Castaways deal paves way for reopening

Thursday, April 8, 2004 | 10:42 a.m.

A trio of local casino operators has a tentative deal to buy and reopen the Castaways hotel-casino near downtown Las Vegas, prospective buyer Randy Miller said this morning.

Miller said he and partners Rich Iannone and Rich Gonzales reached a deal with the owners of the property, who acquired it at a foreclosure sale after the Castaways was closed on Jan. 28 because of financial troubles.

The former Showboat property, on the eastern end of Fremont Street, will likely reopen in five or six months, Miller said.

Miller said the deal with owners Vestin Mortgage and California-based Owens Financial Group was reached Wednesday.

"We have a deal in principle," Miller said. "We'll take a week to 10 days to finalize the documents. I hope to be open by late summer or early fall."

Miller declined to disclose terms of the sale, which could allow Vestin and Owens to return the property to its list of performing assets.

Vestin officials weren't immediately available for comment.

Miller said it was too early to say whether the property's former employees would be called back to work when he reopens.

Miller and his partners own the Bighorn Casino in North Las Vegas and the Longhorn Casino on Boulder Highway.