"If Buffett becomes an investor in the Atlantic City project, he likely would have to obtain a New Jersey gaming license. The process involves a rigorous background check that would probe intimate details of Buffett's personal and financial affairs.
Leonard said he didn't know if Buffett would be an investor. He noted many details still need to be worked out before the Trump Marina sale comes before the New Jersey Casino Control Commission for regulatory approval. Barring any regulatory problems, the sale is expected to be completed in six to nine months.
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