Cannery Casino Resorts was a hotel and casino operator based in Spring Valley, Nevada. It was acquired by

Boyd Gaming Boyd Gaming Corporation is an American gaming and hospitality company based in Paradise, Nevada. The company continues to be run by founder Sam Boyd's family under the management of Sam's son, Bill Boyd (born 1931), who currently serves as the ...

in 2016.

History

Cannery Casino Resorts was an outgrowth of Millennium Management Group, a casino management company. Millennium was founded in 1996 by two long-time gaming executives, Bill Paulos and Bill Wortman. Millennium's first venture, in 1997, was to join a consortium competing for a license to develop a casino in Detroit, the proposed Greektown Casino Hotel. The Greektown casino opened in 2000 under Millennium's management. Cannery Casino Resorts was created in 2001 by Millennium to develop the

Cannery Casino and Hotel Cannery Casino and Hotel is a locals casino in North Las Vegas, Nevada, USA, owned and operated by Boyd Gaming. The property sits on , approximately six miles north of the Las Vegas Strip. The Cannery includes an casino, 201 hotel rooms, an i ...

in North Las Vegas. In 2002, Millennium assumed management of the casino at the JW Marriott Las Vegas under a ten-year lease agreement and rebranded it as the Rampart Casino. Meanwhile, Millennium transitioned to a consulting role at Greektown, as the casino's owners took over management. The Cannery opened in 2003 at a cost of $105 million. In 2005,

Oaktree Capital Management Oaktree Capital Management is an American global asset management firm specializing in alternative investment strategies. As of March 31, 2022, the company managed $164 billion for its clientele. The firm was co-founded in 1995 by a group that ...

agreed to buy 33 percent of Cannery Casino Resorts. With the funds injected, Wortman was able to buy out two minority partners in the Nevada Palace casino, which was placed under the Cannery umbrella. Wortman bought a 20 percent stake in the

Rockingham Park Rockingham Park was a horse racing establishment in Salem, New Hampshire, in the United States. First built in 1906, it was used as an area for many to gamble on the weekends. Seabiscuit raced there in 1935 and 1936,''Daily Racing Form'' staff ( ...

racetrack in

New Hampshire New Hampshire is a state in the New England region of the northeastern United States. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the Gulf of Maine to the east, and the Canadian province of Quebec to the nor ...

in 2005, and Cannery obtained an option to buy the park outright. The company led an unsuccessful lobbying effort to legalize casinos in New Hampshire, and proposed a $450 million expansion of the park with up to 5,000 slot machines. Oaktree funding also enabled CCR to buy The Meadows, a harness racetrack near

Pittsburgh Pittsburgh ( ) is a city in the Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County. It is the most populous city in both Allegheny County and Western Pennsylvania, the second-most populous city in Pennsylva ...

, in November 2006 from Magna Entertainment for $200 million. Oaktree's stake in the company increased to 42% as part of the deal. A temporary casino at the racetrack was opened in June 2007, and the permanent facility opened in April 2009. In December 2007, Australian gaming company

Crown Limited Crown Resorts Limited is Australia's largest gaming and entertainment group that owns and operates two of Australia's leading gambling and entertainment complexes, Crown Melbourne and Crown Perth. It was listed on the Australian Securities Ex ...

agreed to buy CCR for $1.75 billion. The agreement was ended in March 2009, however, with Crown instead buying a 24.5 percent stake in the company for $370 million, and paying a $50 million termination fee. Eastside Cannery Casino and Hotel opened on the site of the Nevada Palace in August 2008. Cannery's lease of the Rampart Casino expired in March 2012, and the casino's owner, Hotspur Resorts, decided to manage the casino itself instead of renewing the agreement. In May 2014, Cannery agreed to sell The Meadows to Gaming and Leisure Properties for $465 million, with the proceeds going towards reducing company debt.

purchased Cannery in December 2016 for $230 million.

Casinos

– Opened in 2003. * Eastside Cannery Casino and Hotel – Opened in 2008. *

The Meadows Racetrack and Casino Hollywood Casino at The Meadows, originally The Meadows Racetrack and Casino, is a Standardbred harness-racing track and slot-machine casino in North Strabane Township, Pennsylvania, United States, about southwest of Pittsburgh. It is owned by ...

– Purchased in 2006. Sold in 2016. * Rampart Casino – Managed from 2002 to 2012.

References

{{reflist Companies based in Spring Valley, Nevada Gambling companies of the United States Hospitality companies of the United States Hospitality companies established in 2001 2001 establishments in Nevada