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Vegas Firm Takes Casino-Turnaround Assignment

SAN DIEGO-A Nevada gaming interest signs a deal to assist the 350-member San Pasqual Indian band in turning around a $180-million casino development effort that plunged the tribe into debt.

By Randyl J. Drummer | Updated on May 28, 2002

SAN DIEGO-A local Indian tribe signed an agreement with a Nevada gaming interest to reverse a casino development effort that has plunged it into debt.

The 350-member San Pasqual Indian band formed the $30 million agreement with Siren Gaming, whose top players turned the Rio Hotel-Casino in Las Vegas into one of the city’s most successful resorts.

Siren President John Lipkowitz, the former general manager of Rio, co-founded the new company in 2000 and the San Pasqual band is its first client. Rio owner Anthony Marnell, who sold the hotel-casino to Harrah’s in 1999 for $525 million, is the new company’s chief investor.

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