According to Andre Carrier, COO of Eureka Casino Resort, “all went well” at a Nevada Gaming Board hearing held on Nov. 4 seeking approval for the Lee Family to sell its interest in the Eureka to the employees.
The Mesquite Local News reported earlier that the transaction in what’s called an Employee Stock Ownership Plan (ESOP) required the approval of first the Nevada Gaming Board. It will now go to the Nevada Gaming Commission for final approval Nov. 19. The change will become effective at the end of the year if the Commission also signs off on it.
Essentially, an ESOP calls for the company’s operating profits to be shared by all employees and in this case will be vested in retirement benefits. Employees will become fully vested after six years on the job.
Greg Lee will remain as the CEO and Executive Officer of the Eureka and Carrier will remain as the Chief Operating Officer under the ESOP arrangement.
The ESOP only affects the Eureka Casino Resort Hotel and no other businesses owned by the Lee family. The old Mesquite Star hotel now under renovation through the Lee’s Urban Land company will not be included nor will the Eureka Las Vegas Casino.