Nevada grants license to Caesars Entertainment
A federal investigation resulted in a possible US$5.1 billion pre-arrange fine for the bankruptcy controversy.
US.- Nevada state keeps trusting the relevant company as the state’s Gaming Commission approved unanimously the gaming license for further operations, which is going to be granted to Caesars Entertainment Group’s president and CEO, Mark Frissora. Although this decision shows that Nevada supports the corporation’s activities, the judicial system will have the last word about its future.
Since the beginning of this week, the major international casino operator has been going through a decisive step for the brand’s position in legal and economic market. The Caesar’s Entertainment Operating Company is being accused of transferring its properties to avoid the payment of junior creditors and declaring bankruptcy in order to ask for the state’s salvation.
After a deep study of the situation, the Nevada Commission decided that the bankruptcy controversy did not affect the suitability hearing. Caesars Entertainment was also supported by the Nevada Gaming Control Board as they recommended the Commission to grant the license to Mark Frissora early this month. As the CEO expressed to the media: “All of this occurred before I came on board; I will do what I can to help, make some calls. I’m focused on employees and customer satisfaction.” He was also interrogated for the irregularities of pension funds payments, although the Commission respected the president’s position that was the same with the bankruptcy questions: Frissora began to administer the company after the revealed of the issues, in July 2015.
