The Primm family and Terrible’s have struck a partnership to save the struggling casino resorts in Primm, Nevada, just weeks before their scheduled closure. The deal, announced Tuesday, allows Las Vegas-based Terrible’s to operate the properties, preserving hundreds of jobs and reviving the once-thriving gambling destination.
Core Facts & Immediate Action
The Primm family, owners of the land including three casino resorts along the 15 Freeway, partnered with Terrible’s to prevent the closure of Primm Valley Casino Resorts, which was set to shut down on July 4. The agreement saves 344 jobs and allows Terrible’s to operate the properties, including Whiskey Pete’s and Primm Valley Resort & Casino. The deal follows Affinity Gaming’s announcement of the closure, which would have left Primm as a ghost town.
Deeper Dive & Context
Background of the Deal
The Primm family, led by Cory Clemetson, grandson of founder Ernie Primm, sought a partner to revive the properties after Affinity Gaming, owned by private equity firm Z Capital Partners, announced the closure. Terrible’s, known for its gas stations and convenience stores, sees the partnership as an opportunity to preserve Primm’s legacy while investing in its future. Tim Herbst, president of Terrible’s, emphasized the company’s commitment to growth and tourism in the region.
Economic and Historical Significance
Primm, once a popular alternative to Las Vegas, has faced declining fortunes in recent years. The closure of its last casino would have dealt a severe blow to the local economy. The new deal marks a return for Terrible’s, which previously owned the properties before Z Capital Partners took over in 2010 following Herbst Gaming’s bankruptcy. The partnership aims to restore Primm’s status as a key destination for travelers between California and Nevada.
Reactions and Implications
The Primm family expressed relief at securing a qualified partner, while Terrible’s highlighted the potential for future growth. The deal avoids mass layoffs and ensures the continued operation of the casinos, which have been a staple for decades. The agreement also reflects a shift in ownership dynamics in southern Nevada’s gaming industry, with private equity firms playing a significant role in recent years.