GVC Holdings awarded Nevada gaming license with strings attached
Earlier this week the Nevada Gaming Commission (NGC) awarded a coveted Nevada gaming license to GVC Holdings, despite serious reservations about the company’s activities in grey markets such as Turkey. The recommendation to the NGC came after 2-1 decision by the Nevada Gaming Control Board (NGCB), who also had a few reservations about GVC Holdings and their activities in Turkey.
In hearings earlier this month, NGCB members grilled GVC Holdings officials over their involvement in the Turkish market, a market the company hasn’t served since 2017. Company CEO Kenny Alexander testified that GVC Holdings was no longer involved in grey markets and had upgraded their overall compliance procedures to insure that a similar situation didn’t arise again.
Alexander’s testimony convinced the regulators to move forward, but they did so with a bit of reluctance. As part of the conditions of receiving their license, which is actually a provisional license, GVC Holdings must report back to the Commission in two years to be re-evaluated. They were also forced to put up $100,000 to fund further investigations into their activities.
The Commission’s reluctance to award GVC Holdings a license was evident in comments made by Commissioner John Moran, as reported on by the Las Vegas Review Journal. “The test is going to see if, in fact, the trust you’re asking us to give you … if we’re going to get egg on our face. I want to see you go forward and prosper within the confines of the law,” he said.
Alexander, who reportedly wasn’t thrilled about the grilling he received at the hands of the Commission responded by saying, “I fully understand and accept that along with the board, and as the CEO, I am ultimately responsible.”