Nevada Gold & Casino announced on Tuesday that it is to close its Houston corporate office and shift the great majority of its operations to Las Vegas. The relocation decision is one that the gambling company anticipates will ultimately save it as much as $750,000 on an annual basis.
The firm will also move other company functions related to its Washington state casino operations to a regional office located in Seattle. The interim president of Nevada Gold, Ernest East, also confirmed on Tuesday that the company intends to abandon its small investment in a proposed casino project next to the Las Vegas Motor Speedway.
The firm has yet to decide just how many of its ten employees will be willing to relocate to Las Vegas. “With Las Vegas as our new home, we will improve our access to acquisition opportunities and our participation in industry developments,” East announced in a statement. “Also the move permits to more fully leverage opportunities arising from our recent approval for a gaming license in the state of Nevada.”
The company was granted its gaming license in January, which allows it to complete its purchase of a minority stake in Reno’s The Nugget. In an interview on Tuesday, the chief financial officer of Nevada Gold, Jim Kohn, said that the firm maintains its 1% stake in The Nugget, which was a purchase made for $26,000 in February last year. “We are looking to tap opportunities in the greater Las Vegas area,” Kohn said.