Although the Nevada Gaming Control Board had recommended approval of a gaming license for Blaine Graboyes, the CEO of GameCo, a skill game maker based in Las Vegas, the final arbiter of the decision, the state Gaming Commission, voted 4-1 to reject his bid for licensure. Graboyes had been operating on a temporary license for two years while he cleared up some tax issues and liens, and was requesting to be granted an unencumbered license.
Graboyes, known as “Blaine Goldman” in the submission, did not convince the members that his ownership of intellectual property from a bankrupt company known as Beyond Gaming was above board. Graboyes spent two years as a consultant to Beyond Gaming from 2012 to 2014.
Although he claims to have worked hard to make Beyond Gaming a success, he offered $50,000 to buy the technology produced by the company at a time he alleges the company was worthless. When that bid was rejected, and the company declared Chapter 7 bankruptcy, Graboyes acquired the IP. But a former executive with Beyond Gaming, Justin Yamek, alleged that Graboyes engineered the bankruptcy, a charge Graboyes has denied.
Nonetheless, Graboyes stepped down as GameCo CEO the next day.
“Consistent with its ongoing search for team members to fuel its growth, GameCo will be appointing a new CEO in due course,” the company said in a release. “Leadership responsibilities have been assumed by the existing GameCo management team… GameCo’s senior team has been instrumental in the company’s success to date in driving forward a mission to create new casino gaming experiences.”