Gaming Control Board grants SLS Las Vegas preliminary licensing approval
Much of the nearly four-hour meeting today was spent explaining the property’s financing, which includes investments of US$ 500,000 each from 800 residents of China.
Terrence Fancher, the head of Stockbridge Investment Co. of San Francisco, the majority owner of the property, said the Chinese money is put into an investment fund and that individuals don’t have any say about how the property is run.
Their investment does give them a leg up in immigrating to the United States, though they would still have to clear other normal requirements.
Ron Klasco, a Philadelphia attorney who specializes in immigration issues, said these foreign nationals have to go through nine separate investigations to make sure the money does not come from the underworld or is being laundered.
The board delayed licensing of Sam Nazarian, who conceived the project and will hold a 10 percent interest in the property.
Gaming Control Board Chairman A.G. Burnett said Nazarian has extensive business holdings, and further investigation is needed. The board was told that Nazarian would not have any control over decisions made at the resort.
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