Summary:
- In 2012, the Western Hotel & Casino was shuttered and put up for sale, but to no avail.
- Now, the downtown Vegas property is back on the market.
- Tony Hsieh’s father, Richard Hsieh, who currently manages the estate, wants to sell it.
In 2012, The Western Hotel & Casino located on Fremont Street in downtown Las Vegas was shuttered, and a “for sale” sign was placed on it.
The attempt to seek it wasn’t successful. Now, the still shattered property has been put back on the market, four years after the passing of internet entrepreneur and venture capitalist Tony Hsieh.
The Casino, Granted a One-Day License for Slots
The 1970-built property was sold in 2004, then resold to Hsieh in 2013, following his plans to pump millions of dollars into bringing downtown Las Vegas back to life.
While the hotel was demolished a long time ago, the remains of the shuttered casino are still standing.
Richard Hsieh, Tony’s father, is currently responsible for managing the property. His estate managers revealed their plans to once again attempt to sell the venue to the Nevada Gaming Commission last week.
During the same meeting, the commission granted a one-day license for slot operations. This was necessary as a means of preserving the casino’s gaming license.
Hsieh’s estate attorney, Dara Goldsmith, explained to commission members that the property was bought as part of the rejuvenation plan aimed at the Fremont East corridor.
Her current client, Richard Hsieh, now wishes to dispose of the property. In the last year, an anonymous purchaser sent a letter of intent expressing intention to buy the casino.
However, the purchaser eventually pulled out of the deal.
“Active Interest” in the Estate
Goldsmith further spoke about the “active interest in the property” while expressing optimism toward getting the property ready for “redevelopment” and opening in the future.
The reason why the estate has been open for such a long time is because of the IRS’ routine audits on properties featuring a 40% estate tax.
The attorney explained they might be able to close the estate one year after the 706 estate-tax return would be accepted, “which would probably put us in 2027”, she added.
Goldsmith also spoke about the existence of some litigation of the property pending in Utah and Nevada.
Besides the gaming license, the city of Las Vegas tavern license also received an extension until February 2025.
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