Nevada gaming regulators schedule hearing for acquisition of two casinos with January deal expected

Article by : Charles Perrin Nov 17, 2023

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The sale of the Emerald Island and Rainbow Club casinos in Nevada will be the subject of two hearings next month carried out by the state’s chief gaming regulators.

Boulder Highway Gaming LLC and Water Street Gaming LLC announced the sale of Emerald Island and Rainbow Club Casinos, which are two longtime establishments based in downtown Henderson, earlier this week.

These casinos will be taken over by an affiliate of privately held firm ECL Hospitality Management LLC, which is owned by businessmen Ron Winchell and Marc Falcone.

With a wealth of experience behind them, Winchell and Falcone, who acquired Kentucky Downs five years ago, are both adept at navigating the choppy waters that come with running gambling venues.

Although the financial details relating to the deal were not discussed, the Nevada Gaming Control Board (NGCB) has scheduled a hearing for December 6, which will then be followed a couple of weeks later by the Nevada Gaming Commission (NGC) hearing on December 21.

Providing there are no hold-ups in obtaining regulatory approval, the deals could be rubber-stamped and wrapped up in January.

Tim Brooks, who is the CEO of Emerald Island, which is a stone’s throw from the Rainbow Club, is adamant there will be no changes to the existing management structure in a statement emailed to staff.

He said: “This sale was a hard decision to make as we have invested so much time and energy into both properties over the years — most importantly our customers have become our family.

“The opportunity to be involved with the new ownership group going forward is important to me.

“I want to state there are no planned changes in management or staff as we have an amazing team that is responsible for our extraordinary customer service and the success we have achieved over the years.”

Meanwhile, Falcone and Winchell promised to uphold the “cultural values” of both gaming establishments.

A joint statement read: “Culture is key to what we do and the employee base at the Emerald Island and Rainbow Club are a very valuable asset moving forward.

“We are excited to be maintaining and adding to the Guest Experience as we continue to expand and grow the properties and look forward to becoming a part of the family in Downtown Henderson Water Street District.”

Characterized as the “jewels” of Henderson by residents, Emerald Island boasts more than 450 gaming machines, while the Rainbow Club covers around 8,800 square feet of gaming space.

Although there is still a hurdle left to jump through, the impending acquisition represents a bold new era for Falcone and Winchell, and the establishment’s loyal patrons.