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Gaming board approves Tate family trust registration and conditional continuous transfers of interest
Summary
The board approved registration of the Tate Operations irrevocable trust and continuous transfers of nonvoting interests across three entities for 2026–2030, subject to administrative approval by the board chair and documentation on sources of funds for each transfer. Applicants presented the changes as estate and tax planning.
The Nevada Gaming Control Board recommended approval on Nov. 5 of nonrestricted item 7, registering the Tate Operations Irrevocable Trust as a holding company and approving continuous transfers of interest for 2026 through 2030 across Carson City Gaming Company LLC, Fernley Nugget Corporation, and WCW Corporation.
Scott Tate described the effort as an administrative reorganization driven by tax and estate planning; he said the trust is intended to hold future gifted nonvoting interests and that the transfers are financial and estate planning transactions rather than operational changes. "This effort started about a year and a half ago… it's a lot of administrative, financial type activities," Tate said.
Lowell Chichester, proposed trustee, described a long personal and professional relationship with the Tates and said he will not receive compensation; Chichester said his role would be limited to reviewing financial statements, returns and administering the trust. The board placed a condition requiring that continuous transfers of interest for 2026–2030 be administratively approved by the NGCB chair or the chair’s designee prior to each transfer and that documentation concerning the source of funds for each transfer be provided to the investigations division at least 30 days prior to each transfer.
The motion to recommend approval passed by voice vote (Aye: Member Assad, Member Sandahl, Chairman Dreiser).
