Two Las Vegas companies have shown interest in buying Concord Casino, but the sale has hit a snag after a judge ruled that owner Anthony Sanborn has run out of time to close the deal.
Last month, Judge Gregory Albert decided the state can proceed with revoking Sanborn’s gambling license — a process it’s been pushing for months. This is after the state found issues with the sale’s terms, but those details remain under wraps.
Sanborn’s legal team isn’t backing down. They’ve signaled plans to challenge both the judge’s order and the state review of the purchase and sale deal.
Documents from the New Hampshire Lottery Commission reveal that Bettor Investments Group, a firm focused on investments in the gaming industry, including historical horse racing, local casinos and distressed casino assets, has made an offer.
At a hearing in July, Adam Katz, an attorney representing Sanborn explained Bettor Investments Group’s offer as being “structured based on peanuts over time.”
The deal hinges on lower up-front payments, with future installments tied to the casino’s profitability, measured by its EBITDA — Earnings Before Interest, Taxes, Depreciation and Amortization.
Bettor Investments Group has been involved in the financing, design and development of several major casino, resort and sports betting projects, including the Palazzo Las Vegas, Cosmopolitan Las Vegas and Hard Rock Casino Lake Tahoe.
Another potential buyer is Full House Resorts Inc., another Las Vegas-based, publicly traded gambling company that owns seven casinos across Illinois, Mississippi, Indiana, Nevada and Colorado.
According to New Hampshire Lottery Commission documents, Full House Resorts had met with commission members in the first week of June.
The company’s casinos are significantly larger than Concord Casino. Full House Resorts Inc. owns Stockman’s Casino, which is 8,400 square feet and the largest casino in Fallon, Nev.
During one hearing, Mark Dell’Orfano, representing the New Hampshire Lottery’s Investigation and Compliance Division through the Attorney General’s office, said that the commission had informed him that “there was potentially a $30 million deal on the table” from one of the prospective buyers.
Most of the interest in purchasing Concord Casino on South Main Street has come from out-of-state buyers. Both the state and Sanborn’s attorney have kept the details confidential.
Sanborn’s choice of buyer for the casino remains unknown, and whether the sale will go through is uncertain.
With his gaming license revoked for two years, he is prohibited from selling the casino during that period.
If the situation doesn’t change, one of New Hampshire’s 14 active casinos could remain closed for another two years.
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