Reichartz betting big at Lake Las Vegas

Jan 14, 2003 5:44 AM

Casino MonteLago is bringing 24-hour gaming to Lake Las Vegas this spring.

The upscale resort -- featuring 675 slots, 15 table games and an around-the-clock bistro -- is scheduled to open this spring, pending approval from the Nevada Gaming Commission next week.

Owned by the Cook Inlet tribe of Alaska, MonteLago will sit next to the Ritz Carlton hotel on the shore of the 320-acre lake. Cook Inlet holds a 50 percent share in the Hyatt Regency at Lake Las Vegas, but doesn’t receive gaming profits there.

Dan Reichartz’s Sybro LLC will operate MonteLago for Cook Inlet. He pledged a "mult-tier" marketing effort targeting both out-of-town guests and local clientele.

That strategy pleased board chairman Dennis Neilander and others who remember the thin crowds and weak bottom line at another outlying gambling spa, the Resort at Summerlin.

"At build-out, we’ll have 12,000 overnight guests,’’ Reichartz predicted. The Ritz is also set to debut this spring, adding 2,000 rooms at the lakeside village.

In other action, the board:

”¡ Approved Paul Lowden’s $2.5 million makeover of Giudici’s Victorian Gambling Hall in Sparks. The Las Vegas exec renamed the club Duke’s Casino, installed 216 E-Z Pay slot machines and appointed his son, Chris, general manager.

Asked about future gaming ventures, Lowden said only that he would develop his family’s 27 acres on the Strip - currently home to Wet N Wild -- "at some point in the future." He also owns the Pioneer Club in Laughlin.

”¡ Approved Marvin Lipshultz for a renewed gaming license. Lipshultz said his Golden Palm Casino will be "debt free" this week as he pays off a $900,000 first mortgage on the property at Tropicana and Industrial.

”¡ Approved a new Shuffle Master conversion kit. Successfully field-tested at the Tropicana, Four Queens and Jerry’s Nugget, the update kit can be easily installed in an existing reel or video machine for far less time and expense than a complete swap-out.