Saturday, August 19, 2006

Jeffrey Fine, a local real estate investor and chairman of Fine Concepts,
which owns 13 Coffee Bean & Tea Leaf franchises here, seems ready to try his
hand at a new career -- casino management. State investigators are wrapping
up background checks in preparation for hearings on Fine's applications for
licenses to run the Opera House Saloon and Casino and the Silver Nugget in
North Las Vegas. Nevada Gaming Control Board Chairman Dennis Neilander said
he expects the applications to be considered at the board's November
hearing. Neilander has had no meetings so far with Fine, who is also
licensed as a shareholder at Barley's Casino & Brewing Co.
Insiders said licensing is likely, however, given that Fine already has been
cleared by state regulators.

Rumors have circulated for months that Fine, son of local developer Mark
Fine, had contracts to buy both gaming-qualified properties as well as an
adjoining 7.5-acre recreational vehicle park.

Together, the three parcels cover 20 acres along North Las Vegas Boulevard.

Fine has declined to comment on any plans he may have for the properties and
said he was in Israel this week and unable to comment until he returns.

However, Opera House General Manager Joe Guzzo said he understands Fine
plans to remodel the Silver Nugget and triple its size.

Otherwise, Guzzo said he has not heard that Fine has any plans to upgrade or
expand the Opera House.

Silver Nugget General Manager Jeff Southwick did not return phone calls
about plans for the property.

Jeremy Aguero, a principle in Las Vegas based-financial consultants Applied
Analysis, said any such gaming-entitled parcels are potentially very
lucrative, whatever the development plans.

"I don't know how you can go wrong in Southern Nevada as long as he's paying
a decent multiple for the property," he said. "We're going to have 3 million
people here in the next 15 years. He (should) be able to throw off cash flow
and make money.

"The fact is we're not issuing any more licenses and it's one of the few
approved properties."

However, University of Nevada, Las Vegas professor Bill Thompson, who
specializes in gaming studies, was decidedly downbeat about prospects for
the project.

"It's a lousy location in terms of perception. Maybe he's going to spruce it
up, but it doesn't have the demographics for a good locals casino," he said.
"It's in an incredibly poor area. He could fill it up, but no one who lives
anywhere else in Las Vegas would drive over there."

North Las Vegas Mayor Michael Montandon and Economic Development Director
Mike Majewski did not return phone calls about the project.

Fine initially applied for his new gaming licenses in March and incorporated
Silver Nugget Holdings in May, according to state records.

Besides the sale of the two North Las Vegas casinos, G.C. Investments in May
paid $4.3 million for the undeveloped land behind the Silver Nugget, which
is zoned for office use.

G.C. Holdings is headed by Las Vegas Sun Publisher Brian Greenspun, Fine's
uncle.

Fine's father, who is chairman of Mark L. Fine & Associates, was involved in
the early development of Summerlin and Green Valley. He was also president
of American Nevada Corp., the Greenspun family's development arm.

Greenspun, a director of American Nevada, has an ownership interest in
Barley's and in Green Valley Ranch Resort and Spa, which is owned in
partnership with and operated by Station Casinos.