 Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! |
Gaming News
New Jersey Commission Bans Andersen27 March 2002ATLANTIC CITY, New Jersey –As reported by Reuters: "The New Jersey Casino Control Commission on Wednesday ordered at least three Atlantic City casino operators to sever their ties with Andersen, citing the embattled accounting firm's alleged role in the collapse of Enron Corp. "The five-member state regulatory panel voted unanimously to issue a temporary order prohibiting Andersen from business dealings with New Jersey casinos and their parent companies two weeks after a federal grand jury indicted the Chicago-based firm on charges related to the Enron scandal. "…The commission's order gives Trump Hotels & Casino Resorts Inc. (NYSE:DJT), Harrah's Entertainment Inc. (NYSE:HET ) and Sands Casino Hotel until May 15 to end their relationships with the accounting firm. "The New Jersey Division of Gaming Enforcement had sought the ban on grounds the criminal nature of the indictment against Andersen, which the Justice Department announced on March 14, posed a threat to public confidence in the state casino industry's financial soundness. "…Casino operators secured a reprieve from the normal 15-day grace period for commission orders after Trump, Harrah and Sands demanded extra time so Andersen could complete important existing projects including internal audit reports and Securities and Exchange Commission filings. "…Boyd Gaming Corp. (NYSE:BYD), which is building a new casino in Atlantic City with MGM Mirage (NYSE:MGG), won an exemption from the commission allowing Andersen to remain its auditor for casino operations in three other states." |