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Gaming license OK for Genting Group could take a year

Reported by: Gerard Ramalho
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Updated: 3/06/2013 10:38 am
LAS VEGAS (KSNV MyNews3) -- The sale of the mothballed Echelon Project on the Las Vegas Strip has Nevada leaders celebrating the prospect of new jobs, but a big part of the deal isn't done just yet.

Genting Group still needs to acquire a Nevada gaming license. Officials say in cases like this, the bigger the corporation, the bigger the investigation.

Gaming investigators will look for any "sliver" of corruption or anything that could potentially tarnish the reputation of the state.

The investigation will likely take a year. It will mean trips by investigators overseas to the various properties within the ownership group and meetings with CEOs and managers.

A report then will be presenting to the Gaming Control Board, followed by a public hearing. All of that has to take place before final approval.

Even so, many companies will invest, build and hire employees before a license is even granted.

"In Nevada that's always been the case that you're free to expose capital and take that risk, knowing full well that a license might not be granted right up until the last minute, which is not uncommon,” said former Gaming Board Chairman Mark Lipparelli. “In fact, most of the locations here in Nevada have usually gone down that path."

The fact that Genting already has a history with gaming overseas might be a good indicator of potential approval. But Nevada's licensing process is considered the most rigorous in the world.



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