Concord Casino owner seeks another extension after former buyer withdraws, new offer comes in lower

Laurie and Andy Sanborn own The Draft Sports Bar and Grill and Concord Casino located on South Main Street in Concord.

Laurie and Andy Sanborn own The Draft Sports Bar and Grill and Concord Casino located on South Main Street in Concord. File

By SRUTHI GOPALAKRISHNAN

Monitor staff

Published: 09-10-2024 9:59 AM

Andy Sanborn’s attorneys are requesting another extension to close the sale of the Concord Casino. This time, the deal hit a snag as the buyer, who seemed ready to seal the agreement, unexpectedly pulled out.

The original deadline to sell Sanborn’s casino on South Main Street was set for June 27 but was later extended to Sept. 30. Now, Sanborn’s attorneys are requesting an additional 15 to 40 days to provide a cushion for finalizing the sale.

“I think we’ve made it clear routinely, this really is sort of like a life event thing for the way our client sees it,” said Adam Katz, one of Sanborn’s attorneys at the administrative hearing on Tuesday morning. “I actually think it’s pretty critical for the public interest side as well.”

A December ruling ordered Concord Casino to be shut down and sold after it was discovered that Sanborn had reportedly fraudulently applied for and misused $844,00 in pandemic relief funds intended for struggling small businesses.

At the same time, Sanborn has filed a case against the New Hampshire Attorney General at Merrimack Superior Court. Details of the case remain unknown, as most of the documents are sealed.

During one hearing, Mark Dell’Orfano, a lawyer representing the New Hampshire Lottery’s Investigation and Compliance Division through the Attorney General’s office, mentioned that the commission had informed him “there was a $30 million deal on the table” from a prospective buyer. However, the offer Sanborn ends up receiving could be much lower.

“The buyer had made a much lower offer, frankly, than the lead candidate offer,” said Katz. ” So again, our client is sort of walking away with less.”

Sanborn has signed a 75-page merger agreement with an alternative buyer, and his attorneys stated that unless the deal falls through due to unforeseen circumstances or the Attorney General’s Office or Lottery Commission deems the buyer unsuitable, they will not seek another buyer, even if a better offer comes along.

Article continues after...

Yesterday's Most Read Articles

In January, Sanborn’s application to renew his game operator license was denied, and his subsequent request for a hearing was also turned down. If Sanborn does not sell the Concord Casino by the deadline, his license will be revoked for two years.

“It is in the interest of justice and equity that we call for an extension,” said Katz.

Hearings officer Gregory Albert said that once the state responds to Sanborn’s extension request, he will review the documents and schedule a hearing for Sept. 19 to determine if the extension is feasible.

Judge Albert stressed the gravity of the situation, noting that the decision is “do or die for the business.”

As Sanborn edges closer to finalizing the sale of Concord Casino — the only locally owned casino in New Hampshire — the mudslinging between the attorneys continues.

Zach Hafer and Adam Katz, representing Sanborn and his business, WIN WIN WIN LLC, have accused the Attorney General’s office and the state’s Lottery Commission of deliberately stalling the sale by failing to respond promptly to requests for clarification on sale details and other expectations.

But Dell’Orfano disagreed.

“There continues to be this false narrative out there that the respondents pushing that the state and the Attorney General’s office have taken steps to somehow delay them or slow them down in their sales process,” he said “Nothing could be farther from the truth.”

Sruthi Gopalakrishnan can be reached at sgopalakrishnan@cmonitor.com