Cannery completes payment of loan

Wednesday, Oct. 13, 2004 | 11:07 a.m.

Vestin Mortgage Inc. said this morning that the Cannery Casino & Hotel completed payment in full of the Las Vegas-based lender's $54 million loan.

The loan on the property, which has 750 employees, 200 rooms and a 50,000-square-foot casino, was repaid in about 18 months, Vestin said in a statement. The Cannery opened on Jan. 3, 2003.

Vestin last week announced the sale of the defunct Castaways hotel and casino to Station Casinos. Vestin bought the bankrupt property for $20.7 million in February at a foreclosure sale after its former owners were unable to satisfy terms of a $22 million-plus mortgage note.

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