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Can you summarize NVRS 463B?
GAMING; HORSE RACING; SPORTING EVENTS > Supervision of Certain Gaming Establishments
Short Summary
This legal document governs the supervision of certain gaming establishments in Nevada. It establishes the state policy regarding the continued operation of gaming establishments whose licenses have been surrendered, lapsed, suspended, or revoked. The document recognizes the importance of stability and continuity in gaming establishments for the state’s economy and the welfare of its residents. It proposes placing the management and control of such establishments under a competent supervisory official to ensure proper regulation, protect the interests of creditors and investors, avoid disruption to the local economy, and promote the general welfare of the state. The document outlines the authority and responsibilities of supervisors appointed by the court, as well as the distribution of earnings to the former legal owner of the gaming establishment. It allows the Nevada Gaming Commission to petition the district court for the appointment of a supervisor if a person’s gaming license is revoked, suspended, lapses, or is surrendered due to conveyance or transfer of the establishment to a secured party without the necessary licenses. The court appoints a suitable and qualified person listed in the petition as the supervisor. The document specifies circumstances where the Commission cannot petition for a supervisor, such as when the gaming establishment has never been in operation, a rehearing is pending, or the establishment is insolvent. If the Commission does not petition for a supervisor, no district court in Nevada can issue an order allowing gaming to continue at the establishment. The document also outlines the powers and duties of the supervisor, including taking possession of the gaming establishment’s property, continuing its business operations, and filing reports on the administration of the establishment. It specifies that the supervisor is subject to the provisions of chapter 463 of NRS and any regulations adopted pursuant thereto as if the supervisor were personally licensed to operate the gaming establishment. The document also addresses the sale of a gaming establishment, allowing for the appointment of a supervisor if a willing and able buyer is secured and approved by the majority owners of the establishment. It outlines the procedures and requirements for the sale, including the notification of known creditors and other persons with legal ownership interest in the establishment. The document also allows for objections to the proposed sale and specifies the distribution of net proceeds from the sale. Additionally, the document allows any person who suffers or is likely to suffer direct financial injury as a result of a supervisor’s act or omission to file an objection with the Commission regarding the suitability of the supervisor and petition the district court for an accounting or a review of the supervisor’s qualifications or performance. The document also addresses the termination of the supervisor’s appointment and the supervisor’s liability for debts and penalties. It prohibits certain actions during the pendency of any proceeding before the Commission or during the period of supervision, such as selling or conveying property for less than full market value or removing property from the state. No specific penalties are mentioned in this document.
Whom does it apply to?
Gaming establishments with 16 or more slot machines or any number of slot machines together with any other game or gaming device
What does it govern?
Supervision of certain gaming establishments
What are exemptions?
The Commission cannot petition for a supervisor if the gaming establishment has never been in operation, a rehearing is pending, or the establishment is insolvent.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Nevada