Posted on: July 5, 2024, 11:11 am.

Last updated on: July 5, 2024, 11:11 am.

A Las Vegas company is among the many interested parties in acquiring the controversial Concord Casino. State authorities have ordered the owners to sell the gambling property in New Hampshire.

One of the five interested buyers is Full House Resorts Inc., based in Las Vegas. The company owns seven gaming halls in Colorado, Illinois, Indiana, Mississippi and Nevada. Its casinos also include Stockman's Casino in Fallon, Nevada.

Representatives from Full House Resorts met with members of the New Hampshire Lottery Commission (NHLC) last month.

However, the NHLC remains skeptical that a potential buyer is close to completing the deal, the Concord Monitor news agency.

There is simply no evidence that either party intends to complete the deal,” Jessica King, New Hampshire’s deputy attorney general, was told by the monitor.

“The defendant is playing it safe and keeping all options open for any possible deal that might come his way.”

Nevertheless, it was revealed that “a $30 million deal was potentially on the table,” as one of the buyers explained, according to Mark Dell'Orfano, another senior deputy attorney general from New Hampshire, who monitor reported.

According to the monitor, four of the potential buyers actually submitted bids for the gaming property.

Debate about “impending sale”

A key legal question for the authorities is whether a sale is actually imminent.

Last month, Gregory Albert, who is presiding over the hearing in the case, said that an impending sale “requires proof of a clear intent by both the seller and the buyer to complete the transaction,” according to the monitor revealed.

So far, Andy and Laurie Sanborn, the current owners of the casino, have been granted an extension to sell the business until July 18. Previously, they were supposed to sell the casino by June 27.

If they miss the deadline, they will likely face the loss of their casino license.

In addition, according to Dell'Orfano, Win Win Win LLC, the owner of the Concord Casino, still has to prove that a full sale could be completed within the required three months.

In December, state officials ordered the Sanborns to sell the business after they were accused of fraud, and the casino cannot reopen under new ownership for at least six months.

If Andy Sanborn fails to sell the gambling property, he will lose his license for two years, the New Hampshire Bulletin.

If a new buyer is named, the person or entity must be approved by the NHLC before the sale is finally completed.

Alleged abuse of the COVID loan

Andy Sanborn, a former state senator, and his wife, Republican Rep. Laurie Sanborn, allegedly improperly applied for and misspend money from a federal COVID relief loan.

They allegedly spent part of the $844,000 loan on a Ferrari and two Porsche race cars that were intended for personal use. Other funds were spent on alleged rentals.

The Sanborns failed to disclose on their loan application that they owned a casino. Casinos were not eligible for COVID relief loans.