Cannery Casino Resorts
Cannery Casino Resorts was a Nevada-based hotel and casino operator that developed and managed casinos and racetracks before being acquired by Boyd Gaming in 2016.
Last updated August 26, 2026
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Overview
Cannery Casino Resorts was a privately held American gaming company headquartered in Spring Valley, Nevada. The business grew out of Millennium Management Group, a casino-management firm founded in 1996 by gaming executives Bill Paulos and Bill Wortman. Millennium initially pursued management and development opportunities outside Nevada, including participation in the consortium that developed Detroit's Greektown Casino, which opened in 2000. The company subsequently established Cannery Casino Resorts in 2001 to develop a casino and hotel in North Las Vegas. The company's first major branded property was Cannery Casino and Hotel, which opened in 2003 after an investment reported at approximately $105 million. Cannery pursued a neighborhood-casino model centered on slot machines, table games, entertainment, dining and hotel accommodation, targeting local and regional customers rather than relying exclusively on the destination-resort market of the Las Vegas Strip. In 2002, Millennium also took over management of the casino at the JW Marriott Las Vegas under a long-term lease and relaunched it as Rampart Casino. That management arrangement ended in 2012 when the property's owner, Hotspur Resorts, elected to resume direct management. Cannery expanded through outside investment and property acquisitions. Oaktree Capital Management acquired an initial minority interest in 2005, providing capital that supported acquisitions and ownership consolidation. Cannery used this financing to increase its involvement in the Nevada Palace and later redeveloped that property as Eastside Cannery Casino and Hotel, which opened in 2008. The company also acquired The Meadows, a harness-racing venue near Pittsburgh, Pennsylvania, from Magna Entertainment in 2006 for a reported $200 million. A temporary casino opened there in 2007, followed by a permanent racetrack-and-casino facility in 2009. The company considered opportunities beyond its established Nevada base. Bill Wortman acquired a minority interest in Rockingham Park racetrack in New Hampshire, and Cannery supported efforts to legalize casino gaming in that state. It proposed a major expansion of the racetrack that would have included thousands of slot machines, but the political and regulatory effort did not succeed. Cannery also provided financial support over several years to the Tejon Indian Tribe's efforts to regain federal tribal status, although the company's involvement in that process did not produce a casino asset within its operating portfolio. Cannery became the subject of a proposed acquisition by Australian gaming company Crown Limited in 2007. The proposed transaction valued the company at approximately $1.75 billion, but the agreement was terminated in 2009 amid changed market conditions. Crown instead acquired a minority stake and paid a termination fee. Cannery later sold The Meadows to Gaming and Leisure Properties in 2014 for approximately $465 million, using the proceeds in part to reduce debt. The company ultimately ceased to exist as an independent operator when Boyd Gaming purchased Cannery Casino Resorts in December 2016 for approximately $230 million. Its former assets subsequently became part of Boyd Gaming's portfolio or were dealt with independently. Eastside Cannery closed in 2020 and the former property was later demolished, marking the end of one of the company's principal branded casino properties.
History
Cannery Casino Resorts emerged from Millennium Management Group, a casino-management company established in 1996 by Bill Paulos and Bill Wortman. Millennium's early activities included participation in the development and management consortium for Greektown Casino in Detroit. Greektown opened in 2000, after which the company continued to pursue casino-management and development opportunities. In 2001, Millennium created Cannery Casino Resorts to develop a new casino and hotel in North Las Vegas. The resulting Cannery Casino and Hotel opened in 2003 at a reported development cost of $105 million. The property established the company's core operating model: a regional casino offering gaming, dining, entertainment and lodging aimed largely at local and drive-to customers. Cannery's growth occurred alongside a separate management assignment at the JW Marriott Las Vegas. Millennium assumed that casino's operation in 2002 under a ten-year lease and marketed it as Rampart Casino. The lease ended in 2012 when Hotspur Resorts, the property owner, chose to manage the operation itself. Capital from Oaktree Capital Management became important to Cannery's expansion. Oaktree purchased a 33 percent interest in the company in 2005. The investment helped Wortman acquire minority interests connected with the Nevada Palace casino, which was subsequently brought under the Cannery organization. Wortman also acquired a 20 percent interest in Rockingham Park, a New Hampshire harness racetrack, and Cannery obtained an option to purchase the venue. The company advocated legalizing casino gaming in New Hampshire and proposed a substantial racetrack expansion with as many as 5,000 slot machines, but the legalization effort was unsuccessful. Cannery broadened its portfolio in Pennsylvania by purchasing The Meadows, a harness racetrack near Pittsburgh, from Magna Entertainment in November 2006. The transaction was reported at $200 million and increased Oaktree's ownership interest in Cannery to 42 percent. A temporary casino opened at the racetrack in June 2007, and a permanent racetrack-and-casino facility opened in April 2009. In Nevada, the former Nevada Palace site was redeveloped as Eastside Cannery Casino and Hotel, which opened in August 2008. The company also had an extended involvement in the Tejon Indian Tribe's effort to regain federal tribal recognition, helping finance that process for several years. This activity reflected Cannery's interest in potential gaming development opportunities, although it did not become one of the company's principal casino properties. Cannery entered merger discussions with Crown Limited in December 2007. Crown agreed to buy the company for a reported $1.75 billion, but the agreement was terminated in March 2009. Instead, Crown purchased a 24.5 percent minority stake for $370 million and paid a $50 million termination fee. Cannery continued operating its properties after the transaction was restructured. In May 2014, Cannery agreed to sell The Meadows to Gaming and Leisure Properties for $465 million. The sale was intended to reduce company debt and simplified Cannery's asset base. The company remained active in Nevada until Boyd Gaming acquired it in December 2016 for $230 million. The acquisition ended Cannery Casino Resorts as an independent operator. Eastside Cannery later closed in 2020, while the former property was subsequently demolished.
- 2016
Boyd Gaming acquires the company
[1]Boyd Gaming purchases Cannery Casino Resorts, ending its existence as an independent operator.
- 2014
The Meadows is sold
[1]Cannery agrees to sell The Meadows to Gaming and Leisure Properties to help reduce debt.
- 2008
Eastside Cannery opens
[1]Eastside Cannery Casino and Hotel opens on the former Nevada Palace site.
- 2006
The Meadows is acquired
[1]Cannery purchases The Meadows harness racetrack near Pittsburgh from Magna Entertainment.
- 2005
Oaktree takes a minority stake
[1]Oaktree Capital Management acquires a 33 percent interest, supplying capital for expansion and ownership consolidation.
- 2003
Cannery Casino and Hotel opens
[1]The company's first major branded property opens in North Las Vegas.
- 2001
Cannery Casino Resorts is created
[1]Millennium establishes Cannery Casino Resorts to develop and operate a new North Las Vegas casino.
- 2000
Greektown Casino opens
[1]A casino developed with Millennium's participation opens in Detroit, establishing the founders' early operating and development credentials.
- 1996
Millennium Management Group is founded
[1]Bill Paulos and Bill Wortman establish the casino-management company that later becomes the foundation for Cannery Casino Resorts.
Products and positioning
A regional and locals-oriented casino operator focused on land-based gaming, hotel stays, entertainment and racetrack-linked gaming rather than a single destination resort.
Casino hotel · 2003
Cannery Casino and Hotel
Cannery Casino and Hotel was the company's first major branded property. Opened in North Las Vegas in 2003, it combined casino gaming with hotel rooms, dining and entertainment and represented Cannery's focus on serving the Las Vegas region's local and drive-to market.
Casino hotel · 2008
Eastside Cannery Casino and Hotel
Eastside Cannery was developed on the site of the Nevada Palace casino and opened in 2008. It extended the Cannery brand into another Las Vegas-area neighborhood market with casino gaming, lodging, food service and entertainment. The property closed in 2020 and was later demolished.
Racetrack and casino · 2006
The Meadows Racetrack and Casino
The Meadows was a harness-racing venue near Pittsburgh that Cannery acquired in 2006. The operation added casino gaming to its racetrack business, first through a temporary facility in 2007 and then through a permanent casino and racetrack complex opened in 2009. Cannery sold the property in 2014.
Managed casino · 2002
Rampart Casino
Rampart Casino was the operating identity used for the casino at JW Marriott Las Vegas while Millennium and Cannery managed it under a long-term lease. Cannery's management period ran from 2002 until the lease expired in 2012, when the owner resumed direct management.
Marketing campaigns
- 2005New Hampshire casino legalization advocacy
New Hampshire
Cannery supported efforts to legalize casino gaming in New Hampshire in connection with its interest in Rockingham Park racetrack. It proposed a major expansion that could have included up to 5,000 slot machines.
Outcome. The legalization effort did not succeed, and the proposed expansion was not developed.
Brand decisions
2016
Sell Cannery Casino Resorts to Boyd GamingM&ABackground
After years of operating regional casino and racetrack properties, Cannery agreed to a sale to a larger publicly traded gaming operator.
Action taken
Boyd Gaming purchased Cannery Casino Resorts for approximately $230 million.
Aftermath
Cannery ceased to operate as an independent company and its remaining properties became associated with Boyd Gaming.
Acquisition price. $230 million (December 2016)
2014
Sell The Meadows to reduce debtStrategyBackground
Cannery sought to reduce debt and monetize its Pennsylvania racetrack and casino asset.
Action taken
The company agreed to sell The Meadows to Gaming and Leisure Properties for $465 million.
Aftermath
The sale reduced Cannery's operating portfolio and provided proceeds for debt reduction.
Sale price. $465 million (2014)
2007
Accept proposed acquisition by Crown LimitedM&ABackground
Crown Limited agreed to acquire Cannery Casino Resorts in a transaction reported at approximately $1.75 billion.
Action taken
Cannery entered into the proposed sale agreement, but the transaction was later terminated.
Aftermath
Crown subsequently acquired a 24.5 percent minority stake for $370 million and paid a $50 million termination fee.
Proposed acquisition value. $1.75 billion proposed transaction (2007)
Recent events
- 2020
Eastside Cannery closes[1]
Other
Eastside Cannery Casino and Hotel was closed and did not return to operation as an independent Cannery-branded property.
- 2016
Boyd Gaming acquires Cannery Casino Resorts[1]
M&A
Boyd Gaming purchased Cannery Casino Resorts for approximately $230 million, ending Cannery's independent operation.
- 2014
Cannery sells The Meadows[1]
M&A
Cannery agreed to sell The Meadows racetrack and casino to Gaming and Leisure Properties, with the proceeds intended partly for debt reduction.
- 2009
Crown transaction is terminated and replaced by minority investment[1]
M&A
The proposed acquisition was ended. Crown instead bought a 24.5 percent interest in Cannery and paid a termination fee.
- 2007
Crown Limited agrees to acquire Cannery Casino Resorts[1]
M&A
Australian gaming company Crown Limited agreed to acquire Cannery Casino Resorts in a proposed transaction valued at approximately $1.75 billion.
Sources1 sources
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