Nevada approves Blueberry Gaming licences after probing responsiveness, imposes four-year limits on two Catalyst principals

The Nevada Gaming Commission on Sept. 25 approved a suite of license and suitability applications for Blueberry Gaming USA and related entities, finding the company fit to operate in Nevada but placing a four-year limitation on two Catalyst Capital principals and requiring a $50,000 revolving fund for investigative review.

Blueberry Gaming USA and its private-investment holding companies won approval after commissioners and state investigators examined the firm's responsiveness to regulatory inquiries, governance structure and financing. The commission adopted conditions recommended by the Gaming Control Board that limit certain individual approvals and require Blueberry Canada to fund an investigative revolving account with the board.

The decision closes a lengthy approval process that included an earlier hearing before the Gaming Control Board. Catalyst Capital Group, a Toronto-based private equity firm and majority investor in Blueberry's parent entities, and executives from Blueberry appeared in Las Vegas to answer commissioners’ questions about past delays in the licensing investigation, company governance and financing.

Newton Glassman, managing partner of Catalyst, apologized to the commission for early investigation delays during his remarks. “I want to begin this morning by apologizing for any delay caused by my unintentional and my firm’s unintentional inattention to initial document requests,” he said during the hearing, adding his firm had revised its processes to ensure timely cooperation in Nevada going forward. Blueberry’s chief executive, Andrew Burke, framed the company’s Nevada expansion as part of a long-term commitment: “Nevada is our home,” he told commissioners during the presentation.

Commission questions focused on several areas: who ultimately controls business decisions given Catalyst’s private‑equity ownership and a single independent board director; the company’s long‑term financing and leverage after a $45 million term loan and $10 million revolver; the structure and valuation mechanics of the management long‑term incentive (a “phantom equity”/LTIP); and the company’s compliance arrangements, including the plan to add a full‑time compliance officer. Catalyst’s representatives said the company has the liquidity and bank support to fund near‑term growth and that the bank syndicate indicated willingness to expand facilities if needed.

Concern about the pace and completeness of initial disclosures led commissioners to insist on explicit limitations for two Catalyst principals. The commission voted to find Newton Glassman and Gabriel De Alba suitable as controlling shareholders subject to a four‑year limitation scheduled to expire at midnight on the date of the commission’s September meeting in 2029. Commissioners cited improvements in responsiveness after Catalyst’s senior involvement but said the limitation creates time for the firm to demonstrate consistent cooperation with Nevada regulators.

A second motion approved the remaining applications tied to Blueberry’s licensure — including the company’s U.S. manufacturing and distribution license and related officer and key‑employee approvals — with a condition requiring Blueberry Gaming Canada to fund and maintain a $50,000 revolving fund with the Nevada Gaming Control Board. The fund is intended to cover investigative or compliance monitoring costs the board incurs regarding Blueberry and its affiliated entities.

Commissioners credited the Gaming Control Board’s investigative work and said the conditions strike a balance between enabling investment and protecting Nevada’s regulatory interests. Chair Tagliotti and enforcement staff said they will monitor compliance closely and that the chair’s office may impose additional terms or rescind special authorizations if a licensee’s performance deteriorates.

The approvals were unanimous at the public vote. The commission’s actions were described on the record as approvals with conditions recommended by the Gaming Control Board; some commissioners stressed the expectation that the licensees sustain high transparency and cooperation going forward.

What’s next: Blueberry executives and Catalyst said they will proceed with Nevada operations and that planned hires — including a dedicated compliance officer — were already underway. The commission’s limitation on the two controlling shareholders and the fund requirement will be enforceable conditions of the licenses.

The approvals and the limitations follow two weeks of public and board‑level hearings and a thorough investigative record assembled by the Gaming Control Board.