Nevada Approves New Owner For Six Casinos

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The Nevada Gaming Commission approved a new operator for six Holder Hospitality Group casinos currently in bankruptcy, on Thursday.

Commissioners unanimously approved Northern Nevada Asset Holdings LLC to participate in the operations of the Silver Club, Commercial Casino, Stockmen’s Casino Hotel, Scoreboard Casino, the El Captain and Parker’s Model T Casino.

Nevada Asset Holding paid $8.5 million to the Federal Deposit Insurance Corporation for the $33 million note. The FDIC got the note from the bank that originally made the loan after they also filed for bankruptcy.

The bankruptcy judge will hear stipulations in the case on Dec. 21 and Northern Nevada Asset Holdings expects to be the successful bidder in each, an attorney for the company said.

777 Gaming Inc is currently leasing and managing the properties, however the Holding company plans to take over the casinos’ operations once the deal is finalized and licensing is granted.

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