Photo: J. Albert Diaz/ALM Nevada High Court: Casino's COVID-19 Closure Didn't Violate 'Ordinary Course Covenant' in Purchase Agreements
"In closing the casino and hotel pursuant to the emergency directive, the seller was merely following the law so as to maintain its gaming licenses and thus did not materially breach the agreement," Justice Linda Marie Bell wrote.
September 13, 2023 at 12:54 PM
6 minute read
The Nevada Supreme Court has ruled that business actions taken in response to the COVID-19 pandemic didn't violate an "ordinary course" covenant in an asset purchase agreement, reversing a lower court's granting of summary judgment to a potential buyer.
The high court reversed a district court's grant of summary judgment to LGS Casino, and partially reversed its denial of Lucky Lucy D's motion for summary judgment.
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