Who owned the Maxim? How long was it in business? Fond memories.
We received a number of questions, such as this one, off our QoD on the Boardwalk.
The Maxim opened in 1977 on E. Flamingo Road a long couple of blocks from the Strip on the northwest corner of Koval Lane. It cost $25 million to build and it was owned by a large group of Nevada investors, including the principals in Reno's Club Cal Neva. It took them four years to flip the place; in 1981, they sold it to a 37-year-old millionaire farmer from the Sacramento area, John Anderson (who later went on to acquire a majority share of the Dunes; he also owned the Station House in Tonopah for a while).
The Maxim did well for most of the decade, but went into a slow decline in the '90s, as bigger and better mousetraps opened up and down the Strip. Eventually, Anderson put the Maxim into bankruptcy, but got into a bit of trouble with the Gaming Control Board for siphoning off more than $1 million in cash and stock during the tangled subsequent proceedings. He eventually had to return most of that money.
In 1998, the Maxim's mortgage holder foreclosed on the property, then bought it out for $15 million.
The period between 1998 and 2002 saw another foreclosure, receivership, financial disputes, and ownership changes, with the Maxim shutting down in August 2001. Then the property was bought by a private Kentucky-based hotel company, Columbia Sussex, for $38 million. Columbia Sussex sunk nearly $100 million into a renovation and upgrades and reopened the property in 2003 as the Westin Casuarina, the first Westin in Nevada and the first to house a casino.
The Westin percolated along till early 2010, though by then it was bleeding enough red ink that Columbia Sussex stopped making payments on the $160 million mortgage and once again, the property was foreclosed, went into receivership, and was renamed the Westin Las Vegas. The casino shrunk and shrunk and finally closed for good in 2017 and the non-casino hotel was sold in 2018 for $200 million to Highgate Hotels, which has nearly 90,000 rooms in its portfolio.
As for fond memories, we have a few, but none worth mentioning. How about y'all? What can you tell us about your experiences at the Maxim (and Westin)?
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steve crouse
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Fumb Duck
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Kevin Lewis
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rokgpsman
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VegasVic
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Brent
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Sandra Ritter
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Lotel
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Lea Wozniak
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VegasVic
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Roy Furukawa
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O2bnVegas
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Bill Schroeder
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Alan Canellis
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Teeye
Jun-17-2022
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gaattc2001
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Doozey
Jun-22-2022
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Michael Johnston
Jun-23-2022
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