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10 N.J.A.R. 546

Greate Bay Hotel and Casino, Inc. and Americas-New Jersey Management, Inc., In the Matter of the Applications for Plenary Casino Licenses
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Citation: 10 N.J.A.R. 546
Decision Date: 1982
Synopsis: Create Bay Hotel and Casino, Inc. applied to the Casino Control Commission for a casino license to operate the Sands Hotel and Casino. Following a hearing by the Commission, a license was issued. One area of concern was whether deficient internal controls in applicant's casino in Puerto Rico reflected on applicant's business and casino experience. The Commission found that these practices had been improved, even though the practices did not violate Puerto Rican casino law. In addition, applicant had demonstrated during its temporary license to operate in Atlantic City that it could comply with New Jersey's internal control requirements. Therefore, the evidence regarding the Puerto Rico casino did not justify an adverse finding with respect to applicant's qualifications. Another area of concern was transactions between the Koffmans (major stockholders in a corporation which indirectly owns applicant) and Morris Shenker, a person of questionable reputation. From 1966 through 1980, the Koffmans had made loans totalling $15 million to Shenker and companies connected with Shenker. However, the Commission determined that the loans and other transactions with Shenker were normal business transactions and the evidence did not reveal anything improper. Therefore, the circumstances did not justify an adverse finding with respect to the good character of the applicant. Accordingly, the Commission concluded that the applicant had established by clear and convincing evidence its qualifications.
Statute(s) Cited: 5:12-82b 5:12-82c 5:12-84c 5:12-84d 5:12-89b(2) 5:12-104b