Nevada Regulators Gear Up For Casino Bankruptcies
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.
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