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November 27, 2009

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Ormsby House $2 million bid rejected

Friday, May 28, 1999 | 5:15 a.m.

"It's been rejected," said Aleda Nelson, president of Eric Nelson Auctioneering of Las Vegas, which conducted Wednesday's auction. "It's not enough money."

Cerberus took over the Ormsby House and appointed Bob Cashell to run it after the casino went into receivership in 1997.

The $2 million bid was made by Riverside, Calif., developer Tom Day. Three other sealed bids were received, but were rejected by Cerberus because they were contingent on licensing by Nevada casino regulators.

Nelson said calls continue to come in from people interested in buying the casino. She said the bank would like to consider a purchaser in the $4 million to $5 million range. Cerberus has put about $8 million into the club.

"If someone wants to come to the table and make an offer, they're welcome," Nelson said. "Give us a call."

Built in 1972 by Paul Laxalt, a Republican governor and U.S. senator from Nevada, the 200-room hotel-casino was later owned by Woody Loftin, and then his son after Loftin died. The casino closed in 1993 and was taken over for four years by Barry Silverton, a developer from Las Vegas. Cerberus wound up with the club after Silverton ran into financial problems.

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