Nevada § 148.165 - Transfer of interest subject to Nevada Gaming Control Act to heir or devisee; procedure

§ 148.165. Transfer of interest subject to Nevada Gaming Control Act to heir or devisee; procedure

1. No interest subject to the jurisdiction of the Nevada Gaming Control Act may be

transferred to any heir or devisee from probate until the heir or devisee has received

all approvals necessary to hold or own such an interest from the Nevada Gaming Commission. 2. Such an heir or devisee must seek all such necessary approvals through the filing

of all appropriate applications with the Nevada Gaming Control Board within 1 year

after the interest becomes subject to probate or within such later period as the Chair

of the Board determines in his or her sole and absolute discretion. 3. If any such heir or devisee fails to file full and complete applications for all

such necessary approvals within 1 year after the interest becomes subject to probate

or within such later period as the Chair of the Board determines, or if the Commission

denies any application for such necessary approvals: (a) The court shall immediately order that an appraisal of the interest must be conducted

by two independent appraisers, one of whom must have experience appraising gaming

assets. The costs of both appraisals must be paid by the estate. (b) Within 30 days after receipt of both appraisals, the court shall offer and the

entity in which the interest exists shall purchase the interest for cash at fair market

value as determined by the court based upon the appraisals conducted pursuant to paragraph

(a). The Commission may deem a failure to purchase the interest as offered to be a voluntary

surrender of any gaming license, registration or approval held by the entity in which

the interest exists.