Possible Sale in Store for Mesquite Gaming
Mesquite Gaming, the owner of two casino resorts in the Nevada town of the same name, is seemingly up for sale.
The Nevada Gaming Control Board's (NGCB) agenda for their Wednesday, November 1 meeting reveals the regulatory body is going to discuss gaming suitability applications for Matthew Wilson, Jordon Kruse, and David Quick. These three individuals are listed as 33.33% owners of a Los Angeles-based company called Mesquite TopCo LLC, which employs legal terms like "bidco" and "opco" for preparing corporate entities for mergers and acquisitions.
The NGCB's agenda also contains an item indicating the agency might grant Mesquite TopCo registration as a private investment company, while they will also consider approving an application for transferring "an option to Mesquite Parent, LLC to acquire 40% of the membership interest in Mesquite Gaming, in compliance with a convertible note agreement."
This 40% interest would then be transferred to an entity called Mesquite BidCo, which shares the same address as Mesquite TopCo. The potential selling price of the private gaming company is not mentioned in the NGCB's agenda.
Mesquite Gaming: A Closer Look
Run by Mesquite Gaming, the CasaBlanca Resort and Virgin River Hotel & Casino are located in Mesquite, Nevada, just 77 miles north of Las Vegas.
Both establishments provide 1,186 guest rooms, 76,000 square-feet of casino space with 1,600 slot machines and 36 gaming tables, and 70,000 square-feet of meeting and convention space with an outdoor entertainment venue, the company states.
In September 2022, some sources suggested that Newport Global Advisors LP, a Woodlands, Texas-based investment company, held a 40% stake in Mesquite Gaming. The company's CEO, Anthony Toti, as well as Michael Gaughn, controlled 25% each. According to the NGCB's agenda, the Michael J. Gaughn Family, LLC owns a 35% stake in Mesquite.
Gaughn is well-known in the Las Vegas gaming scene as the owner of the South Point Hotel, Casino & Spa and the person managing the slot machines at Harry Reid International Airport.
Newport Global Advisors does not feature Mesquite Gaming on its website. However, its previous investments include Eldorado Resorts, which acquired Caesars Entertainment for $17.3 billion in 2020. Additionally, the investment firm specializes in firms with enterprise values ranging from $50 million to $750 million—a value Mesquite likely falls within.
A Frenzy of Speculation Surrounding Mesquite Gaming
On Monday, various rumors swirled around Mesquite Gaming, with some individuals on the web hinting at potential sales for a while.
Scott Roeben from Vital Vegas suggested that Oak View Group might be the buyer of Mesquite, but he clarified that it hasn't been confirmed yet.
Oak View has some involvement in Las Vegas through its partnership with Sphere Entertainment and its own plans for a casino resort and arena. But their previous projects are more substantial and set in bigger cities than Mesquite.
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Source: www.casino.org
