ECL Hospitality acquires Emerald Island, Rainbow Club Casinos
The Emerald Island and Rainbow Club casinos in downtown Henderson, Nevada, will be sold to a division of ECL Hospitality Management, LLC.
Boulder Highway Gaming, LLC, which recently celebrated its 20th anniversary, and Water Street Gaming, LLC are the sellers of the gaming venues. Water Street Gaming acquired Rainbow Club in 2020. Financial terms of the deal were not disclosed. ECL Hotel Management is owned by Ron Winchell and Marc Falcone.
Culture is key to what we do, and the employee base of the Emerald Isle and Rainbow Club is an invaluable asset for the future," Falcone and Winchell said in a statement. "We look forward to continuing to grow and expand the hotel while maintaining and expanding the guest experience and look forward to becoming part of the Downtown Henderson Water District family. "
The Nevada Gaming Control Board (NGCB) is scheduled to hold a hearing on the transactions on December 6, and the Nevada Gaming Commission (NGC) will hold a hearing on December 21. The acquisition is expected to close in January, subject to regulatory approvals.
Falcone and Winchell have extensive game experience
ECL Hospitality is a private company, as is the seller of the Emerald Island and Rainbow Club casinos, but Falcone and Winchell have extensive experience in the gaming industry .
Until 2009, Falcone spent 15 years on Wall Street as a sell-side analyst covering gaming stocks. He then moved to Fertitta Entertainment following a restructuring at Station Casino. The company later became Red Rock Resorts (NASDAQ: RRR). He was Fertitta Entertainment's first employee and eventually became chief financial officer of the company and Station Casinos.
Winchell has extensive experience in the gaming, leisure and real estate sectors. He and Falcone purchased Kentucky Downs five years ago, and his family's Winchelll Thoroughbreds, LLC is well known in solo horse circles.
The two also own ECL Corbin, LLC, which operates Mint Gaming Hall businesses including Cumberland Run, Mint Gaming Hall Cumberland, Mint Gaming Hall in Kentucky Downs and Mint Gaming Hall Bowling Green in Kentucky. ECL Corbin is the sports betting partner of Circa Sports in Kentucky.
Specifications of Emerald Isle and Rainbow Club
Known to locals as "Henderson's Gem," the Emerald Isle is home to more than 450 slot machines, including keno, slot machines and video poker. The venue does not offer traditional live table games, but does offer a small William Hill sportsbook.
Rainbow Club features nearly 8,800 square feet of casino space with 330 slot machines. The venue also houses two restaurants.
With a population of more than 320,000, Henderson is Nevada's second-largest city after Las Vegas.
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Source: www.casino.org
