Cannery Casino Resorts
{{Short description|American casino management company}}
{{Infobox company
| name = Cannery Casino
| logo = Cannery Casino Resorts.svg
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| fate = Acquired by Boyd Gaming
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| foundation = {{Start date|2001}}
| founder = William Wortman and William Paulos
| defunct = {{End date|2016|12|01}}
| location_city = Spring Valley, Nevada
| location_country = United States
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| key_people = William Wortman and William Paulos
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Cannery Casino Resorts was a hotel and casino operator based in Spring Valley, Nevada.{{cite web |url=http://www.hoovers.com/company-information/cs/company-profile.Cannery_Casino_Resorts_LLC.98ae8862c72128ef.html |title= Cannery Casino Resorts, LLC Company Information |author= |date= |work= |publisher= |accessdate=October 11, 2012}} It was acquired by Boyd Gaming in 2016.{{Cite web|last=Corporation|first=Boyd Gaming|title=Boyd Gaming Completes Acquisition Of Las Vegas Assets Of Cannery Casino Resorts|url=https://www.prnewswire.com/news-releases/boyd-gaming-completes-acquisition-of-las-vegas-assets-of-cannery-casino-resorts-300381988.html|access-date=2021-09-27|website=www.prnewswire.com|language=en}}
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.{{cite news|title=Millennium staffed with casino veterans|newspaper=Detroit News|author=Becky Yerak|date=May 3, 2000|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0F7501E0B6211A08&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}{{cite news|title=Cannery partners did it their way|date=September 13, 2008|author=Liz Benston|newspaper=Las Vegas Sun|url=http://www.lasvegassun.com/news/2008/sep/13/cannery-partners-did-it-their-way/|accessdate=2019-04-04}}
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.{{cite news|title=Millennium brings clout to Greektown|newspaper=Detroit Free Press|author=Judy DeHaven|date=October 19, 1997|url=https://www.newspapers.com/clip/30263541/millennium_brings_clout_to_greektown/|via=Newspapers.com}} The Greektown casino opened in 2000 under Millennium's management.{{cite news|title=Taking a gamble: A complete guide to Greektown Casino? You bet|newspaper=Detroit News|author=Michael H. Hodges|date=November 10, 2000|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0F75026F64809709&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}
Cannery Casino Resorts was created in 2001 by Millennium to develop the Cannery Casino and Hotel in North Las Vegas.{{cite news|title=Boyd Gaming nears deal to buy Cannery Casino Resorts: sources|newspaper=Reuters|author=Mike Stone|date=April 20, 2016|url=https://www.reuters.com/article/us-cannerycasino-m-a-boydgaming-idUSKCN0XH2EY|accessdate=2019-04-04}}
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.{{cite news|title=Casino to get its fourth name in three years|newspaper=Las Vegas Sun|author=David Strow|date=March 7, 2002|url=https://lasvegassun.com/news/2002/mar/07/casino-to-get-its-fourth-name-in-three-years/|accessdate=2019-04-04}}{{cite news|title=JW Marriott handling challenge|newspaper=Las Vegas Review-Journal|author=Jeff Simpson|date=July 27, 2002|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0F51577AB6BB8E5D&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}{{cite news|title=Different name, different game|newspaper=Las Vegas Review-Journal|author=Jeff Simpson|date=November 30, 2002|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0F7AE7AFB3120A37&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}} Meanwhile, Millennium transitioned to a consulting role at Greektown, as the casino's owners took over management.{{cite news|title=Tribe now runs Greektown casino|newspaper=Detroit News|author=Becky Yerak|date=May 29, 2002|url=https://infoweb.newsbank.com/resources/openurl?ctx_ver=z39.88-2004&rft_dat=document_id%3Anews%252F0F753B2B31F524C8&rft_id=info%3Asid%2Finfoweb.newsbank.com&rft_val_format=info%3Aofi%2Ffmt%3Akev%3Amtx%3Actx&svc_dat=AWNB&req_dat=1028A39C75C2B899|via=NewsBank}}
The Cannery opened in 2003 at a cost of $105 million.{{cite news|title=Cannery offers LV northern exposure|newspaper=Las Vegas Sun|author=Timothy McDarrah|date=January 3, 2003|url=https://lasvegassun.com/news/2003/jan/03/vegasbeat----timothy-mcdarrah-cannery-offers-lv-no/|accessdate=2019-04-04}}
In 2005, Oaktree Capital Management 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.{{cite news|title=Second Cannery to come |date=6 September 2006|first=Howard|last=Stutz|newspaper=Las Vegas Review-Journal|accessdate=24 March 2012|url=http://www.reviewjournal.com/lvrj_home/2006/Sep-08-Fri-2006/business/9521481.html}}
Wortman bought a 20 percent stake in the Rockingham Park racetrack in New Hampshire in 2005, and Cannery obtained an option to buy the park outright.{{cite news|title=Developer's vision for The Rock hasn't changed|date=21 October 2009|newspaper=Eagle Tribune|first=Jarret|last=Bencks|url=http://www.eagletribune.com/newhampshire/x546146345/Developers-vision-for-The-Rock-hasnt-changed/print|accessdate=24 March 2012}} 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, in November 2006 from Magna Entertainment for $200 million.{{cite news|title=Meadows casino to open June 11|date=6 June 2007|newspaper=Pittsburgh Business Times|url=http://www.bizjournals.com/pittsburgh/stories/2007/06/04/daily23.html|accessdate=23 March 2012}} 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.
For seven years, leading into and including Barack Obama's first term in office, CCR helped bankroll the Tejon Indian Tribe's process of regaining tribal status.{{cite news |last1=Morain |first1=Dan |title=Obama goes to bat for state's gambling tribes |url=https://www.newspapers.com/image/643962552 |access-date=28 April 2025 |work=Newspapers.com |publisher=The Sacramento Bee |date=January 5, 2012 |page=A13 |language=en |quote=Wortman is founder of Cannery Casino Resorts, which owns several casinos in Nevada, and helped bankroll Tejon's seven-year battle to regain status.}}
In December 2007, Australian gaming company Crown Limited agreed to buy CCR for $1.75 billion.{{cite news|title=Plan to buy Cannery Casino Resorts falls apart|date=13 March 2009|first=Howard|last=Stutz|newspaper=Las Vegas Review-Journal|url=http://www.lvrj.com/business/41196522.html|accessdate=23 March 2012}} 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.{{cite news|title=Herbst Gaming in noncompete, consulting deal with Rampart Casino|first=Steve|last=Green|date=9 May 2011|url=http://www.vegasinc.com/news/2011/may/09/herbst-gaming-noncompete-consulting-deal-rampart-c/|newspaper=Vegas Inc|accessdate=11 March 2012}}
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.{{cite news|title=Cannery Casino Resorts sells Pennsylvania racetrack casino|newspaper=Las Vegas Review-Journal|author=Howard Stutz|date=14 May 2014|url=http://www.reviewjournal.com/business/casinos-gaming/cannery-casino-resorts-sells-pennsylvania-racetrack-casino|accessdate=18 May 2014}}
Boyd Gaming purchased Cannery in December 2016 for $230 million.{{cite news|title=Boyd acquires Cannery properties for $230M|newspaper=Las Vegas Review-Journal|author=Richard N. Velotta|date=April 25, 2016|url=http://www.reviewjournal.com/business/boyd-acquires-cannery-properties-230m|accessdate=2016-04-25}}
Casinos
- Cannery Casino and Hotel – Opened in 2003.
- Eastside Cannery Casino and Hotel – Opened in 2008.
- The Meadows Racetrack and Casino – Purchased in 2006. Sold in 2016.
- Rampart Casino – Managed from 2002 to 2012.