The Navegante Group. Casino Resort Development & Management

CARSON CITY, Nev. (AP) - Licensing for a new Reno Hilton manager was recommended Wednesday by Nevada casino regulators after they got updated reports on financing for the $151 million sale of the property by Harrah's Entertainment Inc. The board's endorsement, now going to its parent state Gaming Commission for a final vote on June 22, had been delayed in January because of concerns that Grand Sierra Resort Corp., purchaser of the Reno Hilton, didn't have fully secured financing. Board members were told Wednesday that the financing now is solid and the deal for the nearly 2,000-room resort should close a day or two before the Gaming Commission meeting.

Control Board Chairman Dennis Neilander said he supported the application of Larry Woolf as the manager of the property even though the financing arrangements weren't complete. He added those arrangements have "come a long ways" since the start of the year.

Woolf is chairman and chief executive officer of the Navegante Group and owner of the Casino Fandango in Carson City. Thomas Schrade, president of Grand Sierra Resort Corp., said after the meeting that first-phase plans for the resort will include about $140 million in renovations, in addition to the purchase price. A big water park will add another $60 million to the costs, he added.

Schrade also said residential condominiums are being sold on the top 11 floors of the 27-story Hilton tower, and additional condo towers are being planned. He added that 280 condos already have been sold, and the sales of another 80 are pending.

Schrade also said another 2,200 residential to 3,000 residential units could be built on 145 acres located between U.S. 395 and the Truckee River, just south of Interstate 80 in Reno.

In other action, the Control Board recommended licensing of Jeffery Jacobs, head of Jacobs Entertainment Inc., at the Best Western Pinon Plaza resort in Carson City. Jacobs, who bought the property from Clark Russell for $14.5 million, said it will get a new "brand" as a Gold Dust West resort. He also owns the Gold Dust West Casino in Reno, and is developing another casino in Elko.

Jacobs said he plans to spend up to $7 million upgrading the Carson City property. He also said he intends to keep the more than 300 employees at the Pinon Plaza. He's buying the buildings on the property and leasing the land from Russell.