The company will oversee the Casablanca Hotel Casino Golf & Spa, Virgin River Hotel Casino & Bingo and Oasis casino located in Mesquite about 75 miles northeast of Las Vegas. The unanimous recommendation for Mesquite Gaming LLC to operate the properties will be considered for final approval by the Nevada Gaming Commission on July 28.
In March, 2010, Mesquite casino operator Black Gaming LLC filed for Chapter 11 bankruptcy with the U.S. Bankruptcy Court in Las Vegas. The bankruptcy filing covered nine entities, including the three Mesquite casinos, as well as other operations, including the Palms golf course.
Under the company’s plans, investment company Newport Global Advisors LP of Woodland, Texas, would hold a 40% stake, and Anthony Toti, CEO of Mesquite Gaming, would own 25%. South Point owner, Michael Gaughan and his family, would own 25% and his company would operate the race and sports books at the Mesquite casinos. Mesquite Gaming’s new Chief Executive Officer and former Black Gaming CEO, Randy Black, would hold a 10% ownership stake. Once their bankruptcy plan is approved, Mesquite Gaming will be reorganized and recapitalized.
The Control Board also recommended licensing of five board managers for Mesquite Gaming, including Black, Toti, Timothy Thomas Janszen, and Ryan Langdon for Newport Global and Katherine Banuelos to represent the Gaughan family.