Cosmo, SLS Now Exempt From Declaring Earnings Publicly
The Cosmopolitan and SLS Las Vegas casinos are among the privately-owned gambling companies that will now have one less regulatory hoop to jump through in Nevada.
Vegas, Inc. reports that the Nevada Gaming Commission on Thursday approved new regulation that no longer requires the privately-held businesses to report earnings publicly.
The commission said it was an unnecessary and expensive burden for both regulators and the casinos because the companies don't have publically traded stock to oversee.
The companies were also disadvantaged in reporting proprietary information that out-of-state competitors wouldn't be subjected to.
The commission also said the change wouldn't affect regulatory oversight overall because the companies will still have to report the same level of financial information to the Nevada Gaming Control Board, which is done privately.