Business
Playgon Receives Nevada Regulator Order
Vancouver, British Columbia--(Newsfile Corp. - July 26, 2024) - Playgon Games Inc. (TSXV: DEAL...
About this update from Playgon Games, Inc.
[{"type":"text","content":"\nPlaygon Receives Nevada Regulator OrderVancouver, British Columbia--(Newsfile Corp. - July 26, 2024) - Playgon Games Inc. (TSXV: DEAL) (OTC Pink: PLGNF) (FSE: 7CR) (\"Playgon\" or the \"Company\"), a SaaS technology company delivering mobile live dealer technology to online gaming operators globally, has received an order from the Nevada Gaming Control board (NGCB) to halt operations at its Las Vegas studio. Effective immediately, the Company has complied with the order and will suspend all activities at our Las Vegas studio. Since our inception, Playgon has operated with the highest standards of legal and regulatory compliance and will continue to do so as we move forward. Prior to commencing our operations, we initiated a thorough legal review conducted by a leading specialist in Nevada Gaming Law. The comprehensive legal opinion assured us that our business model was in full compliance with Nevada State Laws. It is important to emphasize that our business is exclusively outside the US and does not target Nevada or any U.S. state operators or players. The expert legal counsel advised that we were operating in a manner that did not fall under the State's gaming jurisdiction. The Company has engaged additional Nevada legal counsel, specializing in Gaming Law, to address the order by the NGBC, and while our legal advisors maintain that our operations were within the bounds of the law, they have advised that challenging the NGCB's authority would be complex and unlikely to succeed in a timely manner. This interruption is expected to result in material adverse effects on, among other things, the Company, its business and revenues. Management and the Board is conducting a review and assessment and the Company will provide further updates as they materialize. Darcy Krogh, CEO of Playgon Games Inc. stated, \"We are deeply disappointed by the NGCB's sudden decision, particularly given our history of operation and compliance in Nevada. The limited time frame provided by the NGCB has left us with no viable option to contest the order or seek a resolution without total disruption to our business for an extended period so we are forced to pursue other options for a studio location. Further, we are particularly distressed by the impact this decision will have on our 79 local employees and their families as a result of this order.\"The Com...