Lakeside Inn and Casino in Nevada Auctioning Slots, Gaming Tables

Posted on: January 25, 2021, 11:57h. 

Last updated on: July 19, 2021, 03:06h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Locals and gaming memorabilia enthusiasts may find some treasure at an upcoming auction featuring assets of the Lakeside Inn and Casino in Stateline, Nev.

Lakeside auction
The Lakeside Inn and Casino in Stateline, Nev, seen here. The closed casino will soon auction off items, including slots. (Image: The Business Journals)

The 35-year-old casino, located just a mile over the California border, was a beloved destination for locals despite Lake Tahoe’s status as a prime tourist destination. As is the case with so many gaming outfits in Nevada and across the country, Lakeside suffered at the hands of the coronavirus pandemic.

Soon after Nevada Gov. Steve Sisolak (D) ordered a temporary closure of the state’s casinos, Stateline furloughed its nearly 220 staffers, providing those workers with two weeks of pay while allowing them to cash in accrued paid time off.

Lakeside applied for financial assistance through the Paycheck Protection Program (PPP), but the initial round of PPP funding wasn’t made available to gaming firms. The rules were eventually changed, but the new regulations prevented Lakeside from accessing funds, leading to the announcement of its permanent closure last April.

Upcoming Auction

Those feeling nostalgic will have a chance to own a piece of Lakeside history through an upcoming online auction on March 4 through 7.

Stremmel Auctions is conducting the event. Items up for bid include hotel room furniture, kitchen, maintenance, and office equipment, memorabilia, restaurant items, vehicles, and, of course, slot machines and gaming tables.

When Lakeside was operational, it had 295 slots and six tables, including four in a dedicated poker room. The venue also had a sportsbook and a 115-room hotel.

There are no reserves and no minimums for this auction, meaning items will sell to the highest bid, regardless of price,” said Hudson Stremmel in an interview with Northern Nevada Business Weekly.

A comprehensive catalog of the items available for bid will come online in the coming weeks.

Changing Northern Nevada Scene

The Reno/Tahoe area remains one of the more robust gaming markets in the US. But it’s small in size relative to Las Vegas.

Additionally, the winds of change are blowing in the northern part of the state.

Last year, the once iconic Harrah’s Reno was sold and the new owner will turn it into mixed-use commercial real estate. This ended the venue’s decades-long run as a gaming property.

The MontBleu Resort Casino in Lake Tahoe is also changing hands, though it will remain a casino-resort. There’s also speculation that other gaming assets in the Reno/Tahoe area could come up for sale as 2021 moves along.