Friday, January 02, 2009

Heirs of Chicago-based American Invsco founder helped bankroll casino ... are they at it again?

Three of Chicago-based Nicholas S. Gouletas’ daughters were among the original investors in
Atwater Entertainment Associates LLC (AEA), the entity that pushed to legalize gaming in Detroit during the mid-1990s and then eventually morphed into MotorCity Casino which opened its doors in 1999 with financing from, and under the management control of, Las Vegas-based Mandalay Resort Group (Circus Circus).

A Web site which lists the names of AEA investors includes the names of Andrea Desiree Gouletas (born Oct. 1969); Deanna Eileen Gouletas (born Oct. 1960) and Victoria Michelle Gouletas (born May 1974). They are three of Nicholas Gouletas’ six children.

AEA was formed in 1995 by Detroiter Herb Strather and a partner Nellie Varner to syndicate financial interest and raise capital needed to advance their local casino plans. At that time, the Gouletas sisters’ ages would have ranged from about 21 – 35 years old.

Crain's Detroit indicates that many AEA investors were also investors in AtMashpee, LLC, another casino syndication organized by Strather to raise the money he needed to bankroll the Mashpee Wampanoag Indian tribe's effort win federal recognition and build a casino resort on Cape Cod. That tribe’s former chairman has been under federal investigation and has agreed to plea guilty to federal campaign contribution violations and charges of fraud. AtMashpee enabled his wrong doing by dumping $4 million into a hidden fund.

It’s not clear if the Gouletas family is helping to bankroll that plan for a large scale Massachusetts casino resort.

As owners of American Invsco, the Gouletas family carries one of the most highly recognizable names in Chicago real estate. Siblings Nicholas S. "Nick" Gouletas, Evangeline “Engie” Gouletas and Vincent Goulet (he changed his last name) established American Invsco four decades ago (1969).

Today, the privately held real estate conglomerate is one of the leading developers of condominiums in the U.S. Nicholas is chairman and CEO of American Invsco and his son Steven is president. The Gouletas were pioneers in the business of condo conversions and the development of luxury hi-rise residential buildings. It is reported that American Invsco has developed and marketed over 45,000 condominiums in more than 40 cities across the U.S. with property values in excess of $4 billion.

In 1981, while attending Ronald Reagan’s 1st Inauguration, Engie Gouletas met then-New York Governor Hugh L. Carey, a widower; and they were married less than four months later. In 1998, she left American Invsco and formed Skyline Equities Realty LLC in part because of a long running feud with her brother Nicholas.

As one of the largest condo developers in the U.S., American Invsco and its affiliates haven’t been without controversy throughout the years.

Most recently, the Las Vegas Review Journal has reported on a class-action lawsuit being brought by those who purchased units in an American Invsco project known as The Meridian, located at 250 E. Flamingo Road, just one block from the famed Las Vegas Strip.

Curiously, a 10.17.08 Review Journal article indicates that Meridian Private Residence CH LLC, a so-called “affiliate" of an unrevealed Detroit-based venture capital fund, had been quietly bankrolling the start-up of American Invsco’s Meridian property.

No comments:

TVT has welcomed more than 178,000 unique vistors

TVT, founded in December 2006, has averaged more than 20,000 visitors annually. It is produced with the support of scores of individuals from coast-to-coast, each a volunteer citizen activist/jounalist, who review tips and compile the verifiable details and documents that are the hallmark of our content.

Since our first post, more than 178,000 visitors have accessed the details compiled uniquely at TVT.

The citizen activists behind TVT wish to extened a big "THANK YOU" to all those who have provided "tips" -- contributed pictures, documents, link suggestions, leads, reports, insight and comments. Your trust and confidence in TVT has allowed us to create a comprehensive resource that thousands of others -- including bloggers, journalists, Members of Congress and other local citizen activists around the country -- have come to rely upon.

We invite feedback and constructive comment and want you to know you are welcome to do that here in "comments" or by contacting us directly and confidentially via

Google News: Indian Gaming

NEWS: Bay Mills Indian Community & Casino Proposals

NEWS: Shinnecock Indian Nation (Gateway Casino Resorts) Casino Proposals

NY Times: Shinnecock Indian Nation

NEWS: Los Coyotes Indian Tribe

NEWS: Los Coyotes / Barwest Barstow Casino Proposals

NEWS: Michael J. Malik, Sr.

NEWS: Marian Ilitch Mapping Social Networks

Play with the interactive tool here or visit

TIP: Search for multiple entries in the database simultaneously by separating their names with the word and

certainly must reads!

Ilitch has backed loosing sports teams and pizza, but casinos in Detroit? 10.09.06 ● Marian Ilitch #1 on "25 Most Powerful People" to Watch 2006” global gaming business o1.oo.o5 ● My Kingdom for a Casino Forbes 05.08.06 ● Big Lagoon’s casino dream awakens north coast journal 07.28.05 ● Shinnecocks launch legal claim to Hamptons land 06.16.05 ● Ilitch Plans to Expand Casino Empire 07.05.05 ● Ilitch outbids partners 04.14.05 ● Ilitch enmeshed in NY casino dispute 03.20.05 ● Marian Ilitch, high roller 03.20.05 ● MGM Mirage to Decide on Offer for Casino in Detroit 04.16.05 ● Secret deal for MotorCity alleged 02.15.05 ● Los Coyotes get new developer 02.08.05 Detroit casino figure to finance Barstow project 07.07.03 ● Indian Band trying to put casino in Barstow 06.04.03 Pizza matriarch takes on casino roles 10.23.02 ● Vanderbilt gets short straw in negotiations for a casino Lansing Journal 10.06.02 ● Indians aim to drive family from tribe in vicious dispute san diego union tribune 04.09.00 ●Malik owns 2000 Michigan Quarter Horse of the Year 01.01.00 ● Detroit Team to run Michigan’s newest Indian casino 05.23.99 Tiger ties tangle Marian Ilitch 04.29.99 ● Three investors must sell their Detroit casino interests 04.25.99 ● Partners’ cash revived election; They say money was crucial to Prop-E 04.25.99 Investors have troubled histories las vegas review journal 04.27.99 ● Investor served probation for domestic assault on 12 year old boy 04.25.99 Can a pair win a jackpot?: local men hope to... 03.17.97

The Verifiable Truth