Cannery Casino Resorts was a hotel and casino operator based in

Spring Valley, Nevada Spring Valley is an unincorporated town and census-designated place in Clark County, Nevada, United States, located west of the Las Vegas Strip. The population was 215,597 at the 2020 census. Spring Valley was formed in May 1981. History In ...

. It was acquired by

Boyd Gaming Boyd Gaming Corporation is an American gaming and hospitality company based in Paradise, Nevada. The company continues to be run by founder Sam Boyd's family under the management of Sam's granddaughter, Marianne Boyd-Johnson, who currently serv ...

in 2016.

History

Cannery Casino Resorts was an outgrowth of Millennium Management Group, a casino management company. Millennium was founded in 1996 by two long-time gaming executives, Bill Paulos and Bill Wortman. Millennium's first venture, in 1997, was to join a consortium competing for a license to develop a casino in Detroit, the proposed

Greektown Casino Hotel Hollywood Casino at Greektown, formerly Greektown Casino-Hotel, is a casino hotel in the Greektown neighborhood in Detroit, Michigan. It is owned by Vici Properties and operated by Penn Entertainment. The casino opened in 2000, under the majo ...

. The Greektown casino opened in 2000 under Millennium's management. Cannery Casino Resorts was created in 2001 by Millennium to develop the Cannery Casino and Hotel in

North Las Vegas North Las Vegas is a suburban city in Clark County, Nevada, United States, in the Las Vegas Valley. As of the 2020 census it had a population of 262,527, with an estimated population of 280,543 in 2022. The city was incorporated on May 1, 1946 ...

. In 2002, Millennium assumed management of the casino at the JW Marriott Las Vegas under a ten-year lease agreement and rebranded it as the Rampart Casino. Meanwhile, Millennium transitioned to a consulting role at Greektown, as the casino's owners took over management. The Cannery opened in 2003 at a cost of $105 million. In 2005,

Oaktree Capital Management Oaktree Capital Management, Inc. is an American global asset management firm specializing in alternative investment strategies. As of September 30, 2024, the company managed $205 billion for its clientele. The firm was co-founded in 1995 by a ...

agreed to buy 33 percent of Cannery Casino Resorts. With the funds injected, Wortman was able to buy out two minority partners in the Nevada Palace casino, which was placed under the Cannery umbrella. Wortman bought a 20 percent stake in the

Rockingham Park Rockingham Park was a horse racing establishment in Salem, New Hampshire, in the United States. Notable horses to run at Rockingham Park included Seabiscuit, who raced there in 1935 and 1936,''Daily Racing Form'' staff (2005). ''Champions: The ...

racetrack in

New Hampshire New Hampshire ( ) is a U.S. state, state in the New England region of the Northeastern United States. It borders Massachusetts to the south, Vermont to the west, Maine and the Gulf of Maine to the east, and the Canadian province of Quebec t ...

in 2005, and Cannery obtained an option to buy the park outright. The company led an unsuccessful lobbying effort to legalize casinos in New Hampshire, and proposed a $450 million expansion of the park with up to 5,000 slot machines. Oaktree funding also enabled CCR to buy The Meadows, a harness racetrack near

Pittsburgh Pittsburgh ( ) is a city in Allegheny County, Pennsylvania, United States, and its county seat. It is the List of municipalities in Pennsylvania#Municipalities, second-most populous city in Pennsylvania (after Philadelphia) and the List of Un ...

, in November 2006 from

Magna Entertainment Granite Real Estate Investment Trust (formerly MI Developments Inc.) is a Canadian-based REIT engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe. It was ...

for $200 million. Oaktree's stake in the company increased to 42% as part of the deal. A temporary casino at the racetrack was opened in June 2007, and the permanent facility opened in April 2009. For seven years, leading into and including

Barack Obama Barack Hussein Obama II (born August 4, 1961) is an American politician who was the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, he was the first African American president in American history. O ...

's first term in office, CCR helped bankroll the Tejon Indian Tribe's process of regaining tribal status. In December 2007, Australian gaming company

Crown Limited Crown Resorts Limited is an Australian gaming and entertainment group that owns and operates three integrated resorts, including Crown Melbourne, Crown Perth and Crown Sydney. It was listed on the Australian Securities Exchange until purchased ...

agreed to buy CCR for $1.75 billion. The agreement was ended in March 2009, however, with Crown instead buying a 24.5 percent stake in the company for $370 million, and paying a $50 million termination fee. Eastside Cannery Casino and Hotel opened on the site of the Nevada Palace in August 2008. Cannery's lease of the Rampart Casino expired in March 2012, and the casino's owner, Hotspur Resorts, decided to manage the casino itself instead of renewing the agreement. In May 2014, Cannery agreed to sell The Meadows to

Gaming and Leisure Properties Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company ow ...

for $465 million, with the proceeds going towards reducing company debt.

purchased Cannery in December 2016 for $230 million.

Casinos

* Cannery Casino and Hotel – Opened in 2003. * Eastside Cannery Casino and Hotel – Opened in 2008. *

The Meadows Racetrack and Casino The Hollywood Casino at The Meadows, formerly The Meadows Racetrack and Casino, originally (1963) just The Meadows horse-racing track, is a Standardbred Horse, Standardbred harness racing, harness-racing Racetrack, track and slot-machine casino ...

– Purchased in 2006. Sold in 2016. *

Rampart Casino Rampart may refer to: * Rampart (fortification), a defensive wall or bank around a castle, fort or settlement Rampart may also refer to: * LAPD Rampart Division, a division of the Los Angeles Police Department ** Rampart scandal, a blanket ter ...

– Managed from 2002 to 2012.

References

{{reflist Companies based in Spring Valley, Nevada Gambling companies of the United States Hospitality companies of the United States Hospitality companies established in 2001 2001 establishments in Nevada