Complex sentence: The empty lot was the source of many jokes by the locals until the ship was torn down in the 1990's and the lot became the site of the Tuscany Suites and Casino, owned by the same man that has owned the property since the 60's.
Split into simpler sentences: The empty lot was the source of many jokes by the locals until the ship was torn down in the 1990's and the lot became the site of the Tuscany Suites and Casino. Owned by the same man that has owned the property since the 60's.