Legal Setbacks Halt Concord Casino Sale to Las Vegas Firms
Efforts to sell Concord Casino have hit a roadblock after a judge ruled that owner Anthony Sanborn has missed the window to finalize a deal.
Anthony Sanborn, owner of Concord Casino. Concord Casino sale faces challenges due to license issues.
LISTEN TO THIS ARTICLE:Two Las Vegas-based companies have shown interest, but complications surrounding Sanborn’s gaming license have caused a great deal of uncertainty.
In November, Judge Gregory Albert ruled that the state could move forward with revoking Sanborn’s gambling license. The decision came after months of scrutiny by state regulators, who raised concerns about the terms of the sale. However, specific details about the state’s objections have not been disclosed.
Sanborn’s legal team is preparing to fight back and challenge the judge’s decision as well as the state’s review of the proposed sale.
Buyers From Las Vegas Show Interest
According to documents from the New Hampshire Lottery Commission, one potential buyer is Bettor Investments Group. The firm specializes in gaming investments, including historical horse racing, local land based casinos, and financially troubled gaming properties.
At a hearing in July, Sanborn’s attorney, Adam Katz, described Bettor Investments Group’s proposal as involving minimal upfront payment. The structure ties future payments to the casino’s profitability, measured by EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization).
Bettor Investments Group has a proven track record in the gaming sector, contributing to major projects such as the Palazzo Las Vegas, Cosmopolitan Las Vegas, and Hard Rock Casino Lake Tahoe.
Another prospective buyer is Full House Resorts Inc., a publicly traded Las Vegas company with seven casinos across five states, including Illinois, Nevada, and Mississippi. Lottery Commission records indicate Full House Resorts representatives met with state officials in early June.
The size of Full House’s properties far exceeds that of Concord Casino. For instance, Stockman’s Casino, one of its Nevada properties, spans 8,400 square feet and is the largest casino in Fallon, Nevada.
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A $30 Million Proposal
During one hearing, Mark Dell’Orfano, a representative of the New Hampshire Lottery’s Investigation and Compliance Division, said that the commission had received a potential $30 million offer from one of the interested buyers.
Despite the high-profile interest, most details about the proposed sale remain confidential. Both the state and Sanborn’s attorney have kept quiet about the negotiations and the ultimate choice of buyer.
Sanborn’s revoked gaming license adds further complications. The two-year suspension prevents him from selling Concord Casino until the period expires. If no resolution is reached, the property may remain closed, leaving one of New Hampshire’s 14 active casinos out of operation for at least two more years.
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