SUMMARY--Clarifies method of transferring interest in licensed gaming establishment. (BDR 41-164)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: No.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT related to gaming; clarifying the method of transferring an interest in a licensed gaming establishment; and providing other matters properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
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Section 1 NRS 463.160 is hereby amended to read as follows:
463.160 1. Except as otherwise provided in subsection 4 [,] and NRS 463.172, it is unlawful for any person, either as owner, lessee or employee, whether for hire or not, either solely or in conjunction with others:
(a) To deal, operate, carry on, conduct, maintain or expose for play in the State of Nevada any gambling game, gaming device, inter-casino linked system, slot machine, race book or sports pool;
(b) To provide or maintain any information service the primary purpose of which is to aid the placing or making of wagers on events of any kind; or
(c) To receive, directly or indirectly, any compensation or reward or any percentage or share of the money or property played, for keeping, running or carrying on any gambling game, slot machine, gaming device, race book or sports pool,
without having first procured, and thereafter maintaining in effect, all federal, state, county and municipal gaming licenses as required by statute, regulation or ordinance or by the governing board of any unincorporated town.
2. The licensure of an operator of an inter-casino linked system is not required if:
(a) A gaming licensee is operating an inter-casino linked system on the premises of an affiliated licensee; or
(b) An operator of a slot machine route is operating an inter-casino linked system consisting of slot machines only.
3. Except as otherwise provided in subsection 4, it is unlawful for any person knowingly to permit any gambling game, slot machine, gaming device, inter-casino linked system, race book or sports pool to be conducted, operated, dealt or carried on in any house or building or other premises owned by him, in whole or in part, by a person who is not licensed pursuant to this chapter, or his employee.
4. The commission may, by regulation, authorize a person to own or lease slot machines for the limited purpose of display or use in the person's private residence without procuring a state gaming license.
5. As used in this section, "affiliated licensee" has the meaning ascribed to it in NRS 463.430.
Sec. 2 NRS 463.172 is hereby amended to read as follows:
463.172 [A person who is licensed or has been found suitable by the commission does not have to requalify for a license or a finding of suitability whenever he makes his interest the subject matter of a revocable trust in which he retains the entire interest as the sole trustee and the sole beneficiary during his lifetime. Such a person must file a copy of the trust instrument or any amendment thereof with the board and receive administrative approval from the chairman of the board before the transfer of the interest becomes effective and before the effective date of any amendment.]
1. The chairman of the board, in his sole and absolute discretion, may:
(a) Provide written approval for a person to transfer an interest for which he has been licensed, registered, found suitable or approved, to or from an inter vivos trust; and
(b) Administratively approve any licensing, registration, finding of suitability or approval required for the person, the trust or the interest as a result of the transfer.
2. An administrative approval received pursuant to this section relates back to the date on which the trust was executed.
3. Prior written administrative approval from the chairman of the board must be obtained before any amendment to such a trust is effective.
Sec. 3 This act becomes effective upon passage and approval.