Business Services Industry
Lender's Link to Casino Investor Draws Nevada Regulators' Scrutiny.
Knight Ridder/Tribune Business News, November, 2002
By Jeff Simpson, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Nov. 7--Nevada gaming regulators used a Wednesday license hearing for the owners of the old Flamingo Reno to send a message to Las Vegas-based finance company Vestin Group.
The Nevada Gaming Control Board voted 3-0 to recommend a two-year conditional gaming license for brothers Amin and Ally Visram, owners of the Golden Phoenix, formerly the Flamingo Reno, in downtown Reno.
The Visrams are Canadian real-estate investors who have specialized in hotel turnarounds, and their Vista Hospitality Co. bought the property last year for $6.75 million, financing the purchase with a $6.4 million loan from Vestin.
The brothers reopened the closed hotel in April...
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