Friday, June 12, 1998 | 10:58 a.m.
The Nevada Gaming Control Board approved the company's application for a nonrestricted gaming license after determining Nevstar finally had sufficient financing for a $2 million reserve cash fund. In addition to $1 million already in reserve, the company is in the midst of raising $995,000 through a private stock placement, and has access to a $1 million line of credit offered by Las Vegas doctors Richard Kelley and Richard Tam.
In three previous meetings, Nevstar officials failed to present board members with signed documents demonstrating that their financing arrangements were final. "I think we've finally got this nailed down a little," said member Steve DuCharme.
The Nevada Gaming Commission will consider Nevstar's application on June 23. Officials said the resort will open July 1.
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