[1] In October 1999, San Francisco businessman Luke Brugnara purchased Silver City from United Casino Holdings LLC,[4] at a cost of $31.5 million.

Brugnara had applied for a gaming license in August 1999, but was still undergoing a pre-licensing investigation, which prevented him from keeping the casino open.

[7] Brugnara planned to fully remodel the casino and to demolish the adjacent Las Vegas Shopping Plaza, which was to become the site of two restaurants.

[12] In May 2002, it was announced that Brugnara had sold the casino and its 3.5-acre property to Angelo, Gordon & Co., which planned to demolish it and build a Ross clothing store.

The resort, to be named "Tycoon", was to be designed by Lee Linton (architect of Caesars Palace), with an expected cost of approximately $100 million.