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StumbleBoard lets company move ahead with selling keno business
Wednesday, June 2, 2010 | 2:55 p.m.
CARSON CITY – Jon D. Berkley hasn’t been paid for 14 months as president and chief executive officer of Las Vegas Gaming Inc.
Berkley told the state Gaming Control Board Wednesday that the company might only be able to last three to four months unless it gets additional capital.
The board found Berkley personally suitable for a permanent state license and also recommended approval for the company to sell its keno business to Session Gaming, also of Las Vegas.
Berkley has been operating on a limited license for 14 months after the board said there were holes in the state application he submitted and that the company had failed to comply with some state regulations. Berkley said those company problems have been cleared up.
Las Vegas Gaming, a publicly traded company, has its keno operations in Native American casinos. It previously sold its bingo operations.
Dennis Neilander, chairman of the control board, said the company has a program called Player Vision that is attached to slot machines and contains advertisements.
Berkley said he believes strongly in the program. But he added, “I can’t go without a paycheck forever.”
Neilander said Berkley did a “pretty good job” at addressing the compliance problems at the company. He added, “LGI is desperately in need of capital.”
Bruce Merati, chief executive officer of Session Gaming, which is buying the keno business, said there are problems with the game. He said one of the downfalls is the labor costs in writing a keno ticket. He said it can’t compete with the slot machine business.
The employees who were working on the keno business with Las Vegas Gaming will be transferred into Session Gaming.
The state Gaming Commission will meet June 17 to take final action on the applications.
The board delayed action on the application of Bruce A. Shepard to be licensed as chief financial officer and treasurer of Las Vegas Gaming.
Shepard hasn’t paid the board for the cost of his investigation. The board gave him 30 days to pay the $10,000 or have his license application denied. Shepard said he has a bridge loan of $100,000 coming in a week to 10 days.
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Bruce Merati, chief executive officer of Session Gaming, which is buying the keno business, said there are problems with the game. He said one of the downfalls is the labor costs in writing a keno ticket. He said it can't compete with the slot machine business.
Ah, spoken like a true bean counter with no knowledge of what the players want. Did it ever occur to you that if you minimize games offered the player, you become just another dump. Offer variety and customer service to your guests and you will build clientele. Offer a product any other casino doesnt already offer, even if your 'nut' is lower, will only mean you are just nother brick in the road.
You idiots that think keno is a dying game need to check out the casinos in Reno, where keno is still a strong game for the casinos.
A quick note to jaquekeno: Session Gaming is a Keno system provider, it is not a Keno operator. In any case, I welcome he or she contacting me, I will recommend his or her ideas to Keno managers that use our system.