Wednesday 2 December 2009

Gaming regulators closely watching Dubai World debt reorganization

State gaming regulators, who licensed Dubai World last month to share in revenues produced by the soon-to-open Aria’s casino, are closely watching the financial maneuvers of the Persian Gulf emirate’s investment arm as it deals with a potential default of some $60 billion in debt.

If there is a change in control of Dubai World, the entity could again be called forward for licensing by Nevada. Gaming Control Board Chairman Dennis Neilander said the state would have concerns if there is a management shake-up in Dubai World or any of the subsidiaries that were licensed because of the entity’s 50 percent ownership in CityCenter.

“We have staff looking at this situation and they are in touch with representatives of the Dubai World subsidiaries,” Neilander said. “As far as we know, this is just a reorganization of its debt, but that could change.”

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