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November 27, 2009

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Hotspur takes over Summerlin resort

Friday, Nov. 23, 2001 | 10:14 a.m.

The sale of the Regent Las Vegas to Hotspur Resorts closed Tuesday afternoon, a Regent official said Wednesday.

The Regent, opened in the summer of 1999, fell into bankruptcy one year ago. Hotspur, an affiliate of Canadian real estate firm Larco Investments Ltd., agreed to acquire the property in late September for $80 million.

"The sale closed at the last possible moment it could," Regent Chief Restructuring Officer Lanis O'Steen said. "The funds have been transferred and the transfer (to Hotspur) is complete."

That means Hotspur is in charge of the 541-room hotel, but not the casino. Since Hotspur does not have a gaming license, it had to lease the casino to former Regent owner Resort at Summerlin L.P. to close on the deal.

Longtime casino executive Bill Paulos has been named vice president of casino operations at Resort at Summerlin, and is now supervising the Regent's gaming operations, O'Steen said. Paulos is the managing partner of Millennium Management Group, which manages Greektown Casino in Detroit.

Within 60 days, Paulos plans to ask Nevada gaming regulators for permission to lease the casino directly from Hotspur, which will remove Resort at Summerlin from the Regent's operations entirely.

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