GAMING:

Gaming Board calls for OK of Aliante Station

Wednesday, Oct. 8, 2008 | 12:40 p.m.

CARSON CITY – The $662 million Aliante Station gained preliminary approval today for a license from the state Gaming Control Board.

Scott Nielson, senior vice president of Station Casinos, said the North Las Vegas casino will open at 11 p.m. Nov. 11.

The project, on 40 acres, will have 2,550 slot machines, 40 table games and a 12-table poker room, along with a 201 room hotel featuring a desert theme. There are 5,000 parking spaces of which 3,500 are in a garage. There will be a 16-screen movie theater and a 1,200 seat showroom.

Aliante Station is a joint venture between Station Casinos and the Greenspun family, which owns the Las Vegas Sun newspaper. Station Casinos will manage the new casino and will be paid a fee.

Dennis Neilander, chairman of the board, said the financing for the project "appears adequate" and Station Casinos does not go "willy-nilly" into new ventures. He said that the new business needs to do only 33 percent of what is projected in order to break even.

The executive committee of the Aliante will be Frank J. Fertitta III and Brian L. Greenspun, publisher of the Sun.

The Greenspun family owns 50 percent of the Green Valley Ranch hotel and casino; 6.8 percent of The Palms and 50 percent of Town Center Amusements that owns the Barley’s Casino & Brewing Company, the Greens Café and the Wildfire Casino and Lanes.

Richard Haskins, senior vice president with Station Casinos, said 400 of the 1,000 employees have been hired. And it has received about 1,000 applications a week since July. About 20 percent of the work force will be transfers from other Station properties.

Board member Randy Sayre said it's “refreshing” to see a casino project built in Las Vegas for less than $1 billion and to see a company move forward “in these difficult times” referring to the stagnant state and national economy.

Haskins said the plan is to grow the market and not draw from other Station properties. Haskins and Nielson both said there was a great deal of nearby home expansion and the new casino has good access to Clark County 215 beltway.

The board also approved the restructuring of several companies involving trusts for members of the Greenspun families. These companies are shareholders in the various gaming properties.

Kate Lowenhar, attorney for the Greenspuns, called it a "complete restructuring" of those companies. The only new persons licensed were Myra Greenspun, wife of Brian Greenspun, and Robin Greenspun, wife of Daniel A. Greenspun.

The state Gaming Commission will meet Oct. 23 in Carson City to take final action on the applications.