The LVH-Las Vegas Hotel & Casino, once called the Las Vegas Hilton, is on the way to ending its unusual split operation.
Attorneys for lender Goldman Sachs Mortgage Co. and majority owner Colony Capital have tentatively agreed to have veteran gaming manager Ronald P. Johnson take charge of the entire operation. He has overseen everything but the casino since his Dec. 13 appointment as receiver by Clark County District Court Judge Elizabeth Gonzalez.
The idea is that Johnson will maintain operations in the near-term, including paying suppliers on time and avoiding layoffs. The deal will go into effect once Gonzalez has signed the agreement.
The Nevada Gaming Commission separately approved his gaming license application last month.
Goldman Sachs is to take control of the off-Strip resort through foreclosure later this month. However, Colony had worried that Johnson’s gaming license could be effected even though it has been frozen out of decision-making. To get around that problem, Gonzalez kept Colony in charge of the casino, dividing it from the rest of the hotel in an arrangement unusual in the industry.