The Nevada Gaming Control Board has unanimously recommended the approval of a series of management and ownership licenses that will see Paragon Gaming acquire a majority interest in the Hard Rock Hotel And Casino Lake Tahoe.
According to a report from the Las Vegas Review-Journal newspaper, Paragon Gaming already manages the gaming operations at the Westgate Las Vegas Resort And Casino along with the nearby Hooters Casino Hotel while holding a major stake in the Edgewater Casino in Vancouver, British Columbia.
The Las Vegas-based firm is seeking approval to take over control of the 539-room Stateline casino from Neva One, which is controlled by the local cattle-ranching Park family, with final approval from the Nevada Gaming Commission expected on November 17.
Diana Bennett, Chairman for Paragon Gaming and daughter of late Las Vegas gaming pioneer William Bennett, revealed that the licensing process is part of a multi-phase effort to take control of the Douglas County operation and that she hoped to use her firm’s expertise to create new Lake Tahoe-area vacation packages in collaboration with other partner firms such as Vail Resorts Management Company, which operates the nearby Heavenly Mountain Resort and in August acquired the Whistler Blackcomb ski park in British Columbia.
In approving the licenses, the Nevada Gaming Control Board allowed Paragon Gaming, which is led by Scott Menke as Chief Executive Officer, to convert a loan it previously supplied into a controlling equity interest. The body also praised the company for moving quickly to resolve disputes with contractors that had placed liens on the property for non-payment for work performed in earlier renovation efforts.
“You did the right thing for the company and the property and protected a lot of jobs,” said Shawn Reid from the Nevada Gaming Control Board. “We know the magic you can do; we’ve seen it before.”
In this respect, the Las Vegas Review-Journal reported that Reid was referring to Paragon Gaming’s management of the Riviera Hotel And Casino Las Vegas as it was transferred to the Las Vegas Convention And Visitors Authority and subsequently demolished to make way for an expanded Las Vegas Convention Center.
Away from Nevada and Paragon Gaming is overseeing construction of the $600 million Parq Vancouver development in Canada. Expected to open in the autumn of 2017, this entertainment resort will be attached to the 54,000-seat BC Place Stadium, which is to be the domed home to the BC Lions of the Canadian Football League as well as the MLS Vancouver Whitecaps franchise, and feature a pair of Marriott-branded hotels.