In late June, the Nevada Gaming Commission approved CIRI's application for registration as a holding company for its ownership interest in the planned 40,000-square-foot Casino MonteLago at Lake Las Vegas, Nevada. The 5-0 decision by the Commission clears the way for CIRI to own and operate the casino, subject to final licensing approval for CIRI's Nevada gaming subsidiary and certain key personnel later this year.

Rendering of the Casino MonteLago

In early June, the Nevada Gaming Control Board voted 3-0 in favor of CIRI's request. In granting the order approving CIRI's involvement in the casino, Board Chairman Dennis Nielander praised the company as a welcome investor in the Nevada gaming industry.

"(CIRI) is an incredible success story. We've spent quite a bit of time researching the company itself. And certainly it's as sophisticated as any gaming company we have in Nevada now. It has assets in excess of a billion dollars and has a commendable history," said Neilander.

The Gaming Commission unanimously approved the Gaming Control Board's earlier order setting forth the terms and conditions under which the gaming interest would be held. The order, which was tailored to address the unique features of Alaska Native corporations while preserving the integrity of Nevada's gaming laws, was lauded by the Commission chair as a model of success which demonstrated the fairness and flexibility of Nevada's regulatory scheme.

The casino is part of a second resort development at Lake Las Vegas, in which CIRI became a partner in 2000. The Village at MonteLago will consist of a 350-room Ritz-Carlton hotel, the casino, a spa and retail and office space. The hotel and casino are scheduled to open in early 2003.

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