Park Family, Edgewood parting ways
October 25, 2013
The second largest property owners in Douglas County, Edgewood Companies and the Park Family, are dividing up their assets in preparation to form two separate companies.
Listed as Park Cattle Co. by the Douglas County Assessor's Office, Edgewood Companies is second only to Caesar's Entertainment in assessed value as of Sept. 30. The entire company's property holdings is valued at $32.95 million.
Under the agreement, the Parks will own the ranch operations and other assets in Carson Valley, along with the Horizon Casino, which they plan to operate, Edgewood's Bryan Davis said Friday.
Edgewood will own Edgewood Tahoe Golf Course, the MontBleu Resort Casino & Spa, Harveys parking garage, Friday's Station and the Edgewood Water Co. at Lake Tahoe, along with real estate investment properties in Colorado, Georgia and North Carolina.
The change will allow the Parks to focus on their ranching operation.
"We'll just keep our focus on agriculture," David Park said. "That's our heritage. We're ranchers at heart."
Park said people who work for the companies will see very little difference in the near future.
"For the moment, our operations will continue at the status quo," he said.
Park said the split was the result in the desire of stockholders to go different directions.
"It was a matter of different business philosophies," Park said. "This allows each of us to pursue our endeavors as we see fit."
Father Bruce Park, David, Jon, Tonya, Stacy and Katie make up the core of the Park Family.
The Blach, Lourdeaux, Kelly and Seeliger branches of the family would continue with Edgewood, Davis said.
"Either way this was going to happen, the tourism part was going to get better," he said. "Operations are going to be improved … long-term business is what they're looking at, and that should be much better for tourism."
The Park family plans to operate the Carson Valley ranch property with a focus on agriculture, and invest in the 539-room Horizon Casino property in South Lake Tahoe. The completion of the proposed split-off transaction is contingent on receipt of approval from Nevada gaming authorities.
The family plans to invest in the Horizon Casino property to ensure its success as a lodging, gaming and resort destination, and expects to release more information in the future regarding their holdings at the appropriate time.
"We think it's a good move for all parties involved," Davis said. "They're especially happy with the ranch land in the valley, and we're equally excited to move forward with Edgewood Lodge. We'll be announcing the timelines (for the lodge) within the next couple months."
Edgewood Lodge is a 150-room hotel that Edgewood plans to build on the golf course property.
"Edgewood Companies will continue to work with the South Shore residents, community leaders, and other stakeholders to help revitalize the Lake Tahoe tourism market and protect Lake Tahoe's environment. In connection with these objectives, we are excited about our upcoming plans to develop a luxury resort on the grounds of Edgewood Tahoe Golf Course, including the addition of a new hotel, residence club, and unprecedented water quality improvements," Chuck Scharer, president and CEO of Edgewood Companies, stated in a press release.
The transaction is subject to approval by the Nevada gaming control board.
The family has owned land in Carson Valley since 1872 and at Lake Tahoe in 1898.
Tahoe Daily Tribune Editor Trisha Leonard contributed to this report.
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