Two Companies Show Interest in New Hampshire’s Embattled Concord Casino, but Sale Faces Obstacles
Two Las Vegas-based companies are vying for control of Concord Casino, but recent legal setbacks have complicated the sale, with a state judge ruling that the current owner, Anthony Sanborn, must close the deal or face revocation of his gambling license.
Last month, Judge Gregory Albert made a pivotal decision allowing the state to move forward with revoking Sanborn’s license, citing unresolved issues with the sale’s terms. However, the specifics of these issues remain confidential. This legal development follows months of scrutiny from state regulators, who have raised concerns about the terms of the deal and Sanborn’s management of the casino.
Despite these hurdles, the owner’s legal team is not giving up. They have indicated their intent to challenge both the judge’s ruling and the ongoing state review of the deal. As the legal battle unfolds, the casino’s future hangs in the balance, and potential buyers are watching closely.
Bettor Investments Group Makes a Bold Move
Among the interested parties is Bettor Investments Group, a Las Vegas-based firm specializing in distressed gaming assets and casinos, particularly those involved with historical horse racing and local gambling operations. The firm, according to documents from the New Hampshire Lottery Commission, has made an official offer to purchase the troubled casino.
Bettor Investments Group’s interest in Concord Casino underscores the growing trend of Las Vegas firms expanding their reach into other states, particularly in markets like New Hampshire, where the gaming industry is experiencing significant growth. The group’s focus on distressed assets could position them as a strong contender in this situation, as they may be willing to take on the risks associated with the casino’s current legal challenges.
State Review and Legal Hurdles
While Bettor Investments Group has made a formal offer, the sale of Concord Casino is far from a done deal. Judge Albert’s recent ruling, which permits the state to proceed with revoking Sanborn’s gambling license, adds a layer of uncertainty to the transaction. The state has been pushing for months to address what it sees as problematic elements within the sale’s terms, but so far, the details of these issues have not been disclosed to the public.
In response, Sanborn’s legal team has vowed to continue fighting the state’s efforts to revoke his license, suggesting that the process could stretch out even further. This ongoing legal battle has created significant delays, raising questions about whether the sale will proceed as planned, or if further complications will prevent a transfer of ownership.
What’s at Stake for the Casino and the Buyers
For the interested buyers, the potential acquisition of Concord Casino represents both a business opportunity and a challenge. The casino, located in New Hampshire’s capital, has struggled under the weight of regulatory scrutiny and legal issues, but it also offers valuable assets in a growing gaming market.
The companies looking to acquire the casino are not just betting on its current performance but are likely focused on the potential for expansion and profitability if they can navigate the current regulatory issues. If Bettor Investments Group or another buyer takes control, they may find themselves in a position to turn the casino around, assuming they can resolve the ongoing disputes and overcome the hurdles related to Sanborn’s management.
For the state, the stakes are high as well. Regulators have made it clear that they will not tolerate any mismanagement or violations of gaming laws. The outcome of this sale and the associated legal challenges will likely set a precedent for future gaming deals in New Hampshire, where casinos are still relatively new to the scene.
Looking Ahead
As the legal process unfolds, both the casino and its potential buyers face an uncertain future. The involvement of Las Vegas-based firms in the sale, coupled with the ongoing state review, could mean significant changes for Concord Casino in the coming months. For now, however, the future remains clouded by legal battles and regulatory scrutiny, leaving all parties involved in a waiting game.
