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Gaming Control Board OKs Recap of Cannery Casinos

LAS VEGAS-An entity managed by Oaktree Capital Management of Los Angeles acquires a 33% interest in the owner of the Cannery Casino & Hotel in North Las Vegas.

By Brian K. Miller | Updated on September 27, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

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.

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