In June 1995, after spending eight years in bankruptcy, the Budget Host Inn was acquired at auction for $1.1 million by Shawn Scott, owner of the Post Office Casino in Henderson.

[4] In 1998, MTR Gaming, the West Virginia-based parent company of the Mountaineer Racetrack, acquired the Cheyenne for $5.5 million in cash.

[8] The official grand opening was held in March 2000, with the casino having expanded to over 300 slot machines, with table games and a Leroy's sportsbook, racing-themed dining areas, and a racecar simulator.

[9] By November 2000, the property had failed to turn a profit, and was taking measures to attract value-conscious guests, including Hispanics, Nellis Air Force Base personnel, and North Las Vegas residents.

[13] The sale of the land and buildings was completed in January 2008 for $11.4 million, with MTR continuing to operate the casino, leasing it for $70,000 a month.

Plans were announced in 2022 to renovate and rebrand the property to cater to the Latino community, centered around the addition of an Ojos Locos sports bar and restaurant.