Gaming veteran may manage the Regent

David Strow

Thursday, Nov. 8, 2001 | 10:52 a.m.

Long-time casino executive Bill Paulos is close to a deal to become the new manager of Regent Las Vegas' casino.

Paulos received the approval of the Nevada Gaming Control Board Wednesday to become involved in the Regent's casino operations. The ultimate goal of Paulos and new Regent owner Larco Investments Ltd. is to lease the casino outright to Paulos and his company, Millennium Management Group.

Paulos declined to comment after the Wednesday hearing on his plans to jumpstart business at the long-struggling Summerlin resort until a lease with Larco has been finalized.

The Regent, opened in 1999 at a cost of $276 million, fell into bankruptcy in late 2000, unable to draw sufficient business from either the locals or tourist markets. Larco, a Canadian real estate firm, agreed to buy the Regent in late September for $80 million; that deal is set to close on Nov. 19.

But as Larco has no gaming license, it cannot operate the casino. As a temporary step, Larco will lease the property to current Regent owner Resort at Summerlin L.P., which does hold a gaming license. Paulos will participate in the casino's operations through this company.

"This will allow this casino to stay open and will save jobs," said Paulos' attorney, Jack Godfrey.

But soon after, Larco and Paulos hope to sign a deal that will lease the casino directly to Paulos, Godfrey said.

Paulos must still be approved by the Nevada Gaming Commission. It will address the application mere hours before the sale to Larco is scheduled to close.

Paulos and Millennium are best known in gaming circles as the operators of Detroit's Greektown Casino, which opened a year ago this month.

Until 1996, Paulos was president of Primadonna Resorts Inc., and helped develop the New York-New York hotel-casino on the Strip. Previous to that, he served as an executive with Circus Circus Enterprises Inc. (now known as Mandalay Resort Group).

Paulos' partners in Millennium are William Wortman, owner of Las Vegas-area casinos Renata's in Henderson, and Nevada Palace on Boulder Highway; and Guy Hillyer, a former member of the Nevada Gaming Control Board.