Board approves Alpha North entities as institutional investors, clearing a path for Jackpot Digital applications
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Summary
The Louisiana Gaming Control Board adopted two resolutions finding Alpha North Partners Fund and Alpha North Asset Management qualify as institutional investors under state law, a step petitioners say will allow Jackpot Digital Inc. and Jackpot Digital NV to proceed with pending permit applications without additional suitability submissions by the funds.
The Louisiana Gaming Control Board voted to approve two resolutions on Feb. 26 finding Alpha North Partners Fund, Inc. and Alpha North Asset Management qualify as institutional investors under La. R.S. 27:313(I) and related provisions.
Talipa McIntyre of the attorney general’s office told the board that Alpha North Partners Fund holds a 5.4 percent direct ownership interest in Jackpot Digital Inc. and an indirect 5.4 percent interest in Jackpot Digital NV, and that Alpha North Asset Management provides investment management services for the fund. "If the Board approves these funds as institutional investors, the division will update its report, finalize its investigation, and make a recommendation to the Chairman for consideration," McIntyre said.
Investigator Rodney Perkins of the Louisiana State Police Gaming Enforcement Division told the board his office reviewed the petition and found the funds operate as passive investment vehicles that do not participate in day‑to‑day management, do not appoint board members and have no operational influence over Jackpot Digital or its subsidiaries. Perkins said the division found "no information to preclude" a determination that both entities qualify as institutional investors.
Kelly Duncan, counsel for the petitioners, and Joey Javier, identified as a managing partner of Alpha North Asset Management, answered board questions and thanked state staff for their review.
The board adopted the first resolution (C1) to qualify Alpha North Partners Fund and then adopted a second resolution (C2) to qualify Alpha North Asset Management; roll calls were taken and the motions carried.
What this means: if the board's institutional‑investor determinations stand, the division will proceed with its investigation and the Chairman can consider recommendations on Jackpot Digital's pending manufacturer and supplier permit applications without requiring the funds to submit to individual suitability reviews, subject to the board's expressed reservation that future facts could trigger an investigation.
The board recorded the resolutions and signed them into the record; both passed by recorded vote.
