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"We are pleased to announce this transaction today," said Tony Rodio, President and Chief Executive Officer for Tropicana. Tropicana intends to terminate the lease and discontinue its operation of River Palms in September 2014. Pursuant to the terms of an asset purchase agreement, CP Laughlin and CPL Realty sold substantially all of the assets associated with the operation of the River Palms Casino in Laughlin, Nevada to the Buyers, in exchange for $6.75 million in cash.Ĭoncurrently with the execution and closing of the asset purchase agreement, CP Laughlin leased back River Palms for a period of up to ninety (90) days, subject to an additional thirty (30) day extension, and further subject to earlier termination rights. announced that its subsidiary companies Columbia Properties Laughlin, LLC ("CP Laughlin") and CP Laughlin Realty, LLC entered into and simultaneously closed a sale and lease back transaction with Laughlin Hotel, LLC and Nevada Restaurant Services, Inc. Pursuant to the terms of an asset purchase agreement, CP Laughlin and CPL Realty sold substantially all of the assets associated with the operation of the River Palms Casino in Laughlin, Nevada to the Buyers, in exchange for $6.75 million in cash. While sellers will always want to see their investment generate a solid return, this one may not have. Since then, it injected another $690 million through updates and renovations. Red Rock had purchased the property five years ago for $312.5 million. The transaction is expected to close within 90 days, provided all approvals are received. The closures fueled a lot of speculation about the casino operator’s future and the fate of the four properties, but Vital Vegas asserted this week that Red Rock has completed the sale of the Palms. The Palms was joined by the Fiesta Henderson, Fiesta Rancho, Palms and Texas Station as the four Stations Casino properties to remain closed at the end of June last year when all other casinos in Las Vegas were scrambling to reopen. Red Rock is letting the resort go to the San Manuel Band of Mission Indians for less than what it had invested in the property. That was a definite sign that trouble was ahead and now, with the casino having sat empty and locked for a year, the Palms Casino Resort is being sold in what could be considered a fire sale. However, Red Rock Resorts, the parent company of Station Casinos, kept four properties closed. When Las Vegas started crawling back to life last summer, it would have been expected that casino operators would want all of their venues operational to make up for lost time. The first thing you will notice about Bovada is its sleek and modern website design.Įverything is easy to find, and navigation is a breeze. 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The Miss Marquette riverboat in Marquette, Iowa was bought from Sodak Gaming in November 1999 for $41.67 million. Ĭurrently offering 566 slot machines featuring a variety of games and 8 tables games. The riverboat, named Miss Marquette, is located by a 31-acre (13 ha) site that also contains an enclosed pavilion, providing dining on the first floor and an entertainment showroom/banquet area on the second floor. Casino Queen Marquette is a 17,514 square feet (1,627.1 m 2) riverboat casino located in Marquette, Iowa (across the Mississippi River from Prairie du Chien, Wisconsin) that is owned and operated by CQ Holdings. |
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