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• W146538044 abstract "Last year 1993 proved to be productive for both the gaming regulatory system and Nevada's gaming industry. The year started with the convening of Nevada's biennial legislature, and ended with the opening of three mega-resort properties in Las Vegas. And, in spite of national and regional economic difficulties, Nevada's casinos were able to post impressive gains in gross gaming revenue. As in previous sessions, the 1993legislature was responsive to the needs and interests of both the regulatory system and the gaming industry regarding the issues affecting the state's regulatory framework. Since the foundation for effective gaming regulation has been in place in Nevada for a number of years, most of the measures approved in 1993 could well be characterized as amendments necessary to keep pace with changes in competition, technology, and corporate finance. As these proposals were processed by the legislature, each was carefully crafted to continue the state's traditional policy and approach toward strict gaming regulation, while at the same time providing the necessary freedom and flexibility for the state's major industry to compete in an ever-changing world gaming environment. Much of the gaming-related legislative work in 1993 was facilitated by the work of the Legislative Commission's Subcommittee to Study Gaming (Gaming Subcommittee), chaired by Senator Dina Titus. Having met during the interim preceding the 1993 regular session, this subcommittee closely examined issues known and expected to be considered during the regular session and made informed recommendations in many important areas. Once the session commenced, the Senate and Assembly Judiciary Committees, chaired by Senator Mark James and Assemblyman Robert Sader respectively, processed the bulk of gaming legislation gaining results that were helpful to both gaming licensees and regulators alike. One issue examined at length by the Gaming Subcommittee was the proliferation of legalized gaming throughout the world, and the response Nevada gaming regulators would take to encourage Nevada licensees to operate suitably in other jurisdictions. Prior to the 1993 session, Nevada gaming licensees had been required to receive Nevada Gaming Commission (Commission) approval to involve themselves in gaming operations outside Nevada. Until1990, such applications for foreign gaming approval were relatively infrequent. Beginning in 1990, the volume of applications increased dramatically as a number of jurisdictions legalized various forms of casino gaming. As Nevada licensees sought business opportunities in these jurisdictions, an increasing amount of Gaming Control Board (Board) resources were being devoted to investigate and process applications for foreign gaming. In mid-1990, the Commission adopted regulations substantially relaxing the approval requirements that Nevada licensees had been required to secure prior to involving themselves in foreign gaming operations. As an evolutionary development to this process, the 1993legislature approved Assembly Bill 470 (AB 470), replacing existing Commission approval requirements with continuous reporting requirements, and strengthening the requirement that Nevada licensees conduct their gaming operations in other jurisdictions within the same strict standards as they conduct their Nevada gaming operations. The Board worked extensively with representatives of the Nevada Resort Association to develop AB 470 as a method to both reduce the paperwork requirements for processing applications and to develop standards of accountability for Nevada licensees undertaking gaming operations in other jurisdictions. Following the passage of AB 470, a memorandum was issued (dated July 1, 1993) to all nonrestricted licensees advising that it was no longer necessary to obtain prior approval from the Commission to become involved in foreign gaming operations. As of that date, all pending applications for foreign gaming approval were considered null and void, as were all orders granting approval to participate in foreign gaming. Additionally, a detailed memorandum was later issued advising all nonrestricted licensees of the reporting requirements necessary to comply with the provisions of AB 470. Internally, the Board's Corporate Securities Division," @default.
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• W146538044 date "1994-01-01" @default.
• W146538044 modified "2023-09-24" @default.
• W146538044 title "1993: A Good Year For Gaming" @default.
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