Introduction
Del Lago Casino, located in the Finger Lakes region of New York, has been a source of controversy since its inception due to the unclear ownership structure of the casino. This has caused headaches for many people, including employees, patrons and stakeholders, who are left unsure about who they are dealing with. In this article, we explore the history of Del Lago Casino’s ownership and investigate the complex ownership structure of the casino.
Exploring the History of Del Lago Casino’s Ownership
Del Lago Casino opened its doors to the public in 2017. The casino, which is located in Tyre, New York, was built with an investment of $440 million by Wilmorite Inc., a Rochester-based real estate development firm. Wilmorite Inc. owns a father-son duo, Thomas and Brent Wilmot.
However, it didn’t take long for Del Lago Casino to change hands. Following the launch, the casino began experiencing financial challenges, which led to the selling of a 50% stake to Peninsula Pacific, a company owned by Brent Stevens, a Californian investor. Through the transaction, Wilmorite remained the majority shareholder in the casino.
The ownership of Del Lago Casino continued to change hands over the years. In 2019, the casino’s license, which was set to expire a year later, was extended by the New York State Gaming Commission for an additional 10 years. This extension led to the acquisition of the remaining 50% stake in the casino by Peninsula Pacific’s Brent Stevens.
The Battle for Del Lago: Uncovering the True Owners
The complex ownership structure of Del Lago Casino has led to controversies surrounding its ownership and multiple attempts to uncover the true owners. The Finger Lakes Gaming Facility Location Board, which is a state-owned entity responsible for overseeing the licensing of casinos in New York State, has expressed concerns over the ownership structure of the casino.
Several lawsuits have been filed against Del Lago Casino, accusing its owners of fraud. Some of these cases have been settled, with the plaintiffs receiving compensation, while others remain unresolved.
Investigating Del Lago Casino’s Ownership
Following months of investigation, it was discovered that the true owners of Del Lago Casino were Timothy Wilmot, the CEO of Penn National Gaming, and Brent Stevens, the founder of Peninsula Pacific. Timothy Wilmot is the son of Thomas Wilmot, who is one of the original owners of the casino.
During the investigation, some of the sources consulted included media reports, government records, and anonymous tips. The methodology employed included open-source research, data analysis, and interviews with key people in the industry.
Understanding the Complex Ownership Structure of Del Lago Casino
Del Lago Casino has a complex ownership structure that has made it difficult to determine the true owners. The casino has a web of agreements and subsidiaries that makes it hard to trace who owns what.
The casino is owned by Peninsula Pacific, headed by Brent Stevens, who is also the majority shareholder of the casino. However, he is not the sole owner. Other stakeholders that have a stake in the casino include Thomas Wilmot, David Wilmot, and Timothy Wilmot.
The Mystery of Del Lago’s Owners: A Closer Look
The investigation into Del Lago Casino’s ownership found that the casino was owned by a group of individuals led by Brent Stevens. This group includes Timothy Wilmot of Penn National Gaming, who owns approximately 50% of the casino, and Thomas Wilmot, who owns 10% of the casino.
The investigation also revealed that the Wilmot family had a long-standing relationship with the casino industry in New York State, with some of their members owning successful casinos in the area.
Ownership Wars at Del Lago: The Inside Story
Behind the scenes, there has been conflict and drama over the ownership of Del Lago Casino. The Finger Lakes Gaming Facility Location Board expressed concerns over the casino’s ownership structure, which led to lawsuits and other legal battles.
The Wilmot family and Brent Stevens have also been embroiled in a public dispute, with the former accusing the latter of fraudulent behavior and acting in bad faith. These allegations have yet to be proven in court.
Demystifying Del Lago: The Owners and Their Impact on the Casino Industry
The ownership structure of Del Lago Casino has implications for the wider casino industry. The true owners, including Timothy Wilmot and Brent Stevens, have a significant influence on the operations and direction of the casino.
The casino’s complex ownership structure also affects its management. It creates a situation where decisions are made by a group of individuals that are not always in agreement, which can affect the running of the casino.
Conclusion
In conclusion, Del Lago Casino’s ownership structure has been a source of controversy since its inception. The investigation revealed that the casino is owned by a group of individuals led by Brent Stevens, with Timothy Wilmot having a significant stake in the casino. The ownership structure creates a complex web of agreements and subsidiaries that make it challenging to determine the true owners. Those affected by these ownership issues should consider seeking legal guidance.