The Corporate Gaming Act of 1969 fundamentally restructured the Las Vegas economy by amending Nevada law to allow publicly traded corporations to hold gaming licenses. This single piece of legislation transformed the industry more than any other.

The Problem

Previously, regulations requiring every shareholder to be licensed prevented public ownership, forcing casinos to rely on funding from organized crime and the Teamsters Union. A company with thousands of stockholders couldn't possibly license each one individually.

The Solution

The Act introduced a tiered licensing system, vetting only key executives and major shareholders while exempting general stock traders. If you bought shares of a gaming company on the stock market, you didn't need personal licensing.

The Impact

This legislation paved the way for Kirk Kerkorian to finance the International Hotel via public markets and facilitated the entry of legitimate hospitality giants like Hilton and Ramada. Wall Street money could finally flow to the Strip.

The Transition

This shift from illicit financing to Wall Street capital introduced SEC oversight, marginalized organized crime by lowering the cost of capital for legitimate operators, and provided the financial infrastructure necessary for the future Megaresort Era.