Lucky Club Casino and Hotel

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Lucky Club Casino and Hotel
Address 3227 Civic Center Drive
North Las Vegas, Nevada 89030
Opening date March 2, 2000
Number of rooms 118
Total gaming space 15,600 sq ft (1,450 m2)[1]
Casino type Land-Based
Owner North Las Vegas Lucky Silver Gaming
Previous names Budget Host Inn
Cheyenne Hotel
The Ramada Inn and Speedway Casino
The Speedway Casino
Renovated in none

Lucky Club Casino and Hotel is a casino and 118 room hotel located on 6.1 acres (2.5 ha) in North Las Vegas, Nevada. The casino is held by Las Vegas, Nevada based Ganaste LLC.

History[edit]

In June 1995, after spending eight years in bankruptcy, the Budget Host Inn was acquired at auction for $1.1 million by Shawn Scott, owner of the Post Office Casino in Henderson.[2] Scott renamed it as the Cheyenne Hotel, and made plans to revitalize the run-down property, including reopening the restaurant and lounge and adding a hotel tower and a casino, taking advantage of the site's grandfathered gaming status.[2] He requested a license for 75 slot machines and 2 table games, but the Nevada Gaming Commission in December 1996 issued only an 11-month limited license for 25 machines, finding his record management to be sloppy.[3] By 1997, the Cheyenne was operating as a Days Inn.[4]

In 1998, MTR Gaming, the West Virginia-based parent company of the Mountaineer Racetrack, acquired the Cheyenne for $5.5 million in cash.[5] MTR said it would complete an expansion already in progress, adding 10,000 square feet (930 m2) of gaming space with 350 slot machines and 5 table games, and would rename the property as the Speedway Hotel & Casino and add a motor racing theme, in reference to the nearby Las Vegas Motor Speedway.[6] The hotel became a Ramada Inn. The casino opened in March 1999, leased to Dynasty Games, with 143 slot machines.[7] MTR received its gaming license the following September, and said it would take over operation of the casino on October 1.[8] The official grand opening was held in March 2000, with the casino having expanded to over 300 slot machines, with table games and a Leroy's sportsbook, racing-themed dining areas, and a racecar simulator.[9]

By November 2000, the property had failed to turn a profit, and was taking measures to attract value-conscious guests, including Hispanics, Nellis Air Force Base personnel, and North Las Vegas residents.[10] By 2004, MTR was reporting annual net revenue of $9.8 million at the Speedway.[11]

In February 2007, MTR agreed to sell the complex to Mandekic Cos. for $18.2 million.[11] Mandekic assigned its agreement in May to Ganaste, LLC,[12] a partnership of three investors managed by Seth Schorr, son of Wynn Resorts COO Marc Schorr.[13] The buyers hoped to use the Speedway as a training ground to learn the gaming business before moving on to other acquisitions.[13] The sale of the land and buildings was completed in January 2008 for $11.4 million, with MTR continuing to operate the casino, leasing it for $70,000 a month.[13] Ganaste took full ownership in June 2008,[14] and promptly renamed the property as the Lucky Club Casino and Hotel.[15]

An electrical fire on June 9, 2008 forced the casino to close for two weeks while critical equipment was repaired.[14] Recent (May 2013) Nevada Gaming Commission approvals indicate that a reorganization/restructure plan was approved and new ownership is held by Lucky Silver Gaming (LSG). LSG is ownder by Seth Schorr, Jeff Fine and other partners.[14]

References[edit]

  1. ^ "MTR Gaming Group Inc.". Retrieved 2008-02-09. 
  2. ^ a b Badger, Michael (July 25, 1995). "Renovations perk up blighted corner". Las Vegas Review-Journal.   – via Factiva (subscription required)
  3. ^ Vogel, Ed (December 11, 1996). "Gaming regulators grill Ormsby House owner". Las Vegas Review-Journal.   – via Factiva (subscription required)
  4. ^ Edwards, John G. (July 29, 1997). "Las Vegan buys stake in Sands Regent". Las Vegas Review-Journal. Retrieved 2012-09-21. 
  5. ^ "Company buys two resorts - Race track's parent group acquires hotels, casinos in Nevada". Charleston Gazette. May 7, 1998.   – via Factiva (subscription required)
  6. ^ "MTR Gaming Group Purchases Two Nevada Gaming Properties" (Press release). MTR Gaming Group. May 7, 1998. 
  7. ^ "MTR Gaming Group opens Speedway Casino". Reuters. March 9, 1999.   – via Factiva (subscription required)
  8. ^ "MTR Gaming receives licenses for casinos". Las Vegas Review-Journal. September 24, 1999. Retrieved 2012-09-21. 
  9. ^ "MTR Gaming Group Announces Grand Opening of Speedway Casino & Cafe" (Press release). MTR Gaming Group. March 2, 2000. Retrieved 2012-09-21. 
  10. ^ Hodge, Damon (November 22, 2000). "Fast times foreseen for Speedway". Las Vegas Review-Journal. Retrieved 2012-09-21. 
  11. ^ a b Knightly, Arnold M. (February 14, 2007). "Speedway Casino sold away". Las Vegas Review-Journal (via Casino City Times). Retrieved 2012-09-21. 
  12. ^ Form 10-K (Report). MTR Gaming Group. April 3, 2008. p. 27. http://edgar.sec.gov/Archives/edgar/data/834162/000104746908004062/a2184378z10-k.htm. Retrieved 2012-09-21.
  13. ^ a b c Knightly, Arnold M. (January 18, 2008). "New Speedway owner has revival plans for NLV casino". Las Vegas Review-Journal. Retrieved 2012-09-21. 
  14. ^ a b c Knightly, Arnold M. (September 26, 2008). "Staging a revival in troubled times". Las Vegas Review-Journal. Retrieved 2012-09-21. 
  15. ^ Knightly, Arnold M. (November 2, 2008). "Feeling Lucky: Ex-Wynn worker aims to remake Speedway Casino". Las Vegas Review-Journal. Retrieved 2012-09-21. 

Coordinates: 36°13′7″N 115°7′17″W / 36.21861°N 115.12139°W / 36.21861; -115.12139