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Greenspun: Casino Interests Secondary

LAS VEGAS -- Brian Greenspun doesn't think of himself as a casino executive even though a family company owns half of Green Valley Ranch Station Casino, one of the valley's most profitable locals casinos that opened exactly one year ago.

"My friends know me well enough," Greenspun laughed. "I have zero interest in running a gambling place."

Owning is a different story.

A real estate developer as well as editor of the family-owned Las Vegas Sun newspaper, Greenspun and his family also share stakes in Barley's with Station Casinos, the locals powerhouse that designed, built, operates and co-owns Green Valley Ranch.

The Greenspuns also own more than 6 percent of the Palms, the Maloof family's Flamingo Road boutique property.

"We didn't get into this because we wanted to get into the gambling business," Greenspun said recently as he surveyed the Green Valley Ranch grounds. "We want to be in the development business. We never anticipated gaming in our lives, but got into the business because of our land development product."

What he and his family wanted to create was a master-planned community, a place that would include a locals casino.

The Greenspuns own substantial chunks of Green Valley real estate, prized turf made more valuable by the family's American Nevada Corp. and its development plan, which surrounded the casino site with upscale residential neighborhoods.

Greenspun knew the location was a good one.

"If you could stick a pin in a map, picking the demographic sweet spot, it would be right here," he said.

But the Greenspuns didn't have casino operating experience, and didn't consider going it alone with a nine-figure casino investment. They also passed on selling the prime site to an operator.

"The only way we could control the product was to be partners," Greenspun said.

They heard pitches from a few local operators, and picked Station Casinos after Greenspun said the company seemed to best understand his vision for the property.

"If we're going to build something like this," he said, gesturing at the upscale finishes decorating the $300 million hotel-casino, "we're going to build something that blends in with the soul of the community. Our interest was on the hotel side. As long as we're going to build a place, I wanted a place every bit as nice as those places on the Strip."

It was important that Green Valley residents accept the property, he said. And they have.

"It's safe to say that the people of Green Valley are comfortable here," Greenspun said. "That's part of the whole idea. It's a place I'm comfortable, that my friends are comfortable. Not every person who comes to Las Vegas wants to be on the Strip. I'm confident that people will like what we've done here."

Station Casinos President Lorenzo Fertitta credited Greenspun and his family for the vision that allowed the property to be built.

"It's been a pleasure working with the Greenspuns," Fertitta said. "They've had a big impact on the creation and success of Green Valley Ranch. We're very pleased to be their partners."

Greenspun returned the praise, noting Station Casinos' expertise at designing and operating locals casinos.

"Our partners are doing a good job operating the property," he said. "But it's a mutually beneficial relationship. Just as we're lucky to have a skilled partner, they are also fortunate."

Greenspun said the family would likely pursue future joint venture deals for casinos in master-planned communities yet to be developed.

Station Casinos would certainly get a crack at the opportunity to partner with the Greenspuns again, he said.

"I can't read the distant future," he said. "Clearly Station is our partner, and a good partner. But I suspect there'll be a half dozen (operators) that would have an interest."

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