Gaming Giants Challenged by SEC
By Earl
It may be that the inquisitive instincts of the Securities and Exchange Commission (SEC) in this age of Enron and Andersen and WorldCom and others, but it is now looking at the gaming industry. The Las Vegas Sun newspaper has reported that the SEC is requiring the CEOs and other head executives of Park Place Entertainment Corp., MGM Mirage, the Mandalay Resort Group, and Harrah's Entertainment Inc. to verify their respective company financial statements as to accuracy and completeness.

The four companies are among 945 large public companies (of various interests) which have had annual revenues of $1.2 billion or more in the last fiscal year. The biggest money making companies that are traded on stock exchanges are being required by the SEC to submit written testimony regarding their official financial reports. The SEC has no such control over private companies.

The four top gaming companies do not appear to be concerned about this new federal scrutiny. Alan Feldman, a spokesman for MGM Mirage, said, “Shareholders should have the confidence in the executives running these companies that the executives are effectively signing off on the numbers.” Robert Stewart, for Park Place, said his company “... is certainly going to comply with not only the letter but the spirit of the requirements.”

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