The New Jersey Division of Gaming Enforcement or DGE for short has stepped in and issued a civil penalty to Golden Nugget Online Gaming (GNOG) dated May 27. The penalty, amounting to $50,000, is the latest of the regulatory moves that the DGE has taken against locally licensed companies. According to the watchdog, the Golden Nugget has come short of several important procedural measures which have not been met in full.
Missing Transcripts Violate Transparency Policy
As a result, GNOG has violated N.J.A.C. 13:69C-8.1. The offense has to do with the company not submitting a transcript of its board of directors and committees, and meeting schedules for the holding company, Golden Nugget Online Gaming, Inc. Explaining the offense in a statement, the regulator said:
In addition, GNOG and GNOGI have violated N.J.A.C. 13:69C-8.5 by failing to submit GNOGI’s tax return filings and N.J.A.C. 13:69C-8.6 by failing to submit copies of all filings submitted to Federal and state regulatory authorities regarding GNOGI’s securities.NJDGE
New Jersey mandates that all casino licensees should comply with a transparency policy that expects them to submit all transcript minutes from meetings that involve the board of directors or another governing body within the structure of the company. These transcripts must be provided within a 45-day window to the DGE or else a probe is launched.
DGE Wants Copies from Tax Submissions
The DGE has an expansive role in the gambling industry in New Jersey in order to guarantee compliance. Apart from having a look at transcripts, the regulator is also interested in federal and state tax return documents that should be sent to the relevant authorities, but a copy should also be forwarded to the regulator.
The penalty is not related to gambling offenses, which consolidates the company and brand’s reputation as a trusted partner and the go-to choice in the New Jersey gambling market. The $50,000 is also a penalty that is hardly too severe for the operator which has been generating. So far as online casino gambling goes, Golden Nugget has been pulling ahead of the competition, raking in millions worth of revenue.