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Flamingo Reno Buyer Had License Problem12 October 2001RENO, Nevada –– As reported by the Associated Press: “The principal owner of the company trying to buy the Flamingo Reno hotel-casino had trouble four years ago with state gambling regulators, who refused to renew his license. ”The state Gaming Control Board said in November 1997 the financial statements and net worth submitted by Shawn Scott for his Cheyenne Hotel and Casino in North Las Vegas were `smoke and mirrors,’. ”…The board also cited continuing record-keeping problems at the Cheyenne, despite urging him to fix the problems in 1996. ”…Scott, 35, said his company has addressed accounting issues and is confident he could be licensed today. ”…Scott is the principal owner/partner in a Las Vegas-based real estate development company, Capital One LLC, whose RFC Reno LLC subsidiary has agreed to buy the 604-room Flamingo from Las Vegas-based Park Place Entertainment Corp. ”…Park Place is closing the property at noon Oct. 23. Officials said they were closing it for the benefit of the nearly 1,000 employees because Capital One planned to close the property for an unspecified period of time for renovations. ”…Capital One is considering applying for a gaming license to continue operating it as a hotel-casino…” |