Railroad Pass Casino Sold to Joseph DeSimone

It was announced that the sale of Railroad Pass Casino has been completed and its new owner is real estate professional Joseph DeSimone. The former owner of the property was MGM Resorts International.

Back in September 2014, MGM representatives revealed that such a deal is likely to be inked. The Henderson property is known as the oldest continuously operated casino in the United States.

State gambling regulators are yet to grant a license to Mr. DeSimone but while the licensing procedures are in progress, Marcus Suan will be in charge of the casino operations. A few weeks ago, Nevada gambling authorities approved the request of Marcus Gaming to become an operator of Railroad Pass.

When the deal was first announced, casino employees were worried if they would lose their jobs but then, it became clear that no layoffs were to take place.

Dan D’Arrigo, who is taking the position of an executive vice president of MGM, commented on the deal in a special statement. He stated that MGM executives wish success to the new owner and the employees of Railroad Pass. He added that MGM has not abandoned its plans for expanding its business not only in the United Sates but also in other countries.

The property opened doors for visitors in 1931. Back then, it served as a casino and dance hall and was the only spot where local people could go and roll the dice. In 2005, the property was acquired by MGM Resorts International for the sum of $7.9 billion but now both parties remain reluctant to reveal the exact amount of yesterday’s acquisition.

What made MGM executives put the casino up for sale was the fact that it simply did not fit in their plans. As already mentioned, MGM officials are aiming at becoming even a more competitive company, popular on a global scale.

The new owner, Joseph DeSimone, is new to the casino industry. Last year, as soon as it was revealed that he is to acquire the property, he was reached for a comment.

Mr. DeSimone said that he considers that the Railroad Pass a “good business”. He also stated that the historical building makes the venture even more exciting and provides the diversification his business needs.

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