The Stardust Resort and Casino
As soon as Cornero recovered from his wounds, he returned to Vegas to build a new hotel and casino, the Stardust Resort & Casino. He bought a 40-acre (16 ha) piece of land on the Las Vegas Strip and filed an application with the United States Securities and Exchange Commission (SEC) to sell stock in the hotel corporation. When the stock was issued, Cornero bought 65,000 shares for 10 cents apiece, giving him majority control of the corporation at 51% of all stock. Cornero then sold the remaining shares. Finally, he applied to the Nevada Gaming Commission for his gaming license and was turned down. The Commission rejected Cornero's application because of an old bootlegging conviction and the trouble that Cornero was having with the SEC. This rejection meant Cornero had invested his money in a half-built casino that he was not allowed to operate.
Not to be stopped, Cornero came up with a new plan. He asked his friend Milton B. "Farmer" Page, another Las Vegas casino owner, to take over the project. Page agreed on the condition that he be able to run it. In 1955, Cornero made the first of several presentations seeking loans from Moe Dalitz, owner of the Desert Inn hotel and casino, and Dalitz' partner, New York mobster Meyer Lansky. Dalitz decided to initially loan Cornero $1.25 million. This loan was followed by a second and third loans, with Cornero using the unfinished Stardust Hotel as loan collateral. Loans with United Hotels were then nearly $4.3 million. Despite these cash infusions, Cornero ran out of money again as the hotel construction was finishing.
Read more about this topic: Anthony Cornero
Famous quotes containing the words stardust and/or resort:
“My stardust melody, the memory of love’s refrain.”
—Mitchell Parish (1901–1993)
“Before I finally went into winter quarters in November, I used to resort to the north- east side of Walden, which the sun, reflected from the pitch pine woods and the stony shore, made the fireside of the pond; it is so much pleasanter and wholesomer to be warmed by the sun while you can be, than by an artificial fire. I thus warmed myself by the still glowing embers which the summer, like a departed hunter, had left.”
—Henry David Thoreau (1817–1862)