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Gaming Regulators Approve Licence for Casino Montelago

The casino slated to open next to the Ritz-Carlton at Lake Las Vegas was licensed Thursday by the Nevada Gaming Commission.

Casino Montelago was approved for a casino license by a 5-0 vote after panel members questioned one of the casino's operators about plans to market the property to local customers.

"From the inception of the casino design, it was our intention to position the property as a key player in the local market," said Dan Reichartz, former Caesars Palace president and a 50 per cent owner of the casino management company that will operate the Casino Montelago for owners Cook Inlet Region, an Alaska-based tribal investment arm.

The casino will be adjacent to the upscale digs at the Ritz-Carlton; it cost owners an estimated $60 million to build and equip.

"We truly have a casino building and a casino operation," Reichartz said, comparing his casino, scheduled to open this spring, with the small casino at the Hyatt Lake Las Vegas.

"I don't think that small casino will compare to what we'll have."

Reichartz and former Caesars Palace and MGM Grand finance specialist Dan Scott will run the casino under terms of a 10-year contract with Cook Inlet.

The casino will have 15 table games, including a number of blackjack, two craps and one roulette game. The casino has room for 800 slots, but will open with only 675 in an attempt to keep the casino comfortable for customers, Reichartz said.

Luring locals to an expensive hotel-casino resort area in a relatively isolated location won't be easy, members of the five-member panel noted.

Montelago marketers will advertise to reach gamblers in Henderson, particularly its Green Valley section, and along the Boulder Strip.

Before new operators invested millions reconstructing what is now the Rampart Casino in Summerlin, the former Regent Las Vegas tried and failed to attract both tourists and local customers.

And the Hyatt Lake Las Vegas doesn't do much business either, commission member Augie Gurrola added.

The Casino Montelago will be different from its cross-lake neighbor, Reichartz told the panel.

"(The Hyatt casino) is run like a casino in the islands, like an amenity," he said. "You couldn't hide a casino in a hotel better than they have."

In other action, the commission voted 5-0 to approve Station Casinos purchase of the Wildfire Casino, a small $11 million locals property opened in December 2001.

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