New Hampshire Embattled Casino May Have Found a Buyer

Posted on: July 5, 2024, 11:11h. 

Last updated on: July 5, 2024, 11:11h.

Ed Silverstein @casinoorgedsilv Read More

Expertise: Legal, Tribal Gaming.

A Las Vegas company is among the several entities interested in acquiring the controversial Concord Casino. State officials have ordered the owners to sell the New Hampshire gaming property.

One of the five interested buyers is Full House Resorts Inc., based in Las Vegas. It owns seven gaming properties which are in Colorado, Illinois, Indiana, Mississippi, and Nevada. Among its casinos is Stockman’s Casino located in Fallon, Nev.

Representatives from Full House Resorts met with New Hampshire Lottery Commission (NHLC) members last month.

But the NHLC remains skeptical a potential purchaser is close to closing the deal, according to the Concord Monitor news outlet.

There is simply no evidence that either party intends to close the deal,” Jessica King, New Hampshire senior assistant attorney general, was quoted by the Monitor.

“The respondent is hedging its bets and keeping all options open to any potential deal that may come its way.”

Yet, it was revealed that “there was potentially a $30 million deal on the table” as outlined by one of the buyers, according to Mark Dell’Orfano, another New Hampshire senior assistant attorney general, the Monitor reported.

Four of the possible buyers actually submitted bids for the gaming property, the Monitor said.

Debate Over ‘Pending Sale’

A key legal issue before officials is whether a sale is actually pending.

Last month, Gregory Albert, who has taken over as hearing officer on the case, said a pending sale “requires evidence of a clear intent from both seller and buyer to close the transaction,” the Monitor revealed.

So far, Andy and Laurie Sanborn, current owners of the casino, were given an extension until July 18 to sell the business. Previously, they were supposed to sell the casino by June 27.

If they miss the deadline, the casino license is likely to be revoked.

Also, the entity that owns Concord Casino, Win Win Win LLC, has yet to prove a completed sale could be finalized within the required three months, according to Dell’Orfano.

In December, state officials ordered the Sanborns to sell the operation following fraud allegations. The casino must not be reopened for at least six months under a new owner.

If  Andy Sanborn fails to sell the gaming property, he will lose his license for two years, according to the New Hampshire Bulletin.

If a new buyer is named, the person or entity must be approved by the NHLC before the sale is made final.

Alleged Misuse of COVID Loan

Andy Sanborn, a former state senator, and his wife, state Rep. Laurie Sanborn, R., allegedly improperly applied for and misspent money from a federal COVID relief loan.

They allegedly used some of the $844K loan on a Ferrari and two Porsche race cars that were earmarked for personal use. Other funds were spent on what was described as rent.

The Sanborns failed to say in the loan application they owned a casino. Casinos were not eligible for COVID relief loans.