According to a posting on the FECC message board the Sahara Tahoe Hotel - now known as "The Horizon" - will close its doors on June 5, 2009.
Elvis Presley did several engagements at that venue. The Follow That Dream Collector's label released the “Mother’s Day Show” of May 13, 1973 as "Takin'Tahoe Tonight" and his last show at Del Webb's Hotel Casino in 1976 - also a Mother's Day show - was released recently on the Rainbow Records import label as "Exceeding All Expectations".
New management to take over Tahoe's Horizon casino
Wednesday, May 6, 2009
Tropicana Entertainment LLC is turning over management of the Horizon Casino Resort at Lake Tahoe, a move that will eliminate table games and possibly reduce slot machine operations.
Tropicana Entertainment, a privately held company based in Las Vegas, said about 75 table games and support positions will be eliminated.
In the next 30 days, Lake Tahoe Realty I, a new company owned by an affiliate of Columbia Sussex Corp., will take over management of the Horizon and assume responsibility for employees, staffing levels and associated payrolls, the company said.
Casino operations will be limited to no more than 200 gaming positions. Tropicana Entertainment will continue to operate the casino on a limited basis under a lease with Edgewood Companies until Lake Tahoe Realty I has been licensed by the Nevada Gaming Commission, the company said.
The restructured lease was part of Tropicana Entertainment's bankruptcy reorganization plan, approved by a judge in Delaware on Tuesday.
Edgewood Companies, formerly Park Cattle Co, owns the property on which the Horizon and another Tahoe casino, MontBleu Resort Casino and Spa, are located.
The Horizon lease with Lake Tahoe Realty I will expire in 2011, and allows Edgewood Companies to exercise three, 1-year extension options after that.
Under the deal, Tropicana's lease on MontBleu, the former Caesars Tahoe, was extended 10 years to 2028.
"We believe that the Tahoe market offers significant long term opportunities though it is currently challenged by added supply from cross border competitors," Tropicana Entertainment CEO Scott C. Butera said in a statement. "This new arrangement will allow us to operate a highly successful first class operation at MontBleu during the term of our lease."
Brad Nelson, Edgewood president and chief executive, commended Tropicana Entertainment "for taking the necessary steps" to focus on the MontBleu property.
