Aliante Gaming hired an investment bank to handle the sale of its Aliante Hotel in North Las Vegas, Bloomberg News reported.
Apollo Global Management, Standard General, and TPG are the hotel and casino’s primary owners and hired Los Angeles-based Houlihan Lokey to handle a potential sale, Bloomberg reported.
The $662 million casino opened in November 2008 as part of the Station Casinos chain, with the Greenspun Corporation as investors. Greenspun donated the 40 acres upon which the hotel and casino is built.
At the time, North Las Vegas was the nation’s fastest-growing city, and locals-focused Station Casinos expected to benefit from the many new homes being planned in the area, until the Great Recession struck.
Initially named the Aliante Station, the casino struggled amid the recession and defaulted on its loans, leading to Chapter 11 reorganization, which was completed in 2012.
Creditors, who were owed $378 million, took control of the property, which has 202 hotel rooms, more than 1,800 slots, 36 table games, a race and sports book, entertainment venue, and the Regal Aliante Stadium 14 theaters.
The casino is the second to be recently reported to be for sale in the Las Vegas area.
Owners of the Palms Casino Resort reportedly are looking into listing the property for sale, with an anticipated sale price of several hundred million dollars.
Although reportedly for sale, the Culinary Workers Union announced plans to protest outside the Palms, which it has been trying to organize for a year.
The union says the casino rejected worker petitions for a union vote without company interference. The casino says it supports collective bargaining rights and will continue working with its employees.
