The Nevada Legislature with support of the Gaming Control Board and Gaming Commision amended the Nevada Gaming Control Act to expedite the PFS process.
According to law firm Greenberg Traurig, “Once a person applies for a PFS, the Board can commence an investigation in the absence of any transaction. Thus, the PFS allows the gaming regulatory investigative process to commence with the intended goal of allowing the new market participant to be licensed faster once an opportunity has been secured.”
Previously, an applicant had to possess a definitive agreement before it could submit an application to the Board.
The PFS is valid for two years.
“For an entity looking to enter the Nevada gaming market, the PFS application allows for a means to kickstart the licensing process and will ultimately reduce the time it takes forCommission’s approval of the eventual transaction,” Greenberg Traurig said.
