Buffett Scores Gaming License

A decision by the Nevada Gaming Commission has cleared the way for Jimmy Buffett to enter the casino world.

Buffett and his Margaritaville Holdings company applied for gaming licenses in order to share in gambling revenues from the Margaritaville casino that opened in the Flamingo in Las Vegas in October.

According to the terms of Buffett’s deal with the hotel, the Flamingo will recoup the costs of building out the casino space, which features 220 slot machines and 22 tables, before Margaritaville Holdings will share in gaming revenue, the Las Vegas Review-Journal reported.

The Commission’s decision follows a recent recommendation from the Nevada Gaming Control Board.