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Fitzgeralds Reno Sale Falls Through

By Chuckmonster on Tuesday, 13th December 2005 8:16pm
  » filed under Las Vegas  comments: 0

   

The Fitzgeralds Casino-Hotel sale fell apart Wednesday as gambling regulators refused to license the buyers, saying they don't have enough cash to keep the property running.

The Gaming Control Board questioned the proposed buyers for four hours, asking about everything from their financial resources to affiliations with international criminals and alleged tax fraud.

"You've got a very thinly capitalized entity here," Chairman Dennis Neilander told Wolf and David Lichten, the father and son that comprise LLH Holdings, the Reno company formed to take over the property. The Lichtens are from New Jersey. After the three board members all indicated they would not grant a license to LLH, mostly because of the financing but also the "totality of issues" discussed during the meeting, the group's lawyer made a plea to avoid a vote.



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