Investor Withdrawal Dooms Poker Club
An investor whose application to the city of Gardena to buy the Horseshoe Club had run into problems with both the city and state attorney general’s office withdrew the application this week, signaling the demise of the city’s oldest poker club.
Herbert Stern, the former president of the Commerce Casino, asked city officials Tuesday to withdraw his application for a transfer of an operating license issued by the city.
Stern and a partner, Los Angeles attorney Leonard Baum, had proposed paying $4 million for the club if the transfer of a city operating license had been approved.
Stern declined Thursday to discuss why he requested the withdrawal.
Horseshoe General Partner Milton Corwin said the 40-year-old club, on a 4.4-acre site at Rosecrans and Vermont avenues, was up for sale as commercial real estate.
The club had about 75 to 100 employees when it closed May 23, down from a normal work force of about 250.
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