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10 N.J.A.R. 424

GNAC, Corp., In the Matter of the Application for a Casino License
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Citation: 10 N.J.A.R. 424
Decision Date: 1981
Synopsis: GNAC, CORP. applied to the Casino Control Commission for a casino license. Following a hearing by the Commission, a license was issued. The focus of the hearing was the qualification of Stephen Wynn, president, chairman of the board and chief executive officer of Golden Nugget, Inc. ('GNI'), the parent company of GNAC. Wynn had hired two individuals who were personal friends to work in the GNI casino in Las Vegas. Those individuals were subsequently indicted for offenses involving distribution of cocaine. The Commission found that Wynn hired the individuals because they were friends and that he had attempted to investigate their backgrounds. Although Wynn's investigation could have been more aggressive, the Commission did not find that Wynn's association with the two individuals presented an obstacle to his qualification. The Commission also considered stock option practices by GNI and found that the transactions did not reflect adversely on the qualifications of Wynn or GNAC. Finally, evidence was presented in the form of sworn statements from two individuals stating that Wynn was a cocaine user. Wynn denied the accusations in testimony at the hearing. The Commission assessed the evidence and found that Wynn's testimony was more credible than the sworn statements. The record was deemed not to support allegations of drug use by Wynn. Accordingly, the Commission determined that GNAC had established by clear and convincing evidence its qualifications for licensure.
Statute(s) Cited: 5:12-84 5:12-84a 5:12-89b