RSS 2.0 FeedVol. 3, No. 3, March 2007, Tumbling Dice
Speedway’s Sale
MTR Gaming Group announced it has reached a deal to sell one of its two Las Vegas casinos.
The Chester, West Virginia-based company entered into an agreement to sell for $18.2 million in cash its Speedway Casino to local, privately held Mandekic Cos. MTR also owns and operates Binion’s Hotel and Gambling Hall in Downtown Las Vegas.
The sale still needs regulatory approval, as well as approval from the city of North Las Vegas. It is expected to close in 30 days, but the regulatory process could take as long as a year.
The Nevada business license database lists Theodore Mandekic as the sole officer of Mandekic Cos. He does not hold a Nevada gaming license.
The Speedway Casino operated with a non-restricted gaming license with 400 slot machines and seven table games. Its new owner plans to keep the roughly 180 employees onboard.
The Chester, West Virginia-based company entered into an agreement to sell for $18.2 million in cash its Speedway Casino to local, privately held Mandekic Cos. MTR also owns and operates Binion’s Hotel and Gambling Hall in Downtown Las Vegas.
The sale still needs regulatory approval, as well as approval from the city of North Las Vegas. It is expected to close in 30 days, but the regulatory process could take as long as a year.
The Nevada business license database lists Theodore Mandekic as the sole officer of Mandekic Cos. He does not hold a Nevada gaming license.
The Speedway Casino operated with a non-restricted gaming license with 400 slot machines and seven table games. Its new owner plans to keep the roughly 180 employees onboard.
Greg Jones is managing editor of Casino Connection Nevada, as well as associate editor of Global Gaming Business magazine.
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