“We know the magic you can do we’ve seen it before.” “You did the right thing for the company and the property and protected a lot of jobs,” said board member Shawn Reid. The conversions from loans to equity of two lenders who invested along with Paragon are expected to occur over the next 12 months, following approvals by both the Control Board and the Commission.īoard members praised Bennett and Menke for moving quickly to resolve disputes with contractors that had placed liens on the property for nonpayment for work performed in earlier renovation efforts.

The Control Board allowed the company to convert a loan into a controlling equity interest.

If the Gaming Commission approves the deal as expected, Paragon will have a majority stake in the property. Licensing is part of a multiphase effort by Paragon, headed by co-founders Diana Bennett, chairman of the company, and CEO Scott Menke, to acquire the property from Neva One, a company held by the cattle-ranching Park family in Douglas County.īennett, daughter of the late Las Vegas gaming pioneer William Bennett, said the company would take its management expertise to the property and work to create new Lake Tahoe vacation packages with prospective partners. The state Gaming Control Board on Wednesday unanimously recommended approval of a series of management and ownership licenses for Paragon Gaming for the 539-room Hard Rock in Stateline.įinal approval of the licenses is expected by the Nevada Gaming Commission on Nov. The Las Vegas company that manages the casino at the Westgate Las Vegas Resort has received preliminary approval to acquire a majority interest of the Hard Rock Hotel at Lake Tahoe. Diana Bennett and Scott Menke, co-founders of Paragon Gaming.

Ceo at paragon casino resort