Gaming Industry in Nevada May Be Boosted By New State Law
With the objective of getting more investment for Nevada’s gaming industry, the state is making the determination process of the gaming license suitability a little bit shorter.
Under a new Nevada law, individuals and companies will no longer be required to operate a gaming company, or secure an agreement to acquire a casino in the state before they will be allowed to file for a license.
Before this new legislation was signed by Gov. Brian Sandoval, applicants must already be running a casino or have an agreement that will give them the right to be involved in the operation before they can apply for a casino gaming license or determination of suitability.
This old law, which have been in effect since the 1980s, permitted busy state regulators to only focus on deals that appear more financially secure. However, with the closing of the Sahara two months ago, and with both the Fontainebleau and Echelon sitting unfinished on the Strip, regulators believe that streamlining is already needed to attract new investments to Las Vegas.
They also hope that the new measure will also attract investors who might want to build new resorts.
“It is a good thing for Nevada,” said Mark Lipparelli, the Gaming Control Board Chairman. “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 puts the applicant through the same type of investigation by the Nevada Gaming Control Board like that of an applicant for a non-restricted license.
The new state law also includes enhancements in the process for taking care of gaming control disciplinary complaints and institute fines from $25,000 to $250,000 for every violation of any regulation.