Trading Suspended on L.A. Gaming Firm

U.S. officials suspended trading of Las Vegas Entertainment, a Los Angeles-based gaming firm that reported no annual revenue but offered to buy Jackpot Enterprises Inc. for $95 million. Las Vegas Entertainment, whose shares trade over the counter, had told the Securities and Exchange Commission it would finance the purchase with $190 million it would receive from the sale of 12.2 million new shares. SEC documents show that the company had $197,596 in assets and $792,066 in liabilities as of July 31. SEC officials said the suspension, which is to run until Oct. 29, was triggered by questions about the “adequacy and accuracy” of Las Vegas Entertainment’s public statements on the purchase. The company withdrew its offer to acquire Jackpot on Friday, and its last closing price was $2.97. One of the investors who would purchase the new shares, SEC documents show, is Fred Cruz, president of Countryland Wellness Resorts Inc. His purchase would be backed by an Arizona firm, U.S. Guarantee Corp., whose Web site says its mission is to “administer aid on a worldwide scale to any group in need of assistance.” Las Vegas Entertainment executives didn’t return a phone call seeking comment. Cruz couldn’t be reached.