Anybody know what happened to the original investors of Stupak and the Stratosphere in LV? I know a man that invested a large amount in it before it was built. Later Stupak went BK. My friend never got anything for his investment. He never received a letter, phone call or even a kick in the azz. He didn't know what to do. He's dead now.
Any info would be appreciated.
In fact, he is embroiled in controversy again. He is accused of secretly bankrolling a recent Las Vegas City Council campaign. The candidate, now a member of the City Council, and her ties to Stupak are currently the subject of a Grand Jury investigasiton. Indictments are expected soon.
expansion/re-construction of Bob Stupak's Vegas World casino. Bob Stupak brought in Lyle Berman's Grand Casino company as a partner when cost overruns and construction delays tapped him out while constructing the tower. Grand Casinos ran it for a while (and offered very good games) but the crowds didn't come. It went bankrupt and Carl Ichan, a major bondholder, bought up the crumbs for pennies on the dollar.
Existing stockholders got virtually nothing. Lyle Berman was forced to sell his Grand Casino company to Park Place Entertainment. (LB's steakhouse at the Grand Casino's still feature Lyle's initials). Lyle still runs Lakes Gaming which manages native american casinos including the Grand Casino Coushatta in Kinder LA.
There is a book on the Stratosphere debacle called "No Limit: The Rise and fall of Bob Stupak and his Stratosphere Tower"
As an aside, Bob Stupak was a marketing genius and inventor, among many things, of Crapless Craps, Double Exposure Blackjack, and Experto Single Deck 21.
Thanks for the info. I'm still wondering though, where all this leaves all those original investors. The man that I know who made a substantial investment, has only been recognized by them having his name inscribed on a marble type surface wall at the entrance of the tower.
Maybe it's too late for his family to collect anything. I don't really know where to begin to look.
investments became worthless in the bankruptcy proceedings. I have no idea with whom you could check....perhaps you need to contact a good bankruptcy lawyer in Las Vegas who can do some research for you...you might even get a reasonable answer by calling up the corporate office of the company that now owns the Stratopshere and someone there in investor relations may be able to give you an answer for free.
> Existing stockholders got virtually nothing. Lyle Berman was forced to sell his Grand Casino company to Park Place Entertainment. (LB's steakhouse at the Grand Casino's still feature Lyle's initials). Lyle still runs Lakes Gaming which manages native american casinos including the Grand Casino Coushatta in Kinder LA. <
No, he wasn't forced to sell for that reason. He got out of that mess pretty clean, except for relatively small payments to some GRND (before it became GND) shareholders who sued.
The Grand casinos were sold because the cost of money was too high to allow them to both compete and make money. PPE (now CZR) got the 3 Grand Casinos in Mississippi, while the new Lakes Entertainment (LACO) had some Indian casino management contracts, all of which have now either been expired or bought out by the tribes.
The only REAL business LACO is in now is that it owns and produces the World Poker Tour TV program. They do have a couple of contracts with Indian tribes (a couple in CA and one in MI) but these projects are mired in litigation and regulatory fights; so may never open.
LVB,
I thought I read where Nicole Stupak (daughter) was attempting to run for a seat, but blew it. Was wondering if you were referring to her? Is she still around or out of the country?
She ran for City Council in the early 1990's and was defeated. She was living in Australia for awhile. I have not heard anything about her for several years.
Nevada Stupak is a host at the Hard Rock.
Math Boy
but i think the marble plaques you mention, were the only thing some investors ever got from their investments. I may be totally wrong ( somebody please correct me if I am) but the way the plaques were sold made it seemed like you were investing in the tower when in actual fact you were only investing in a plaque.
