Parkwest Casinos recently purchased the largest card room in California, the Bicycle Hotel and Casino, in Los Angeles county. The $103 million purchase deal improved its financial position so well that Comerica Bank is giving Parkwest a $210 million line of credit to do improvements and cover costs.
Parkwest is a Petaluma-based gaming and hospitality investor. It owns five card rooms in the Golden State. It plans to rename the property Parkwest Bicycle Casino. The casino has 185 poker and other card tables in a 100,000 square foot poker room.
The Bicycle has been in the news in recent years, and not in a good way. It was the subject of a money laundering investigation by both California and federal agents. This resulted in the casino agreeing in November 2021 to pay $500,000 to settle its violations.
