A new report suggests that one Las Vegas-based company filed a bid while another one showed interest in acquiring the casino
The sale of Concord Casino, a venue owned by the former New Hampshire state senator, Andy Sanborn, who was recently arrested over fraud allegations, hit a standstill recently. A major hurdle in the sale of the casino was the decision of a judge which cleared the path for the owner’s license revocation. While the completion of the sale remains uncertain, a new report suggests that two Las Vegas companies were interested in buying Concord Casino.
Las Vegas Gaming Companies Show Interest
As announced by the Concord Monitor, citing New Hampshire Lottery Commission documents, Full House Resorts Inc. and Bettor Investments Group showed interest in purchasing the aforementioned casino. The former company is a recognizable investor in the gambling sector.
The Las Vegas-based Full House Resorts currently has several casino properties across Nevada, Indiana, Illinois, Colorado, as well as Mississippi. Reportedly, the company met with Lottery Commission officials regarding the acquisition of Concord Casino back in June.
On the other hand, Bettor Investments Group, another Las Vegas company renowned for participating in major projects in Sin City such as the Cosmopolitan and the Palazzo, as well as Hard Rock Casino Lake Tahoe, was also interested in purchasing Sanborn’s casino in New Hampshire. Reportedly, the bid by the gaming industry firm proposed small upfront payments with the remaining acquisition cost being contingent on EBITDA for a specific period.
The Sale of Concord Casino Remains on Hold
Despite the interest of the two companies, it is unclear if Sanborn would be able to complete the sale of Concord Casino. This is because the former senator’s gaming license was reportedly revoked for two years, further complicating the sale of his casino. In other words, the completion of the sale may be put on hold for the next two years in light of the license revocation.
Still, Sanborn’s attorneys confirmed their intentions to fight the license revocation. At the same time, the former state senator’s defense plans to challenge a judge’s order that demanded New Hampshire to oversee the sale of Concord Casino.
In case Sanborn’s defense successfully appeals both the review of the casino sale and the license revocation, the process of selling Concord Casino can resume. Still, the former senator hasn’t confirmed whether he has made up his mind about a potential bidder.
