The Corporate Gaming Acts of 1967 and 1969 represented the most significant regulatory shift in Nevada gaming history, transforming casinos from individually-owned enterprises into publicly traded corporate assets accessible to Wall Street investment.

The Problem of Capital

By the mid-1960s, Las Vegas faced a fundamental problem: the industry needed massive capital for expansion, but legitimate sources wouldn't invest in an industry dominated by organized crime. The Teamsters Central States Pension Fund and mob-connected lenders remained the primary financing sources, perpetuating the very problem regulators sought to solve.

The 1967 Act: The First Step

The Corporate Gaming Act of 1967 allowed publicly traded corporations to obtain gaming licenses for the first time. However, the law still required individual licensing of all officers, directors, and major stockholders—a cumbersome process that limited its effectiveness.

The 1969 Amendment: The Breakthrough

The 1969 amendment removed the requirement for individual licensing of all shareholders, instead requiring only key employees and those with 10% or greater ownership to undergo licensing. This made it practical for large corporations with thousands of shareholders to enter the gaming industry.

"The Corporate Gaming Act didn't just change who could own casinos—it changed what casinos could become. Wall Street money brought Wall Street expectations."— Gaming historian David Schwartz

The Transformation Begins

The immediate beneficiaries included Howard Hughes (already acquiring properties), Hilton Hotels Corporation, and Holiday Inn. Within a decade, publicly traded companies would come to dominate Strip ownership, and the era of the individual casino mogul—whether legitimate or mob-connected—was drawing to a close.