Nevada Regulators Begin Preparations For Casino Bankruptcies

The state of Nevada has been among the hardest hit from the current state of the economy. The casino industry is what drives the economy in the state, and revenue has declined for many months in a row at Nevada casinos.

Regulators in the state are now recognizing the problem and have begun taking steps to correct it. The regulators are in the process of formulating a team of experts to help deal with possible casino bankruptcies.

"Unfortunately, Nevada gaming and tourism have not been spared consequences of the ongoing economic challenges facing the country," said State Gaming Control Board Chairman Dennis Neilander.

Almost all of the casino companies in Nevada have already started to restructure their debt. Las Vegas Sands, Tropicana Entertainment, and MGM Mirage are just a few of the companies who are struggling to stay above water financially.

"Already there are a few large gaming companies in bankruptcy, along with a few smaller licensees. More are anticipated," said Neilander.

The team that the regulators are compiling will be made up of staff from seven different divisions. The need for extra people comes out of the idea that the bankruptcy and debt restructuring issues will have to be dealt with in a timely manner.

April 9, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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