Card club owner antes up $17 million for Compton casino.As the owner of several California card clubs, Haig Kalegian has made some large wagers--but none possibly as high as buying the Crystal Park Casino Hotel in Compton. Kalegian, who owns the 151-table Bicycle Club in Bell Gardens, is buying the property for close to $17.5 million. The card club contains a 226-room hotel that sits on 20 acres at 123 E. Artesia Blvd. The seller, Pinnacle Entertainment Pinnacle Entertainment Inc. (NYSE: PNK) is a gaming and hospitality company based in Las Vegas, Nevada that was created in 1938. It owns and operates casinos in the United States and Argentina. Inc., decided to sell the property shortly after California voters roundly rejected a 2004 referendum that would have allowed card clubs to operate slot machines. Card clubs and racetrack owners complain they can no longer compete with casinos operated by Native American tribes that have been allowed to have slot machines. Pinnacle, which also operates a casino at Inglewood's Hollywood Park racetrack Hollywood Park is a thoroughbred racecourse and poker cardroom located in Inglewood, California, USA, about 3 miles (5 km) from Los Angeles International Airport and next door to The Forum. History The track was opened in 1938 by the Hollywood Turf Club. , had anticipated getting the highest price for the property from a developer wanting to raze raze also rase tr.v. razed also rased, raz·ing also ras·ing, raz·es also ras·es 1. To level to the ground; demolish. See Synonyms at ruin. 2. To scrape or shave off. 3. the card club. "We took it out to everyone--commercial and industrial buyers," said Colin Walker Colin Walker may refer to:
Except Kalegian sees promise. The operator, who also runs Ocean's 11 Casino in Oceanside, plans to invest money renovating the casino and hotel to make the casino a regional destination. Walker said CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) valued the replacement cost of the land and structures at close to $50 million. "He bought the property based on the gaming," Walker said. "It's the only part that really makes money, though that could change under the new ownership." Kalegian could also stand to benefit from a large mixed-use development Mixed-use development refers to the practice of allowing more than one type of use in a building or set of buildings. In planning zone terms, this can mean some combination of residential, commercial, industrial, office, institutional, or other land uses. that would surround the Compton casino and be called the Gateway Towne Center. Costa Mesa-based Prism Realty has purchased 40 acres in the area and is planning a large retail and housing project that could draw more visitors to the area. Meanwhile, Kalegian may have redevelopment plans of his own for the property. With the hotel and casino occupying only 20 percent of the 20-acre site, there's an opportunity to propose a project on the site's vacant land, currently parking lots. "If they want to take advantage of it, there's a strong real estate play there," Walker said. |
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