BALTIMORE, MD—St. John Properties, known for its conservative investment philosophy, has recently entered the volatile gaming industry, which at least on the East Coast, is in the throes of a shakeout.
The locally-based company has recently hired a Nevada-based casino executive to manage day-to-day operations and last month promoted Vice President Christina M. Berzins to run the new unit as a partner, according to the Baltimore Sun. The company currently has investments in The Reserve Casino and Hotel in Central City, CO and Boomtown Casino and Hotel in Reno, NV.
Berzins says the company's gaming division's approach is to "find the right project, buy it right, add value and grow your customer base."
As Atlantic City faces the possible closure of three additional casinos this fall, St. John Properties says that while it may develop a new casino, its main focus is to buying distressed casino properties.
Edward St. John, founder and chairman of St. John Properties, says, "We'll be looking at casinos we like that are on the verge of bankruptcy or in bankruptcy, and turning them around and making money." See story in the Baltimore Sun.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
