LV developers sue Marvin Davis

Los Angeles billionaire Marvin Davis is being sued by a group of Las Vegas developers who claim Davis has reneged on a payment related to a riverboat casino project in Missouri.

The developers, Herman Eminger, Roy Holt, Daniel Byron and John Midby, say Davis' companies, the Davis Family Trust and Davis Gaming Boonville Inc., have missed a $1 million payment on their 1995 purchase of a Boonville, Mo., company the developers established in 1993 to develop a riverboat casino.

Under terms of the purchase agreement, Davis was to pay the developers the first $1 million installment when a site and riverboat were acquired, among other conditions. The developers allege those conditions have been met, and they want the money.

According to the developers, Davis' companies negotiated a different development with the city of Boonville without the developers' consent, changing the installment payment conditions.

"A contract was ignored that was already in existence," said Gerald Schaffer, a spokesman for the developers.

But a Davis spokesman denied the billionaire's companies have violated the agreement.

"We plan on complying with the agreements that we have with them," said Mike Colleran, president of Davis Gaming.

Colleran said Davis has not yet been served with the lawsuit, and declined further comment.

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