Proposal Would Allow Bigger Institutional Bets In Nevada Gaming

-Institutional investors may soon get the chance to place a bigger bet on black in Nevada’s capital-starved casino industry.

Nevada gaming regulators are weighing a proposal that would allow institutional investors to acquire greater stakes in public casinos without going through an onerous licensing process that can cost hundreds of thousands of dollars and take up to a year to complete.

Currently, institutional investors fly under the gaming-license radar if they keep stakes in publicly traded casino companies at 15% or less. However, Frank Schreck, a Las Vegas gaming attorney whose clients include Wynn Resorts Ltd. (WYNN) and Harrah’s Entertainment Inc. (HET), has put forth a proposal to grant waivers for stakes of up to 25%.

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