And Louis Sarantos decided to move the card room from the Clovis Avenue site to the current site on Shaw. Louis Sarantos sought to buy his brother’s 50% share.
In 1974, Louis and George Sarantos bought the club from their parents and formed a partnership. The Sarantos family began renting the 500 Club building at 500 Clovis Avenue in 1953. Let’s start with a bit of history based on documents on the city’s website. The council also had before it considerable data providing context to what in essence is a time-worn gamble that has gone by the cliché: A bird in the hand is worth two in the bush. The fee schedule calls for the city to get 6.25 percent in Year One, 8 percent in Year Two and 10 percent annually thereafter. The current agreement, signed last year, is based on a percentage of the 500 Club’s revenues. That would work out to be $660,000 annually. K & M offered to pay City Hall a flat fee of $2,750 per table per month. The council earlier this month considered a proposed amendment to its licensing deal with K & M Casinos, Inc., owner of the 500 Club, a 20-table card room on Shaw Avenue. The clock is now ticking on whether the council made the right decision. The Clovis City Council decided a sure thing is the best bet when it comes to negotiating with owners of the city’s only card room.Ī proposed tweak to the licensing fee was on the table.
