LVH to enter foreclosure but not close
I am a bit nervous about my NFL futures bets. They say it is not closing, but this still makes me a bit nervous. If they close what happens to my futures tickets?
Not really. Just keeping this thread on board until an intelligent person can answer.
was a dump then. It jumped the shark when
Elvis died. How they stay open at all is a mystery.
Quote: buzzpaffDon't leave. Someone intelligent will answer your question shortly. I hope
I asked the same questions a couple of months ago and nobody seemed to know for sure. I am thinking about tweeting @ Jay Kornegay but I doubt anyone there really wants to publicly discuss what may happen if they go bust/close.
Quote: Pokeraddicthttp://www.lvrj.com/business/financially-troubled-lvh-to-get-new-management-167896695.html
I am a bit nervous about my NFL futures bets. They say it is not closing, but this still makes me a bit nervous. If they close what happens to my futures tickets?
Barring a major catastophe, the sports book will not close before the Superbowl. However, if they did have to close, at worst you would get a refund on your original wager. Wagers are different than other assets, and Nevada gaming laws protect them from creditors (like progressive jackpots when a casino closes).
Edit:
Here is the Gaming Commission's Regulation 9 (highlight is mine):
Quote: Gaming Comission Regulation 99.030 Insolvency of a licensee.
1. In the event that a licensee files any petition with the bankruptcy court for relief as a debtor or has such a petition filed against it, or a receiver is appointed for such licensed business or an assignment of such business is made for the benefit of creditors, the licensee, trustee, receiver or assignee, as the case may be, shall immediately notify the board of such fact in writing. Such written notice shall have attached a copy of the petition filed with the court, and any relevant court orders such as orders appointing trustees, receivers, or assignees.
2. No licensed establishment shall be operated by any trustee, receiver or assignee for the benefit of creditors until such operation has been authorized by the commission. In an emergency situation, any three members of the commission may authorize the continuation of such operation pending action by the board and the commission.
3. Any such trustee, receiver, or assignee desiring to continue operation of the licensed establishment shall immediately make application for permission to do so. Application shall be made in the same manner as an application for an initial license; but the operation, if approved, shall be deemed to continue under the existing license of the establishment.
4. Permission for such trustee, receiver, or assignee to continue the operation of the licensed establishment may be summarily withdrawn at any time in the discretion of the commission without the necessity of any hearing or proceedings for revocation or suspension.
(Amended: 11/82.)
