The Nevada Gaming Commission Thursday approved the purchase of the Carson Valley Inn by Michael Pegram and members of the Carano family.
Pegram and the Caranos are also partners in Bodines, which they completely rebuilt.
Pegram told the commission they have similar plans to remodel and update the Carson Valley Inn complex. He said remodeling starts Jan. 4 with installation of new ceilings, walls and 200 new machines. The 10 tables in the pit, however, will be closed during remodeling, which will include the elimination of all but a few of the 235 coin-operated slot machines.
One restaurant will be closed as well and one of the existing bars converted to a sports bar. Pegram said during the Gaming Control Board hearing the eight-week renovation plan will reduce the total number of slot games in the casino from 590 to about 550. But he said plans are to actually increase the number of employees.
He said they purchased CVI because, "with the proper capital and management, we can turn it around."
Lawyer Bud Hicks, representing Pegram, said they will also take over operation of the Carson Valley Market, which is adjacent to CVI, and install seven slot machines there.
Pegram will own about three quarters of the stock in CVI with the Carano family holding 22.75 percent and Richard Murdock, who mediated the deal, the remaining 2.5 percent.
Pegram is a successful businessman who owns, among other things, several McDonald's franchises.
