Carson Nugget president sells share in casino
The Carson Nugget could be under full ownership of the casino’s vice president, Steve G. Neighbors, pending approval of the state Gaming Commission after president Alan Adams agreed to sell his 50 percent stake in the property last month.
Neighbors, who is the sole trustee of the L.A. Adams and Mae B. Adams1990 Trust, would have 100 percent control of the property with Alan Adams’ share and the remaining 26 percent from Betty Jean Adams’ estate, which also is transferring its share to Neighbors’ control, according to the Gaming Commission.
Neighbors said the private deal between him and the Adams family closed Dec. 31. He declined to disclose the value of the transaction.
A Gaming Commission representative said the deal could be reviewed as early as next month.
Alan Adams was unavailable for comment Wednesday. Neighbors said he is in Hawaii.
Neighbors said Mae Adams, who died in October at age 97, instructed him to move forward with the deal, which he said would expedite plans for an estimated $87 million city redevelopment project on the Nugget’s property.
The Carson City Board of Supervisors will hear the financial plan for the project on Jan. 21.
Hop Adams and his brother Howard Adams, Alan Adams’ father, opened the Nugget in 1957.
It started in an 80-by-40 foot structure and eventually became the capital’s largest casino.