Lakeside Inn and Casino will auction off its slot machines 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 gaming venue/hotel was in business for 35 years in Stateline. It is located on Lake Tahoe’s South Shore.
But when the pandemic hit Nevada, the property owners chose to close last April given the economic downturn and statewide temporary shuttering by Gov. Steve Sisolak (D).
Lakeside’s decision to shutter also was based on the fact it was denied a loan through the federal Paycheck Protection Program (PPP).
Initially, PPP funding was not offered to gaming properties. Later, rules were changed. But that came too late to save Lakeside Casino.
Starting on Thursday, the multi-day online auction will attempt to sell off an estimated $7 million worth of items.
Most of the gambling equipment will be put on auction on Thursday in a private sale. 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 square feet.
The casino was started in 1969 and operated under different names. The inn had 123 rooms.
Gaming Equipment Available Only to Licensed Entities
Lakeside’s gaming equipment can be sold only to licensed distributors/manufacturers and licensed properties.
Later in the week, the public can join the bidding on such items as art, bar equipment, kitchen equipment, memorabilia, office equipment, tools, and vehicles, according to the Tahoe Daily Tribune, a local newspaper.
The auction will be held between Thursday and Saturday. It is being held coordinated by Stremmel Auctions.
All assets will be sold to the highest bidders, without reserves or minimums, the auctioneers said.
Lakeside is not the only gaming property in the region to close. In 2020, Harrah’s Reno was sold. Its new owner will turn the site into mixed-use commercial real estate.
Full Entertainment Casinos Will Survive
Does it come as a surprise that Lakeside, an independent casino in Nevada, chose to close and is now auctioning off hotel and casino contents?
“Not at all,” the Rev. Richard McGowan, 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. “Unless the casino is located in an area where other forms of entertainment can be provided, a stand-alone casino won’t survive.”
Also, a casino that provides other entertainment besides gambling can increase its market share in this environment, he predicted.
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