A company based in Las Vegas is one of the numerous parties eager to purchase the contentious Concord Casino. State authorities have instructed the proprietors to sell the gaming property in New Hampshire.
Among the five potential buyers is Full House Resorts Inc., located in Las Vegas. It possesses seven gaming properties located in Colorado, Illinois, Indiana, Mississippi, and Nevada. Among its gambling establishments is Stockman’s Casino situated in Fallon, Nevada.
Last month, representatives from Full House Resorts had a meeting with members of the New Hampshire Lottery Commission (NHLC).
However, the NHLC still doubts that a prospective buyer is nearing a completed agreement, as reported by the Concord Monitor news source.
"There is simply no evidence that either party intends to close the deal,” Jessica King, New Hampshire senior assistant attorney general, was quoted by the Monitor.
“The respondent is hedging its bets and keeping all options open to any potential deal that may come its way.”
However, it was disclosed that “there was possibly a $30 million offer available” as stated by one of the purchasers, according to Mark Dell’Orfano, another senior assistant attorney general in New Hampshire, as reported by the Monitor.
According to the Monitor, four potential buyers submitted offers for the gaming property.
Discussion on 'Pending Sale'
A major legal question for officials is if a sale is truly in progress.
Last month, Gregory Albert, the newly appointed hearing officer for the case, stated that a pending sale “demands proof of a definite intention from both the seller and the buyer to finalize the transaction,” as reported by the Monitor.
Up to now, Andy and Laurie Sanborn, the present owners of the casino, have received an extension until July 18 to sell the establishment. Originally, they were expected to sell the casino by June 27.
Should they fail to meet the deadline, it is probable that the casino license will be taken away.
Additionally, the company that owns Concord Casino, Win Win Win LLC, has not yet demonstrated that a finalized sale could be completed within the necessary three months, according to Dell’Orfano.
In December, state authorities instructed the Sanborns to divest the business after accusations of fraud. The casino cannot be reopened for a minimum of six months with a new owner.
If Andy Sanborn does not sell the gaming property, he risks losing his license for two years, as reported by the New Hampshire Bulletin.
If a new purchaser is designated, the individual or entity must receive approval from the NHLC before the transaction is completed.
Claimed Abuse of COVID Loan
Andy Sanborn, a past state senator, and his spouse, state Rep. Laurie Sanborn, R., reportedly misapplied for and misused funds from a federal COVID relief loan.
They reportedly spent part of the $844K loan on a Ferrari and two Porsche race cars intended for personal use. Additional funds were utilized for what was referred to as rent.
The Sanborns did not disclose in the loan application that they owned a casino. Casinos did not qualify for COVID relief loans.