Regulators urge OK of Cantor’s operation of Palms sports book
The state Gaming Control Board on Wednesday unanimously recommended Cantor Gaming’s application to take over operations of the sports book at the Palms, a deal that’s part of the restructuring of the off-Strip hotel.
Under the agreement, Cantor will build a new, multimillion-dollar sports book and will install its mobile wagering technology throughout the resort, including hotel rooms.
Financial terms of the deal have not been disclosed.
The Nevada Gaming Commission will consider the board’s recommendation to approve the deal on Jan. 26.
During construction, Cantor will operate a temporary sports book near the Mint High Limit Lounge on the Palms’ main floor. Cantor was expected to operate the temporary book once construction is completed, according to a presentation to the board.
In other business, the board unanimously approved Nevada Gold & Casino Inc.’s application as a minority shareholder in The Nugget in Reno. President and CEO Robert Sturges told the three-member board the deal was for $26,000 to buy 1 percent of the gaming company.
“If our license is approved, we will explore other gaming opportunities in the state of Nevada,” said Sturges, a former deputy director and director of the New Jersey Division of Gaming Enforcement.
Houston-based Nevada Gold & Casino was originally a mining company with a significant presence in Nevada. Sturges said the company, which also operates offices in Las Vegas, had sold off its mining interests.
Nevada Gold & Casino owns and operates 11 gaming facilities in Colorado and Washington. The company recently sold its Colorado Grand Casino for $3.2 million to acquire the gaming assets of the Deadwood casino in South Dakota.
He said the Colorado operations were “too small of an operation.”
Sturges told the control board that the company owns 10 mini-casinos in Washington state, representing about 16 percent of the state’s active mini-casinos.
Mini-casinos are restaurants with table games, including poker. He said the casinos contributed 86 percent of revenues, or $47.9 million last year.
“We have a grand strategy,” Sturges said. “We will continue to acquire gaming properties.”
