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Licensing for Casinos Sometimes Hard to Achieve. 2005-07-05
Apollo Management and D.E. Shaw, investors have been looking for opportunities in Las Vegas, but Wall Street does not like it. The entails of getting gaming licenses are so grueling to achieve some places just stop trying. Casino owners have to be licensed by the state of Nevada, and fully background searched. This has not stopped them trying to get the licenses entirely though.
Sheldon Adelson, an LV developer, is trying to develop a 5,000-slot casino in Bethlehem, Pa. It looks to officials that the project wonít help the economy, and do more for the developers instead. The project seems to be a waste to some.
Harrah's Entertainment, with its $450 million Atlantic City expansion, is doing a little better. Construction could begin by the end of the summer. It is hoped to be an 800-room hotel tower on top of a two-story with 900 parking spaces, 250,000-square-foot entertainment complex with pool, spa, restaurants and shops. This means that Harrahís will rise to 3,740 rooms. The expansion still needs approval, and thatís too easy for them to achieve, but others still face the problems.
Las Vegas will always get full approval, and better yet from bigger name hotels, and casinos. It is the smaller companies that will always have the problems getting the licensing. State policies and claims always hurt a petition. Las Vegas is just one of those places that donít need to worry about those types of things, since many casinos are in existence, and are just trying to expand. Expansion licensing is handed out faster and faster in Las Vegas.
(By Andrea)