This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Nevada Regulators Gear Up For Casino Bankruptcies

BRENDAN RILEY

CARSON CITY, Nev. (AP) ¿ Nevada's casino regulators are forming a special team of securities experts, auditors and other staffers to handle what they fear could be several bankruptcy and major debt restructuring moves within the gambling industry.

State Gaming Control Board Chairman Dennis Neilander said in a letter to Nevada's industry licensees that the special team's activity could disrupt some of the board's usual routine, but is needed to help bring resorts out of bankruptcy.

"Unfortunately, Nevada gaming and tourism have not been spared consequences of the ongoing economic challenges facing the country," Neilander said, adding, "The duration of the current recession and how quickly recovery will occur are unknowns."

"Already, there are a few large gaming companies in bankruptcy, along with a few smaller licensees," Neilander said. "More are anticipated and, potentially, there could be several."

Neilander said the board and its parent Nevada Gaming Commission may have to handle several cases "within a limited timeframe," and that's where the special GCB team will be most needed.

The team will include staffers drawn from the board's seven divisions, covering areas including corporate securities, audits, tax and license, technology, enforcement and investigations.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
MGM $21.27 -0.61%
AAPL $128.70 -0.19%
FB $78.81 -0.23%
GOOG $540.78 0.54%
TSLA $230.51 1.98%

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs