Introduction
Commerce Casino, located in the city of Commerce in Los Angeles County, is one of the most popular gambling destinations in Southern California. The casino, which is the largest cardroom in the world, has been open since 1983 and has since become an iconic establishment in the LA scene. However, the ownership of this casino has been a topic of great interest and controversy over the years. This article aims to explore the history of Commerce Casino’s ownership and reveal the individuals and entities that are currently involved in its operation.
Exploring the Ownership of Commerce Casino: Behind the Scenes of LA’s Iconic Casino
Commerce Casino was founded in 1983 by the current owners, the Carden family. However, the family has not always been solely in charge of the casino’s management and ownership. In 1986, the Cardens sold a portion of their shares to Larry Flynt, a controversial figure who was the owner of the Hustler Casino in Gardena. The partnership between the two card clubs was short-lived, and by 1990, Flynt had sold his shares in Commerce Casino back to the Carden family.
In 2001, the Carden family sold a 60% stake in Commerce Casino to Los Angeles-based investment group, Maruki LLC. The remaining 40% of the casino remained under the control of the Cardens. Despite this change in ownership, the Carden family continued to manage the day-to-day operations of the casino.
Unveiling the Mystery: Who Really Owns Commerce Casino?
The ownership of Commerce Casino is a complex web of different entities. Maruki LLC, the investment group that acquired a majority share of the casino in 2001, is comprised of various members, including Harlan Levine, Michael Kim, and Haig Kelegian Jr. These individuals are also involved in other business ventures, including real estate and finance. It is not clear who the remaining shareholders of Maruki LLC are.
Furthermore, Commerce Casino is also affiliated with the Crowne Plaza Hotel, which is located adjacent to the casino. The hotel was purchased by Commerce Casino in 2001, shortly after the Maruki LLC acquisition. However, the hotel is a separate entity and is not considered to be part of the ownership of the casino itself.
Despite attempts to uncover the full ownership structure of Commerce Casino, there remains a level of mystery surrounding who exactly owns the establishment. Some speculate that there may be other investors involved who have remained undisclosed.
The Power Players Behind LA’s Famous Commerce Casino
The Carden family has played a significant role in the history of Commerce Casino. The family patriarch, Haig Kelegian Sr., is credited with founding the casino and building it into the successful establishment that it is today. Haig Kelegian Jr. is currently the CEO of Commerce Casino and has been involved in the management of the casino since its inception.
Other key players in the ownership and operation of Commerce Casino include Harlan Levine, who is the President of Maruki LLC and has been involved in the management of the casino since the group’s acquisition in 2001. Michael Kim is also a member of Maruki LLC and serves as the CFO of Commerce Casino.
Commerce Casino: A Family Affair or Corporate Powerhouse?
While Commerce Casino was founded and initially managed by the Carden family, the involvement of outside investors and the acquisition of a majority share by Maruki LLC has led some to question whether the casino is still a family-owned operation or has become more of a corporate powerhouse.
Despite the change in ownership, the Carden family has remained involved in the management of the casino. Haig Kelegian Jr. continues to serve as CEO, and other family members hold key positions in the organization. However, the influence of Maruki LLC in the operation and decision-making of the casino cannot be ignored.
Follow the Money: Tracing the Ownership of Commerce Casino
Commerce Casino is a lucrative business, with revenue reaching over $300 million annually. The acquisition of a 60% stake in the casino by Maruki LLC in 2001 was reportedly valued at over $62 million. The profits of Commerce Casino are split between the Carden family and Maruki LLC, with the family retaining control of the remaining 40% of the casino.
It is unclear what other investments or stakeholders are involved in Commerce Casino. However, the casino’s financial success and high profile have undoubtedly made it an attractive investment opportunity for many.
Conclusion
While the ownership of Commerce Casino may be a mystery to some, one thing is clear – this world-renowned establishment has a complex history and is currently owned by a varied group of individuals and entities. The Carden family and Maruki LLC both play significant roles in the management and operation of the casino, and its financial success has undoubtedly attracted the attention of investors and stakeholders.
For those interested in the ownership of Commerce Casino, it is worth exploring the history of the establishment and the different players involved in its operation. As the LA gambling scene continues to evolve, it will be interesting to see how the ownership of Commerce Casino develops in the years to come.