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LAS VEGAS-Oaktree Capital Management of Los Angeles now owns a 33% stake in Cannery Casino Resorts LLC, which owns the Cannery Casino & Hotel in North Las Vegas and operates the Rampart Casino at the Resort at Summerlin. The seller, Millennium Gaming Inc., a corporation equally owned by William J. Paulos and William C. Wortman, will continue to own a 67% stake.
Looking ahead, Cannery Casino Resorts is planning to pursue an undisclosed "gaming opportunity in Pennsylvania." To that end, a subsidiary of the LLC has engaged Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. to raise up to $275 million in a new senior secured credit facility.
Oaktree Capital Management manages about $30 billion in assets for Fortune 100 companies, large public pension funds, university endowments, private foundations and high net worth individuals. Its investment in Cannery Casinos was made through its Principal Opportunities Group, which manages in excess of $4.2 billion in committed capital and sponsors management buyouts and other private equity investments.
Cannery Casino & Hotel is located at the corner of Craig and Losee roads (2121 E. Craig Rd.) in the City of North Las Vegas. Rampart Casino is located within the JW Marriott Resort at 221 N. Rampart Blvd. in the master planned community of Summerlin.
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