One of the most popular casinos in New Hampshire just got a new owner. The Lakes Region Casino, located in Belmont, has been sold to the Las Vegas-based Belknap Gaming LLC. Learn how this Las Vegas company purchases the Belmont Casino for 3 million dollars?
Belknap Gaming bought the property at 1265 Laconia Road (Route 106) from its former owner, Potts NH RE LLC, in a deal that took place last month, on January 12. According to the Belknap County Registry of Deeds, the transaction is worth $3 million.
Prior to the sale, the Las Vegas company first had to obtain a valid gaming license valid for the state of New Hampshire. Belknap Gaming was awarded the Games of Chance Location license near the end of last year. According to the marketing director for New Hampshire Sweepstakes Commission, the agency awarded the casino operator with the license on December 29.
The cost of the casino purchase also included back property taxes, plus interest and associated costs. The buyer paid these fees in full two days after the sale was completed. The total amount paid for these expenses was $210,951.78.
The Lakes Region Casino has a rather long history and has already changed hands a couple of times. The facility on the Route 107 was initially built as a seasonal dog track, back in 1975. At that time, the establishment was known as The Lodge at Belmont.
The greyhound races continued until 2008, but the track continued its life as a simulcast betting establishment for two more years. The name change came in 2012 when the former owners, Torguson Gaming Group, sold the property to Arizona-based businessman Craig Potts and his newly formed company Potts NH RE LLC.
Today, the casino is one of the favorite gaming spots in all of New Hampshire. Due to the New Hampshire gambling regulations, it’s registered as a charitable gaming facility. Charity gambling started its operation as a part of the facility in 2006. Various non-profit organizations sponsor gaming nights and are entitled to rake in 35% of the gross revenue generated during those events. The revenue mostly comes from table games, commonly roulette, craps, or blackjack.
Only in last year, did charitable organizations earn more than $117,000 this way proving the valuable place the Lake Regions Casino has in the local community. As classic casinos and slot machines are not allowed in the state of New Hampshire, this is practically the only way a facility of this kind can operate in the state.
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The casino offers its customers a chance to try out various games including various cash table games poker and take part in regular poker tournaments. The property spreads over 23 3/4 acres, while the building itself covers features 29,000 square feet of space. Besides the gaming area, the property also features a bar and a restaurant.
Before the sale, the property was assessed for tax purposes at a value of $1.9 million. The value has risen over the years as Potts bought the property more than 10 years ago for the price of $1.3 million.