463B.230 - Sale of gaming establishment by supervisor: Time; conditions; approval of court.
463B.230 Sale of gaming establishment by supervisor: Time; conditions; approval of court.
1. Except as provided in subsection 2, the supervisor of a gaming establishment shall offer the gaming establishment for sale:
(a) At any time before the time described in paragraph (b), (c) or (d), when requested in writing by the owners of a majority of the equity interest in the establishment to initiate sale proceedings;
(b) Six months after refusal by the Commission to renew the license for the establishment for failure of a licensee to fulfill a condition of his or her license;
(c) If no petition for judicial review is taken from the determination of the Commission to revoke or suspend the license, 6 months after the last date on which a petition for judicial review could have been filed; or
(d) If a petition for judicial review is taken, 6 months after exhaustion of any right of appeal in the courts of this state resulting in a final determination which upholds the revocation or suspension of the license,
Ê whichever date is later.
2. The supervisor shall not offer the gaming establishment for sale if a timely sale of the establishment has been consummated pursuant to NRS 463B.220.
3. The supervisor shall exert his or her best efforts to secure a buyer for the gaming establishment, including advertising, to assure a fair price. The supervisor may employ brokers and other persons to assist the supervisor in securing a suitable buyer.
4. A supervisor shall not accept any offer to purchase the gaming establishment made by a person who does not possess a license issued pursuant to chapter 463 of NRS which would permit the person to operate the establishment, except that the supervisor may accept an offer which is contingent upon the buyer’s procuring such a license.
5. The supervisor shall petition the district court which appointed the supervisor for approval of the terms and conditions of the sale. If the court approves the sale, the supervisor shall, if the buyer obtains a license to operate the establishment, consummate the sale.
(Added to NRS by 1979, 807)