Reno Gazette-Journal from Reno, Nevada • Page 18

Thursday, December 13, 1979 18 Reno Evening Gazette 'Tov Let' canned ew an or casno development funds PDmwriTV(iDI inliin tnlwln icl'jtm-o Inrt tha Pnnlrnl Rnarri Ihn CARSON CITY AP) A plan to help islature, told the Control Board the new "THE STOCKROOM" Clearance Sale Wholesale Outlet For Work Clothing, Uniforms, Linen, Paper Products, Etc. WAREHOUSE CLOSE-OUTNEW USED systf bypasses the old method of setting up an operating company to hold the casino license. At the same time, the change enables a limited partnership to avoid a "double tax" which results when profits from the casino operating firm go to the limited partnerships in the form of dividends. Those dividends have been taxed when received by the limited partnership. And later the individual partners had to pay a tax when they got their slice of the profits.

a Las Vegas hotel-casino and at the same time open up a new source of casino development revenues has been endorsed by the state Gaming Control Board. The board decided Wednesday to recommend a plan by Las Vegas Investors Ltd. to hold the gaming license at the King 8 Casino in Las Vegas. If approved by the Nevada Gaming Commission next week, the setup would mark the first use of new legislation. Attorney Jeff Silver, who lobbied successfully to get the bill through the Leg ONE DAY ONLY Saturday December 15th.

9:00 a.m. to 5:00 p.m. Used Work Shirts Work Pants NEW Wrangler Pants Jeans $59 Knits 5" Table cloths $2 Sheets ah sizes $1 00 Wash Cloths 12 for $1.00 CARSON CITY (AP) The "Toy Let" may have seemed like a funny name for a small Las Vegas slot operation but members of the state Gaming Control Board think otherwise. Board member Jack Stratton said Wednesday the name was "offensive" and he wouldn't vote for the limited slot license for eight siot machines until the name was changed. Other board members agreed, and the application from Margaret Wendt was deferred.

In other action the Control Board recommended plans by Gary Yelverton to sell his 28 percent interest in the Landmark hotel-casino in Las Vegas to Zula Wolfram. Wolfram also got a recommendation to buy a one-third interest in the club from Louis Tickel. The board also recommended plans by Jake Schneider to sell his one-third interest in Sharkey's Nugget in Gardnerville to Sharkey Begovich. The board also endorsed plans by Howard Ban-chik to hold a 1 percent interest in the Treasury hotel-casino in Las Vegas. And Frank Stock and John D.

Secrist were recommended to take over gaming at the Ranchinn in Elko from Hunt Sanford. Their plan is to lease the place and possiby buy it later. Also recommended was a plan by Charles McCus-key and Lawrence Sullivan to take over the Sagebrush Casino in Fallon from the Tom Wong estate. The board recommended denial of a limited gaming license at the Vagabond Motor Hotel in Las Vegas on grounds there was an unsuitable landlord. A similar recommendation was made for the Candlelight Lounge in Reno.

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