The parent company of Atlantis Casino Resort has offered $27 million in cash to buy a shopping center next door.
The company that owns the Sierra Marketplace Shopping Center is controlled by members of the Farahi family, who also control Monarch Casino & Resort Inc., the publicly held parent company of the Atlantis.
But filings with the Securities and Exchange Commission show family members are locked in a dispute about the shopping center company.
The 19-acre center is owned by Biggest Little Investments L.P., a limited partnership managed by Ben Farahi. He was chief financial officer and a director of Monarch until he resigned in May.
Along with his role as manager of the partnership, Ben Farahi also owns a one-third interest in a company, Western Real Estate Investments LLC, that holds a 50.8 percent share in Biggest Little Investments.
The other two-thirds of Western Real Estate Investments is owned by Farahi's brothers, John and Bob Farahi. They also are the co-chairmen of Monarch's board.
In a filing with the SEC, Biggest Little Investments said Ben Farahi in June sought to dissolve Western Real Estate. His brothers disputed that move.
In its own filing with the SEC, Monarch said the price of its bid for the shopping center was set by its independent directors.
The center at the southeast corner of Moana Lane and South Virginia Street was anchored by now-vacant Smith's grocery store.
Monarch, which is debt-free, had $18 million in cash on its books and had $24 million available through its credit lines as of June 30.
The company's net revenues during the second quarter were up 7.7 percent over year-earlier figures, but its net income fell to $4.8 million from $5.2 million a year earlier.
Monarch said its earnings were hit by a one-time charge of $1.2 million associated with the accelerated vesting of options for Ben Farahi when he resigned.
The company's stock was trading at $19.36 last week, off from its 52-week highs of nearly $33 set last spring.
