Arizona Charlie’s Boulder (and Arizona Charlie's Decatur) are the result of original efforts by the Becker family, long established developers in Las Vegas. In January 2000, American Casino & Entertainment Properties purchased Sunrise Suites on Las Vegas’ Boulder Highway for $43.3 million. The property was renamed Arizona Charlie's Boulder, as a companion name to Arizona Charlie's Decatur. The two properties are 10.4 miles apart, with a third ACEP property, Stratosphere Las Vegas, located approximately midway between the two. The casino's namesake was "Arizona" Charlie Meadows, a legendary sharpshooter in Buffalo Bill's Show and a distant relative of the original owners of Arizona Charlie’s Decatur, the Becker family.
In November 1997 investor Carl Icahn bought a majority of Arizona Charlie's mortgage notes, making him the resort's largest creditor. Icahn fought for control of Arizona Charlie's throughout a bankruptcy process. In July 1998 Bruce Becker's $92-million loan from United Healthcare collapsed and ownership of the property passed to Carl Icahn and American Casino & Entertainment Properties (ACEP). Two years later they added the Boulder property, naming it Arizona Charlie’s Boulder.