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Rampart posts solid gains

Nov 26, 2002 8:07 AM

   Owners of the upcoming Cannery Casino say business is picking up at their Rampart Casino.

   The Rampart, formerly called the Regent and the Resort at Summerlin, has posted strong numbers since Millennium Management Co. took over in March and pumped $10 million more into the posh property.

   “We’re exceeding our financial projections,’’ partner Guy Hillyer reported to the Nevada Gaming Commission. “Revenues are up every month and we are a couple of years ahead (of the anticipated growth curve).’’

   Millennium is betting that the Cannery will be a money-maker, too. Its Craig and Losee intersection in North Las Vegas handles 48,000 cars daily. That’s already comparable to the traffic volume at Rancho Drive and Lake Mead Boulevard, where the popular Texas and Fiesta casinos sit.

   The $105 million Cannery, which received its license from gaming regulators last week, is scheduled to open Jan. 3 — just in time for its planned NFL playoff parties.

   In other action, the commission approved licensing for the Tuscany hotel-casino on East Flamingo Road and the Golden Phoenix in Reno.

   Attorney Jeff Silver, representing the Heers family, called their Tuscany venture “the best kept secret in Las Vegas.”

   The three-story property across from Hughes Center will open a $32 million casino and conference facility Dec. 13.

   Luxury suites there are currently renting for a modest $59 to $69 a night.

   Up north, the Golden Phoenix is rising from the former Reno Flamingo Hilton. Owners Amin and Ally Visram plan to open the casino on Wednesday.

   The Visram brothers, who came to Canada with $50 in their pockets after fleeing Idi Amin’s corrupt regime in Uganda, now operate 10 hotels in the United States and Canada. The Golden Phoenix is their first casino venture.

   In response to commission queries, the Visrams said they plan to refinance the property as soon as possible to move Vestin Mortgage and previous owner Shaun Scott off the books.

   The commission meets again in Las Vegas on Dec. 19, when final action is expected on new work card rules for gaming employees.