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LAS VEGAS, Nevada -- With a goal of generating more investment in the state's gaming industry, Nevada is shortening the process of determining gaming license suitability.
Under a new state law, companies and individuals are no longer required to run a gaming company or have an agreement to acquire a casino in Nevada before they can file for a license.
Prior to the measure recently signed by Gov. Brian Sandoval, in order to apply for a gaming license or a finding of suitability, applicants already had to be doing business with a casino or have an agreement that gave them the right to be involved.
The law, on the books since the 1980s, allowed busy state regulators to focus on deals that seemed more financially secure. But with the Sahara closing in May, and both the Echelon and Fontainebleau sitting half finished on the Strip, regulators say streamlining is needed to draw new investment to Las Vegas.
Hopefully, it will also attract investors seeking to build new resorts.
"It's a good thing for Nevada," Gaming Control Board Chairman Mark Lipparelli said. "It provides flexibility in a license application that they didn't have before. It does not diminish any of the strong requirements for suitability in anyway."
The procedure subjects the applicant to the same level of investigation by the Nevada Gaming Control Board as an applicant for a nonrestricted license but does not authorize any particular industry involvement.
The "finding of suitability" is legal just like a regular gaming license except it expires after two years if not renewed.
The background checks are expected to take a year to 18 months, which is a similar to the time it takes for a traditional gaming license.
Read entire article here.
Under a new state law, companies and individuals are no longer required to run a gaming company or have an agreement to acquire a casino in Nevada before they can file for a license.
Prior to the measure recently signed by Gov. Brian Sandoval, in order to apply for a gaming license or a finding of suitability, applicants already had to be doing business with a casino or have an agreement that gave them the right to be involved.
The law, on the books since the 1980s, allowed busy state regulators to focus on deals that seemed more financially secure. But with the Sahara closing in May, and both the Echelon and Fontainebleau sitting half finished on the Strip, regulators say streamlining is needed to draw new investment to Las Vegas.
Hopefully, it will also attract investors seeking to build new resorts.
"It's a good thing for Nevada," Gaming Control Board Chairman Mark Lipparelli said. "It provides flexibility in a license application that they didn't have before. It does not diminish any of the strong requirements for suitability in anyway."
The procedure subjects the applicant to the same level of investigation by the Nevada Gaming Control Board as an applicant for a nonrestricted license but does not authorize any particular industry involvement.
The "finding of suitability" is legal just like a regular gaming license except it expires after two years if not renewed.
The background checks are expected to take a year to 18 months, which is a similar to the time it takes for a traditional gaming license.
Read entire article here.