In a significant legal setback for casino owner Andy Sanborn, a New Hampshire judge ruled on Tuesday, November 26, 2024, that the state’s Lottery Commission can revoke his gaming license for two years. This decision follows a lengthy 18-month legal battle centered around allegations of pandemic-related fraud.
For Sanborn, who owns the Concord Casino, this ruling marks a major blow to his efforts to keep the business afloat. The casino, which was ordered to shut down and be sold earlier this year, is now at risk of losing its most valuable asset: its access to the state’s historic horse racing licenses. Without this license, the business’s value diminishes significantly, potentially leaving Sanborn with little to show from his troubled venture.
A Long Legal Battle
Sanborn, who has been involved in a range of businesses over the years, was accused of exploiting pandemic relief funds during a period of financial hardship for many Americans. The fraud case against him became a focal point for state regulators, who launched an investigation into his financial dealings.
While Sanborn has maintained his innocence throughout the process, the court’s recent ruling marks a decisive moment in the case. The judge upheld the state’s right to revoke his gaming license, a decision that casts doubt on the future of Concord Casino, a business that had already been in turmoil.
The ruling is the culmination of a lengthy legal process that has left Sanborn scrambling to sell the casino in hopes of mitigating financial losses. The business has faced mounting challenges since its closure was ordered earlier this year, and without the gaming license, selling it for a decent price is now increasingly difficult.
Impact on the Casino Industry
The revocation of Sanborn’s license could have broader implications for the gaming industry in New Hampshire, particularly in relation to the state’s horse racing market. Historic horse racing licenses are highly sought after, with limited availability in the state. The Concord Casino’s access to one of these licenses made it a prime asset, but without it, the business stands to lose significant value.
For other casino owners and operators in the region, the case serves as a stark reminder of the regulatory scrutiny that can accompany the industry. Licensing disputes, particularly those tied to allegations of financial misconduct, can have severe consequences for businesses that rely on gaming licenses to operate.
What’s Next for Sanborn?
With the judge’s ruling, Sanborn faces the challenge of finding a way to recover from the blow to his casino business. The loss of the gaming license for two years, paired with the inability to access the historic horse racing license, leaves him with few options.
At this stage, Sanborn’s best hope may lie in negotiating a sale of the business to a buyer who can navigate the regulatory landscape and restore its value. However, given the ongoing legal challenges, finding a buyer who is willing to pay a fair price for the casino could prove difficult.
While the ruling may provide some closure for the state, it’s far from the end of the story for Sanborn. With the potential for appeals or further legal action, the situation remains fluid, and the future of the Concord Casino is uncertain.
