The Navegante Group is a gaming company based in Paradise, Nevada, specializing in areas of casino management, development, consulting and executive recruitment. It is often retained to manage distressed properties while new owners seek a gaming license.[1]
History
After six years as the chairman, President and CEO of MGM Grand Casino in Las Vegas, Larry J. Woolf formed Navegante. Navegante's first major development and management contract was Casino Niagara in 1996.[2]
When the Ontario government pursued development of casino gaming in Niagara Falls, Canada in 1996, officials selected 27 potential development groups including three publicly traded companies. The Niagara plan called for a temporary gaming facility under tight construction time frames. In June, Navegante was selected to head construction and development of their first casino with a planned opening scheduled for December of that year. To meet this deadline, construction ran 24 hours a day, 7 days a week. As Navegante had projected, the property generated $2 million per day in revenue and $1 million per day in profit. The government of Ontario received its investment back in 180 days. Upon opening, Casino Niagara was known, in the industry, as being the most profitable casino operation, on a square foot basis, in the world.