Published on: December 10, 2024, 09:47h.
Last updated on: December 10, 2024, 09:47h.
An organization known as Bettor Investment Group reportedly made an offer to purchase Concord Casino in New Hampshire amidst ongoing issues.
Concerns Surround Potential Agreement
However, the status of the deal remains uncertain following recent events.
Approximately a year ago, Andy Sanborn, co-owner of Concord Casino, was instructed to close and sell the establishment after an investigation, resulting in the suspension of the casino’s license.
Legal representatives disclosed that an undisclosed entity had shown interest in acquiring the property, but blamed state authorities for obstructing the sale, an accusation refuted by officials.
Sanborn received extensions to finalize the purchase, but Administrative Judge Gregory Albert recently ruled that state officials could proceed with revoking Sanborn’s casino license for two years, posing challenges to completing the sale, according to New Hampshire Public Radio (NHPR).
Sanborn’s legal team is determined to contest the ruling to facilitate the transaction. Albert mentioned that either Sanborn’s lawyers or state representatives’ legal counsel could litigate the matter or request a reevaluation of the case by the Lottery Commission, as per NHPR.
No specifics regarding the potential buyer were disclosed by Sanborn’s legal team, omitting any mention of Bettor Investment Group.
Based on information from its website, the investment group or its key figures have been involved in the financial backing, design, construction, and/or launch of various gaming properties, including The Palazzo, The Linq Hotel & Casino, and The Cosmopolitan in Las Vegas, as well as the now Golden Nugget Lake Tahoe (previously Hard Rock Casino Lake Tahoe).
Other Players Show Interest
Moreover, Full House Resorts Inc. also expressed interest in acquiring Concord Casino, as indicated by the Monitor.
Representatives from Full House Resorts held discussions with members of the New Hampshire Lottery Commission in June, according to reports.
The Las Vegas-based company operates seven gaming properties across different states. One of its establishments is Stockman’s Casino in Fallon, Nevada.
Prior to disclosing the entity’s name, Mark Dell’Orfano, an assistant attorney general in New Hampshire, mentioned that there was a potential $30 million deal in progress for Concord Casino, as reported by the Monitor.
Last year, State Attorney General John Formella initiated an inquiry into Sanborn, a former state senator, and his wife, Rep. Laurie Sanborn, for alleged misappropriation of $844K in COVID relief funds. Sanborn reportedly used around $182K of the funds to purchase luxury vehicles, including Porsches and a Ferrari, with one car gifted to his wife, officials claim.
Formella and the Lottery Commission have worked towards revoking the casino’s license, although Sanborn has not faced charges related to this issue.
However, in October, Sanborn was arrested for fraudulent use of aid earmarked for small businesses during the pandemic. Allegedly, he inflated the casino’s earnings by approximately $1M to receive an additional $188K from the relief program.
Neither Full House Resorts nor Bettor Investment Group responded to Casino.org for immediate comments.