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In business gaming banking Dotty's owner gets license for revamped Hacienda casino New law to cost Bank owner $387 million By Richard N. Velotta senior staff writer Dotty's Casino chain owner Craig Estey and his company, Nevada Restaurant Services, requested and received a gaming license for the Hoover Dam Lodge, formerly the Hacienda, between Hoover Dam and Boulder City. Estey plans to convert the 17-story, 289-room property into a replica of a National Park Service lodge, even taking an unconventional approach for a casino by installing windows. The two-phase project will include gutting the existing property and redeveloping the casino's interior and floor-by-floor room renovations. Estey said his company also plans to build an undetermined number of rooms on the lake side of the property to take advantage of views of Lake Mead. Estey's deal with Lakeview Partnership, led by longtime gaming executives Michael Ensign, William Richardson and David Belding, closed Dec. 23. The first phase of redevelopment is expected to be completed by summer, when the property will be rebranded as Hoover Dam Lodge. The casino will remain open during construction work, which is expected to cost $7 million. A second phase includes plans to develop property across the U.S. 95 highway into a travel plaza with recreational vehicle parking, camping spaces, a coffee shop and a convenience store with a pedestrian bridge to the casino. The 230 Hacienda employees were invited to reapply for their jobs. A total of 150 were hired with the other 80 offered positions at Dotty's properties or placed on a list for rehire when the first phase is completed. The Dotty's slot parlor chain has 120 outlets statewide, including 25 in Kmart and grocery stores. The chain battled the Nevada Resort Association over the organization's demand that gaming regulators require food service to hold a nonrestricted gaming license. By Eli Segall staff writer The owner of a big Las Vegas bank said it will take an almost $400 million hit because a law that targets risky trading will force it to shed investments. Zions Bancorporation, parent company of Nevada State Bank, said that many of its investment securities will be considered "disallowed" un- der the so-called Volcker Rule, which regulators approved in December. The rule forces banks to shed collateralized debt obligations by July 2015, although regulators can grant a two-year extension, Zions said. Still, the company said it will have to sell many of its CDOs, forcing it to take a $387 million non-cash charge to earnings. real estate NV Energy sells land for $14.8 million By Eli Segall staff writer NV Energy, Nevada's main electric utility, has sold almost 40 acres of vacant land to developer Ryland Homes for $14.8 million. The land is on Sunset Road between Durango and Buffalo drives, next to casino supplier International Game Technology's 630,000-squarefoot facility. The sale to Ryland, one of the topselling homebuilders in Southern Nevada, is not unusual for NV Energy, which has sold numerous valley properties over the years. But it is one of the most lucrative. Locally, the investor-owned utility has closed just two real estate sales that outweigh the Ryland deal, according to Clark County records. Las Vegas' No.1 Business Resource Has Never Been More Important. Get your one-year subscription to and we'll include our best leads via email. All for only $50 a year. VEGASINC.com named "Best Website in Class" by the Nevada Press Association 2013 VEGASINC.COM/SUBSCRIBE For additional information call 800.254.2610 or email subscriptions@gmgvegas.com 12 20140106_VI12_F.indd 12 | 6 JANUARY 2014 | 1/2/14 2:40:34 PM

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