Nevada exempts private casinos from publishing earnings data
The Cosmopolitan and SLS Las Vegas casinos had previously asked the entity to keep some information private.
US.- The Nevada Gaming Commission implemented recent legislation that allows private casino executives not to declare their earnings in public. Although gaming industry is the main economic activity in the state, private companies would have the benefit of avoiding constant public inspections. The strict regulations to control the gaming businesses in Nevada has begun to loosen some strings and the Culinary Union, that represents more than 57,000 gaming employees in Las Vegas, announced their objection.
Nevertheless, relevant financial information for the state’s record will be reported as usual. Only earnings division could be private. As Tony Alamo, gaming commission chairman, explained, the regulation approved won’t reach every financial audits. The private companies that started the campaign and achieved their goal are the Blackstone Group, which operates the Cosmopolitan casino and the Stockbridge Capital, which owns the SLS Las Vegas casino.
After their petition, the Nevada Gaming Commission studied the cases and accepted to implement the regulation that does not require the public announcement of their earnings. The Commission’s discussion concluded that the publishing of the earnings was an additional pointless task for both companies and regulators, as this financial data did not contribute to public stock interests. They will still be part, anyways, of the Securities and Exchange Commission, Nevada’s corporation that analyses and audits most influential public and private companies in the state.
Although every private company is satisfied with the new regulation, the Culinary Union that concentrates the biggest amount of casino workers in the gaming city stated that this decision would “only exacerbate the too-big-to-regulate problem in Nevada gaming by concealing more information from the public.” The union has been denouncing casinos’ businesses with Deutsche Bank for multi-million dollar interest rate financial crimes.
