Posted on: December 10, 2024, 09:47h.
Last updated on: December 10, 2024, 09:47h.
An entity called Bettor Investment Group recently attempted to purchase New Hampshire’s problem-plagued Concord Casino, according to a news report.
The Concord Monitor news outlet reported this week that Better Investment Group made an offer for the charitable gaming property, citing documents from the New Hampshire Lottery Commission.
Possible Deal Is Uncertain
But given a recent ruling, it’s unclear if the investment entity is still interested in acquiring the casino.
About a year ago, Concord Casino co-owner Andy Sanborn was ordered to close and sell the property following an investigation. The casino’s license also was suspended.
His attorneys have since revealed an unnamed entity was interested in the acquisition, but blamed New Hampshire officials for working to block the deal, a claim denied by state officials.
Sanborn was given extensions to close the purchase, until last month, when Administrative Judge Gregory Albert ruled that state officials can move forward with revoking Sanborn’s casino license for two years. Without a license, it becomes hard for Sanborn to complete the sale, according to New Hampshire Public Radio (NHPR).
Sanborn’s lawyers have vowed to fight in court, so a deal can go through. Albert said that Sanborn’s legal team or lawyers representing state officials can fight the issue in court or have the Lottery Commission rehear the case, NHPR reported.
No details on the interested buyer or buyers were released publicly by Sanborn’s legal team. They never mentioned Bettor Investment Group.
Based on information posted on its website, the investment entity or its principals have taken part in the financing, design, construction, and/or opening of several gaming properties. These include The Palazzo, The Linq Hotel & Casino, and The Cosmopolitan, each of which is in Las Vegas, as well as the Hard Rock Casino Lake Tahoe (now known as the Golden Nugget Lake Tahoe.)
Full House Resorts Interested, Too
In addition, Full House Resorts Inc., also was interested in acquiring the Concord Casino, according to the Monitor.
Representatives from Full House Resorts met members of the New Hampshire Lottery Commission in June, the report revealed.
The Las Vegas-based company operates seven gaming properties. These are in Colorado, Mississippi, Illinois, Indiana, and Nevada. One of its properties is Stockman’s Casino located in Fallon, Nev.
Earlier, without naming the interested party, Mark Dell’Orfano, who’s an assistant attorney general for New Hampshire, said “there was potentially a $30 million deal on the table” for Concord Casino, the Monitor reported.
Last year, New Hampshire Attorney General John Formella launched an investigation on Sanborn, a former state senator, and his wife, Rep. Laurie Sanborn, for improper use of $844K in COVID relief loans. Andy Sanborn spent about $182K of the money to purchase two Porsches and a Ferrari, one of which was given to his wife, officials claim.
Both Formella and the Lottery Commission have worked to revoke the casino’s license. Sanborn wasn’t charged for that issue.
But in October he was arrested for fraudulent use of aid given to small businesses during the pandemic. He allegedly inflated the casino’s gross receipts by about $1M. That let him get an additional $188K from the government fund.
Neither Full House Resorts nor Bettor Investment Group could be reached by Casino.org for immediate comment.
