WINNEMUCCA — The Nevada Gaming Control Board (GCB) released its December dispositions on Monday.  Among them was the nonrestricted license for 777 Gaming, of Las Vegas, now licensed to operate the gaming section of the Model T and five other Northern Nevada casinos currently in foreclosure.   

The Model T is operated by The Holder Group.  Representatives of that business filed for Chapter 11 bankruptcy in  June after an unsuccessful two-year effort to sell six of their casinos.  The properties remained on the market due, in large part, to a bad economy with scarce credit for investing.  Holding a $33 million dollar note against the properties was Northern Nevada Asset Holdings (NNAH), whose representatives received the go-ahead in November from the Federal Bankruptcy Court to proceed with foreclosure.

The properties are slated to be auctioned off.  However, NNAH attorney Jeff Silver told SPJ last month it’s the intention of his clients to bid on the properties themselves then turn the gaming operations over to 777 Gaming.  NNAH has received permission from the GCB to participate in operations.

However, GCB will not issue the license until the conclusion of the bankruptcy and foreclosure process.  In addition, the board must review the stipulated agreement between NNAH and The Holder Group that terminated the bankruptcy automatic stay.

The GBC also attached multiple conditions to the license.  For example, the disclosure notice states, “The surveillance system must be inspected, brought up to standard and approved by the GCB enforcement division within 60 days of issuance of the State Gaming License”.

The disposition may be read on www.gaming.nv.gov.