Nevada’s Permanently Closed Lakeside Casino To Auction Off Gaming Gear

Published on: March 1, 2021, 11:52h.

Final updated on: March 1, 2021, 11:52h.

Lakeside Inn and Casino will auction its slot machines off and other assets this week from the now-closed Nevada property. The move is hardly a surprise given the impact from the coronavirus pandemic, one sector analyst said.

The online auction will attempt to sell off an estimated $7 million worth of items
The online auction will attempt to sell off an estimated $7 million worth of items
The now-closed Lakeside Inn and Casino shown here. The Stateline, Nev. gaming property will auction its gaming equipment this week. (Image: Tahoe Daily Tribune)

The gaming venue/hotel was in business for 35 years in Stateline. It is located on Lake Tahoe’s South Shore.

But when the hit that is pandemic, the house owners made a decision to shut last April given the economic depression and statewide temporary shuttering by Gov. Steve Sisolak (D).

Lakeside’s decision to shutter additionally ended up being on the basis of the reality it absolutely was rejected that loan through the federal Paycheck Protection Program (PPP).

Initially, PPP funding was not offered to gaming properties. Later on, guidelines had been changed. But that arrived far too late to truly save Lakeside Casino.

Starting on Thursday, the multi-day online auction will try to offer down an estimated $7 million worth of things.

Most associated with the gambling gear will likely be placed on auction on Thursday in a sale that is private. When the casino was operating, it had 295 slot machines and six table games.

Its craps table was one of the longest in Nevada, the Northern Nevada Business Weekly said. When in operation, Lakeside’s casino floor measured 17,852 feet that are square

The casino ended up being were only available in 1969 and operated under different names. The inn had 123 spaces.

Gaming Gear Available simply to Licensed Entities

Lakeside’s video gaming equipment are offered only to certified distributors/manufacturers and certified properties.

Later within the week, the general public can join the putting in a bid on such things as art, club gear, home gear, memorabilia, workplace gear, tools, and cars, based on the Tahoe constant Tribune, a newspaper that is local

The auction will be held between and Saturday thursday. It’s being held coordinated by Stremmel Auctions.

All assets is supposed to be offered to your greatest bidders, without reserves or minimums, the auctioneers stated.

Lakeside isn’t the gaming that is only in the region to close. In 2020, Harrah’s Reno was sold. Its new owner will turn the site into mixed-use commercial estate that is real

Full Entertainment Casinos Will Survive

Does it come as a shock that Lakeside, an casino that is independent Nevada, chose to close and is now auctioning off hotel and casino contents?

“Not A finance professor at Boston College who follows gambling trends, told

Casino.org

.

“Given the current state of the industry, only the full entertainment casinos will survive,” McGowan said at all,” the Rev. Richard McGowan. “Unless the casino is situated in a location where other styles of activity are supplied, a casino that is stand-alone survive.”(*)Also, a casino that delivers other activity besides gambling increases its share of the market in this environment, he predicted.(*)Related News Articles(*)

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