60°F
weather icon Mostly Cloudy

Las Vegas billionaire sues conservative media outlet over $20M loan

Updated April 28, 2018 - 5:48 pm

Cary Katz, a Las Vegas billionaire and one of the state’s largest Republican political donors, has sued an arm of Conservative Review over a $20 million loan.

Katz filed the lawsuit against CRTV LLC on April 20 in District Court.

According to the complaint, CRTV borrowed more than $20 million from Katz, an owner of the media company, during the past year and a half.

Katz is most widely known for playing in some of the world’s richest poker tournaments.

The lawsuit alleges that CRTV, through manager Elizabeth Wood, agreed in July to repay a principal sum of $10 million, along with 5 percent annual interest. It claims Wood executed a second promissory note in January with the same terms.

Attorney Jeffery Bendavid, who represents Katz, would not comment on the litigation.

This month Katz issued “a written demand for payment,” and the company “informed Mr. Katz that it would not be able to perform its obligation,” according to the complaint.

Wood could not be reached for comment.

In 2016, the Las Vegas Review-Journal reported that Katz was among 10 donors who had given roughly $200,000 or more to congressional and presidential campaigns.

An investor who founded the College Loan Corporation, Katz had donated $483,073 to a variety of causes, including congressional and Senate candidates outside Nevada. In the state, he contributed less than $8,000, while the bulk of his giving — $305,300 — went to political action committees.

A story on Salon.com last year called Katz “one of the most significant Republican donors in the country.”

CRTV’s website touts material that is “ad-free, censor-free” and “100% free of anti-American propaganda.” Its shows include “In the Woods with Phil,” hosted by Phil Robertson of “Duck Dynasty” fame, “Allie Stuckey The Conservative Millennial” and “Get off My Lawn with Gavin McInnes.”

Contact David Ferrara at dferrara@reviewjournal.com or 702-380-1039. Follow @randompoker on Twitter.

Don't miss the big stories. Like us on Facebook.
THE LATEST