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Maxim Sold to Tahoe Operator for $38 Million

The 795-room property would be remodeled, with work slated to begin in October. The renovated property would reopen next Summer.

New owners William Yung III and Joe Yung plan to change the Maxim's name to Westin, one of several high-end hotel brands licensed to their large privately-owned hotel holding company, Columbia Sussex Corp. Columbia Sussex is one of the largest privately held hotel owners in the country, and one of Marriott Corp.'s top licensees.

Horizon casino managers will be responsible for running the remodeled casino; casino manager Howard Reinhardt said Monday that he has yet to determine how the Horizon casino management will manage the Westin's casino.

Reinhardt referred other questions to the Yungs. The Yungs were unavailable for comment.

The Maxim opened in 1979, closed its doors in November 1999, reopened without a casino in December 1999, and closed again in August 2001.

Because the Yungs are already licensed in the state, the Westin casino licensing process should be finished before its scheduled opening.

Nevada Gaming Control Board Chairman Dennis Neilander said the agency has been advised of the Yungs' plans for the Maxim.

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