]

In 2004, Ameristar acquired the Mountain High Casino in Black Hawk, Colorado. In 2006, the Ameristar brand debuted after an $80 million renovation and expansion project that included additional covered parking; and announced details of its planned 33-story hotel and spa. Ameristar officially opened its new Casino Resort Spa complex October 2009 to become the first destination resort casino in Colorado. The property’s $230 million expansion included a 33-story luxury hotel and day spa, an enclosed rooftop swimming pool and 15,000 square feet (1,400 m2) of meeting and event space. The 33-story hotel featuring 536 rooms and 64 suites became the tallest structure between Salt Lake City, Utah and Denver.

Ameristar also completed the acquisition of the Resorts East Chicago casino in East Chicago, Indiana from Resorts International Holdings in 2007. It was rebranded Ameristar Casino Hotel East Chicago in June 2008. An outdoor summer concert series promoted the rebranding, and featured Lionel Richie, Smokey Robinson and Reba McEntire.[14]

In 2010, Ameristar announced plans to renovate all of Ameristar East Chicago’s 280 superior guest rooms and 10 luxury suites; and to add 100 rooms and a fitness center to Ameristar Kansas City’s existing luxury hotel. The addition will complement the property’s existing 184 rooms and hotel lobby, which were extensively renovated in September 2006.

In Massachusetts, where casinos were legalized in November 2011,[15] Ameristar applied for the one gaming license allotted to Western Massachusetts, proposing to build a $910-million hotel and casino.[16] It acquired a 41-acre site in East Springfield, a former Westinghouse plant, for $16 million.[17] In November 2012, however, Ameristar withdrew its proposal in the face of competing bids from MGM Resorts International and Penn National Gaming,[18] saying that city officials were more likely to endorse a downtown casino.[19]

In March 2012, Ameristar agreed to acquire Creative Casinos, developer of the proposed Mojito Pointe casino resort in Lake Charles, Louisiana, for $32.5 million.[20] Ameristar planned to spend at least $500 million on the resort, and to open it in mid-2014.

Philanthropy[edit]

Following the death of Craig H. Neilsen, his estate endowed the foundation in his name. Ameristar regularly partners with the Craig H. Neilsen Foundation to support the rehabilitation of individuals suffering from spinal cord injuries and disease. Ray H. Neilsen serves as Chairman, and Co-Trustee with Kanofsky.[21] In addition, Ameristar was one of the first companies to help fund research at the Nevada Cancer Institute by making a $500,000 donation in 2004.

Ameristar also sponsors an active workplace giving campaign known as Ameristar Cares. In 2012, the company and its employees raised almost $7 million for charitable organizations.[22]

Financial[edit]

Although the current economic recession has hurt the financial performance of casinos on the Las Vegas Strip, Ameristar and other regional casino operators have fared better, as customers opt for gaming and entertainment destinations closer to home.[23][24]

Ameristar’s properties in Kansas City and St. Charles, Missouri, and Black Hawk, Colorado, benefitted from casino-related regulatory reform approved by voters in 2008–09. In Missouri, voters repealed the state’s loss limit, which had capped players’ purchases of table game chips and slot machine credits at $500 every two hours. In Black Hawk, voters approved a measure that increased betting limits and operating hours, and added the games of craps and roulette.[24][25]

Casinos[edit]

Ameristar’s properties at the time it was acquired were:[26]

• Ameristar Casino Council Bluffs — Council Bluffs, Iowa
• Ameristar Casino Hotel East Chicago — East Chicago, Indiana
• Ameristar Casino Vicksburg — Vicksburg, Mississippi
• Ameristar Casino Hotel Kansas City — Kansas City, Missouri
• Ameristar Casino Resort Spa Black Hawk — Black Hawk, Colorado
• Ameristar Casino Resort Spa Lake Charles — Lake Charles, Louisiana (under construction)
• Ameristar Casino Resort Spa St. Charles — St. Charles, Missouri
• Cactus Petes Resort Casino — Jackpot, Nevada
• Horseshu Hotel and Casino — Jackpot, Nevada

References[edit]

1. ^ abcAmeristar Casinos (ASCA) annual SEC income statement filing via Wikinvest.
2. ^ abAmeristar Casinos (ASCA) annual SEC balance sheet filing via Wikinvest.
3. ^’Company Profile for Ameristar Casinos Inc (ASCA)’. Retrieved 2008–10–21.
4. ^’Assessor Parcel number inquiry — search by location address results’. Clark County, Nevada. Archived from the original on 26 June 2009. Retrieved 2009–06–23.
5. ^[1]
6. ^[2]
7. ^portfolio.com profile
8. ^’Archived copy’. Archived from the original on 2008–07–26. Retrieved 2008–07–28.CS1 maint: archived copy as title (link)
9. ^Howard Stutz (August 14, 2013). ‘Pinnacle Entertainment completes $2.8 billion buyout of Ameristar Casinos’. Las Vegas Review-Journal. Retrieved 2013–08–14.
10. ^Howard Stutz (December 21, 2012). ‘Las Vegas-based Pinnacle Entertainment to acquire rival Ameristar Casinos for $869 million’. Las Vegas Review-Journal. Retrieved 2012–12–21.
11. ^http://www.vicksburgpost.com/articles/2008/05/25/news/newsbus01.txt[permanent dead link]
12. ^[3]
13. ^[4]
14. ^[5]
15. ^Dan Ring (November 22, 2011). ‘Massachusetts Gov. Deval Patrick signs bill to establish up to 3 casinos, 1 slot parlor’. The Republican. Springfield, MA. Retrieved 2012–12–21.
16. ^Thomas Grillo (October 23, 2012). ‘Ameristar places bet on Springfield casino’. Boston Business Journal. Retrieved 2012–12–21.
17. ^Anthony Fay (January 25, 2012). ‘Casino co. closes on purchase of Spfld site’. WWLP-TV. Archived from the original on 2012–02–08. Retrieved 2012–12–21.
18. ^Mark Arsenault (November 30, 2012). ‘Ameristar drops Springfield casino effort’. Boston Globe. Retrieved 2012–12–21.
19. ^Dan Ring (December 4, 2012). ‘Ameristar Casinos says Springfield Mayor Domenic Sarno made false accusation about company’. The Republican. Springfield, MA. Retrieved 2012–12–21.
20. ^Howard Stutz (14 March 2012). ‘Ameristar Casinos acquires hotel-casino project in Lake Charles, La’. Las Vegas Review-Journal. Archived from the original on 16 March 2012. Retrieved 14 March 2012.
21. ^[6]
22. ^[7]
23. ^Seetharaman, Deepa (2009–04–24). ‘UPDATE 2-Pinnacle Entertainment posts profit on cost cuts’. Reuters.
24. ^ ab[8][permanent dead link]
25. ^’Stock of Ameristar Casinos climbs after thumbs-up from voters’. Denver Post. 2008–11–06.
26. ^[9]

External links[edit]

Retrieved from ‘https://en.wikipedia.org/w/index.php?title=Ameristar_Casinos&oldid=930722355'

(Redirected from Silver Legacy Resort Casino)

Silver Legacy Resort & Casino Location Reno, Nevada, U.S. Address 407 North Virginia StreetOpening dateJuly 28, 1995; 24 years ago[1]ThemeVictorian — 19th centuryNo. of rooms1,720[1]Total gaming space89,200 sq ft (8,290 m2)[1]Permanent showsLaser Light ShowSignature attractions120 ft Mining RigNotable restaurantsCafé Central (formerly Sweetwater Café and Café Sedona)
Canter’s Delicatessen (formerly Fresh Express Food Court and Triple Play Sports Grill)
Ruth’s Chris Steak House (formerly Sterling’s Seafood Steakhouse)
Sips Coffee and Tea
Starbucks
The Pearl Oyster Bar & Grill (formerly Fairchild’s Oyster Bar)OwnerEldorado ResortsArchitectUrban Design GroupRenovated in2007: Café Sedona and Flavors! The Buffet
2008–2011: Unknown
2013: Café Central, Hussong’s Cantina-Taqueria, Starbucks and The Pearl Oyster Bar & Grill
2015: Triple Play Sports Grill
2017: Canter’s Delicatessen and Tequila & Tacos
2018: Ruth’s Chris Steak HouseCoordinates39°31′50″N119°48′54″W / 39.530455°N 119.815103°WCoordinates: 39°31′50″N119°48′54″W / 39.530455°N 119.815103°WWebsitesilverlegacyreno.com

Silver Legacy Resort & Casino is a hotel and casino located in Downtown Reno, Nevada. It anchors a network of connected hotel-casinos in the downtown Reno core that included Circus Circus Reno and Eldorado Reno and are owned and operated by Eldorado Resorts. It has over 1,700 hotel rooms and suites and is the tallest building in Reno.[2][3]

Previous joint venture owners of Silver Legacy Resort & Casino (along with Eldorado Resorts) were Mandalay Resort Group, formerly known as Circus Circus Enterprises (1995–2005) and MGM Resorts International, formerly known as MGM Mirage (2005–2015)

History[edit]

In 1992, Don Carano, a long time Reno attorney and CEO/Chairman of the Eldorado Hotel Casino and Clyde Turner, CEO of Circus Circus Enterprises joined together to design the Silver Legacy. At the time, Las Vegas in Southern Nevada was growing fast and far overtaking Reno with larger and more lavish casino-hotels. Carano wanted to create a similar, competitive hotel casino-resort. The total cost was projected at $230 million. On July 22, 1993, the special use permit was approved to go ahead with the construction on land owned by Carano, two city blocks which would link the new resort with Eldorado and Circus Circus.[4]

Carano and Turner announced the official name of the resort on December 15, 1994. Following a citywide competition to name Reno’s newest resort in more than a decade, the winning name ‘Silver Legacy’ was chosen. In June 1995, the Nevada Gaming Commission approved the gaming permit for the resort.[5] It opened on July 28, 1995.

Carano’s eldest son, Gary, served as CEO of the property and later on, his next eldest son, Glenn Carano, would join the executive team at the resort as Director of Marketing. In 2014, Glenn became the General Manager while Gary became CEO of Eldorado Resorts, Inc. The Silver Legacy also made the big screen, first in Kingpin in 1996 starring Woody Harrelson and Bill Murray, the movie showcasing the newest attractions of Reno-The Silver Legacy, and the nearby National Bowling Stadium, also completed in 1995. Glenn Carano made a short appearance in the film and many scenes were shot inside the resort. Later, in 2002, Waking Up in Reno starring Patrick Swayze, Billy Bob Thornton, Charlize Theron and Natasha Richardson, was partially filmed inside Silver Legacy. In 2014, Carano was promoted to General Manager of Silver Legacy Reno.

At 42 stories tall, the Resort Casino is the largest building in Downtown Reno. The Legacy is typically lit green at night and is referred to by many as the ‘Emerald City’ of Reno. Visitors occasionally compare the green lighting to the appearance of Minas Morgul, from Peter Jackson’s adaptation of the Lord of the Rings series. In support of the Nevada Wolf Pack, the Silver Legacy will sometimes turn blue. In 2013, a contest was held online to vote on if the building should turn blue permanently, but it was the color Emerald Green that won the decision.

In July 2013, Silver Legacy founded the Biggest Little City Wing Fest, a three-day chicken wing festival held on Virginia Street in front of the casino. The festival started with just a few local wing cookers but has since grown to feature 25 businesses from around the United States. In 2014, Wing King won an award for the Hottest Hot Wing and Paulie’s Pizza won People’s Choice Wing.

While the resort was established in 1995, an awning on the building’s front entrance states that it was established a century earlier, in 1895. This date is a nod to the building’s 19th century theme.

On July 7, 2015, MGM Resorts International agreed to sell its properties in Reno (Circus Circus Reno and a 50% stake in the Silver Legacy) to Eldorado Resorts for $72.5 million.[6][7] The sale was approved and completed in November later that year.[8][9][10][11][12][13]

How Much Did Cactus Pete Casino Sell For Kids

In October 2018, Eldorado Resorts permanently shut down the Flavors! The Buffet (formerly The Victorian Buffet), leaving The Buffet at Eldorado Reno as the last hotel and casino property left under the same ownership here in Nevada.

How Much Did Cactus Pete Casino Sell For Sale

Retail[edit]

There are six restaurants inside the Silver Legacy including Café Central (formerly Sweetwater Café and Café Sedona), Canter’s Delicatessen (formerly Fresh Express Food Court and Triple Play Sports Grill), Ruth’s Chris Steak House (formerly Sterling’s Seafood Steakhouse), Sips Coffee and Tea, Starbucks and The Pearl Oyster Bar & Grill (formerly Fairchild’s Oyster Bar). The Pearl Oyster Bar & Grill was opened in 2013 as an ode to Fairchild’s, also an Oyster Bar that was open at Silver Legacy until 2013. There are eight retail stores located in the Resort Casino including The Boutique, Tradewinds Casualwear, Reflections, Carriage House, The Gift Shop, and Chester’s Harley-Davidson. In 2015, Silver Legacy opened two new retail stores inside including a new children’s store named Lil’ Big Stuff Kid’s Sweet Boutique which sells children’s clothing, toys, accessories, and a large variety of retro candy. Libellule Florals is the other retail outlet that opened.

References[edit]

1. ^ abc’Press Room — General Information’. Silver Legacy Resort Casino. Archived from the original on August 21, 2009. Retrieved October 23, 2009.
2. ^’Listing of Financial Statements Square Footage’. Nevada Gaming Control Board. Retrieved March 16, 2015.
3. ^Walpole, Jeanne Lauf (March 1, 2007). Insiders’ Guide to Reno and Lake Tahoe. Globe Pequot. pp. 39–40. ISBN978–0–7627–4190–8.
4. ^Kling, Dwayne (August 2010). The Rise of the Biggest Little City: An Encyclopedic History of Reno Gaming, 1931–1981. Reno, NV: University of Nevada Press. pp. 18–19. ISBN978–0–87417–829–6.
5. ^Brook, James; Carlsson, Chris; Peters, Nancy J. (January 1, 1998). ‘The Silver Legacy’. Reclaiming San Francisco: History, Politics, Culture. City Lights Books. pp. 89–92. ISBN978–0–87286–335–4.
6. ^O’Driscoll, Bill (July 7, 2015). ‘Eldorado to take full ownership of Silver Legacy, Circus Circus’. Reno Gazette-Journal. Retrieved July 8, 2015.
7. ^Stutz, Howard (July 7, 2015). ‘MGM sells Reno casino holdings for $72.5 million’. Las Vegas Review-Journal. Retrieved July 8, 2015.
8. ^Morris, J.D. (November 5, 2015). ‘Sale of two MGM Resorts casinos in Reno gets initial regulatory OK’. Vegas Inc. Retrieved November 21, 2015.
9. ^Stutz, Howard (November 5, 2015). ‘Gaming regulators tentatively OK Eldorado’s purchase of MGM’s Reno casinos’. Las Vegas Review-Journal. Retrieved November 21, 2015.
10. ^Stutz, Howard (November 19, 2015). ‘Gaming Commission signs off on 3 casino industry buyouts’. Las Vegas Review-Journal. Retrieved November 24, 2015.
11. ^’Officials OK sale of Circus Circus, Silver Legacy’. Associated Press. Reno Gazette-Journal. November 20, 2015. Retrieved November 21, 2015.
12. ^Stutz, Howard (November 24, 2015). ‘Eldorado completes $72.5M purchase of MGM’s Reno properties’. Las Vegas Review-Journal. Retrieved November 24, 2015.
13. ^Higdon, Mike (November 24, 2015). ‘It’s official: Eldorado Resorts buys Circus Circus and Silver Legacy’. Reno Gazette-Journal. Retrieved November 24, 2015.

External links[edit]

• Official website
• Media related to Silver Legacy Reno at Wikimedia Commons

Retrieved from ‘https://en.wikipedia.org/w/index.php?title=Silver_Legacy_Resort_%26_Casino&oldid=930244344'

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