The state Gaming Control Board Wednesday approved a gaming license for Terry Caudill, the new owner of the Four Queens casino in downtown Las Vegas.
The license was conditioned upon Nevada regulators receiving a copy of the final loan documents for the $20.5 million casino purchase, announced in May, by July 21.
Caudill's company, TLC Casino Enterprises Inc., has been approved for a 10-year loan from Nevada State Bank at an interest rate of 7.5 percent.
The company was approved for a gaming manufacturing license limited to modifying the company's own machines. It also received a distributors' license to transfer machines within the company. A third license, to sell machines, was also limited to transactions involving its own machines.
The licenses must still be approved by the Nevada Gaming Commission.
After the meeting, Caudill said he still expects to retain the property's employees and make few changes to the casino, which will keep the Four Queens name.
The casino will cater to both locals and tourists, he said.
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