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Caesars Interactive Entertainment Could Be for Sale, But Will Bankruptcy Court Allow It?

admin — Sat, 07 Mar 2020 03:50:04 +0000

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Caesars Interactive is being courted for a $4 billion takeover but a deal is not simply plain sailing for its embattled parent.

Caesars Entertainment is considering the sale of its digital division, Caesars Interactive Entertainment (CIE), according to Bloomberg Technologies.

Anonymous sources told Bloomberg Friday that the embattled casino giant had received multiple offers that would value the company at $4 billion. Meanwhile, the Wall Street Journal understands that Caesars has hired investment bank Raine Group LLC to evaluate the bids.

CIE CEO Mitch Garber, told WJS that there was no formal sales process and the offers may well lead to nothing, but he added, ‘We want to hear what people have to say, for sure.’

CIE has been the silver lining for Caesars, a company mired in industry-high debt and bankruptcy proceedings. It’s the only Caesars unit currently turning a profit and has come to dominate the social casino games market, thanks to the success of its Playtika mobile brand and games suites like Slotomania and Bingo Blitz.

$18 Billion Bankruptcy Case

It owns the profitable World Series of Poker, as well as WSOP.com, which offers real-money gaming in Nevada and New Jersey, although its social gaming business far outstrips its real-money ventures. Last year the company brought in revenues of $766.5 million and earnings of $282.7 million.

It might be tempting for a company with roughly $20 billion in debt to make a sale. A windfall of $4 billion might take some of the pressure off Caesars’ other units whose potential profitability is stymied by crippling repayments.

But it may not be quite that simple.

Caesars is trying to reorganize $18.4 billion of its debt load by putting its chief operating unit, Caesars Entertainment Operating Corp (CEOC), through chapter 11 bankruptcy.

But it is also being sued by CEOC’s lower tier creditors who accuse its reorganization plans of favoring the interests of its controlling private equity backers over theirs.

CIE Part of ‘Asset-Stripping’ Claims

Moreover, they accuse Caesars of fraudulently transferring valuable assets from CEOC to other operating units, leaving CEOC holding all the debt and with no means to repay it.

A recent court examiner’s report sided with the creditors and stated that potential damages for their claims could range from $3.6 billion to $5.1 billion.

The creditors allege that CEI is one of the assets transferred out of their grasp, which would make any deal for its sale extremely difficult while the legal action is unresolved.

For all its untainted success over the past few years, CEI could well find itself sucked into its parent’s messy bankruptcy proceedings, one way or another.

Draftstars Wants to Grab Australian DFS Audience, Hoping to Piggyback on Aussies’ Love of Sports Betting

Australian daily fantasy sports site Draftstars, a joint venture between online bookmaker CrownBet and sports channel conglomerate Fox Sports, recently announced that the new platform is undergoing a promotional marketing drive to tap into the emerging Aussie demographic.

Bringing DFS Down Under: Australia will be the target of a daily fantasy sports marketing onslaught with Draftstars, a new platform hoping to capitalize on the potentially highly lucrative fantasy sports market. (Image: FOX Sports)

Hosted by the turnkey daily fantasy software company DraftDay, Draftstars was launched in early 2016 and currently offers contests on the National Basketball Association (NBA) and Australian Football League (AFL). The site touts itself as the ‘Official Daily Fantasy Sports Partner of the ALF.’

Marketing to the Masses

This week, Draftstars said it is initiating a multichannel advertising push to grow its brand awareness https://myfreepokies.com through television, radio, digital, and social media.

‘We are confident we have the right marketing strategy,’ Draftstars CEO Matt Sanders told eGaming Review. According to Sanders, the goal of the PR blitz is to ‘educate Australian sports fans on what an exciting and engaging experience daily fantasy sports is.’

Draftstars is open to legal residents of Australia and New Zealand who are at least 18 years old. Though the Interactive Gambling Act passed by the Australian Parliament in 2001 banned Aussie-based companies from offering online gambling, DFS is (for now, at least) exempt, as there is a sports-betting carveout, under which umbrella daily fantasy now falls. The site is regulated by Australia’s Northern Territory.

Down Under with DFS

DFS, of course, has been wildly popular in the United States with FanDuel and DraftKings since the two market leaders respectively commenced operations in 2009 and 2012. The leading cause for the DFS rise in America is due to the federal ban on sports betting outside of Nevada, combined with a long history of office pool fantasy betting across the country.

Daily fantasy contests provide fans an alterative way to add excitement to watching sports.

Conversely, DFS hasn’t taken off the same way in other countries, due to the fact that sports betting is not only legal, but cherished. That’s certainly the case in Australia, where placing a wager on Australian football, cricket, and rugby is a national pastime for ‘punters.’

However, recent steps by parliament to restrict in-play betting and a potential revamping of online gaming laws has some companies preparing for new regulations and perhaps a loophole by way of DFS.

What’s in a Name?

The DFS market is quickly becoming crowded with a host of platforms that all sound and look alike.

Ready for a tongue twister?

With DraftKings, DraftDay, FantasyDraft, Draftpot, Draft Ops, AlphaDraft, and PokerStars’ StarsDraft, Draftstars is just the latest DFS provider in a long list of companies trying to capitalize off the ‘draft’ terminology.

According to the Australian Government, Aussies spent $19 billion on gambling in 2008-09, and during that same year, roughly 70 percent of all citizens participated in some form of gambling.

Las Vegas Culinary Union 226 Implies Jim Crow Laws Being Used in Red Rock and Station Casinos Dispute

Las Vegas Culinary Union Local 226 says the actions of the Clark County District Attorney’s office in relation to the distribution of flyers by two of the union’s Hispanic members inside the Red Rock Resort late last year are so egregious, they are reminiscent of the ‘Jim Crow’ laws enacted in the South after the Civil War to enforce racial segregation.

Culinary Union 226 members, seen here protesting in February outside Palace Station in Las Vegas, are fighting back against criminal charges from Station Casinos, stemming from distributing materials inside the Red Rock Resort last December. (Image: unitehere.org)

As reported by the Las Vegas Review-Journal’s David Ferrara this week (and oddly not covered by any other local Las Vegas news outlets that we could discern, including going unmentioned on the union’s own website at the time of this writing), on December 15, 2015, two union representatives surreptitiously entered the five-star Red Rock Casino Resort & Spa’s guest room floors. There they allegedly circulated flyers under customers’ doors that decried the actions of the hotel’s parent company, Station Casinos.

According to items reportedly obtained by Ferrara, the flyers warned guests that ‘Station Casinos, the owner of Red Rock Resort, is the worst labor law breaker in Nevada gaming.’

Las Vegas Metro Police Department cited the two infiltrators that evening, after hotel security took the pair to its offices and handcuffed them.

But this is no simple trespassing case.

Vegas Vagrants?

Instead of filing only misdemeanor trespassing charges against the two, prosecutors for Clark County District Attorney Steven Wolfson added ‘vagrancy’ to the allegations. That led defense attorneys for the union to question whether the district attorney’s office was working for the people of Clark County, or for Station Casinos, said Ferrara.

‘This amended complaint . . . resurrects the Jim Crow vagrancy laws of a segregated and bigoted United States,’ union defense attorney Tom Pitaro wrote in legal documents that Ferrara apparently had access to.

Jim Crow laws refer to the ‘separate but equal’ segregation policies that were enforced following the United States’ Reconstruction period in the post-Civil War era in the South, which continued to be enforced until 1965. ‘Vagrancy’ was one criminal charge levied on many people of color for any number of vague transgressions, and has since been ruled largely unconstitutional by the US Supreme Court for its lack of clarity as to what, in fact, can be considered ‘vagrant’ behavior.

Prosecutions for such charges must now be tied to specific and observable acts, meaning that security camera footage of the two union members putting flyers under doors would likely fill the bill.

But in general, Las Vegas hotels do not put security cameras in guest hallways, reserving them instead for watching where their money goes in casinos. This practice has been called up as unsafe by hotel guests in Sin City in the past, but whether Red Rock has installed such cameras, which might support its vagrancy case, remains unclear.

State of the Union

Union lawyer Pitaro is no stranger to controversial high-profile cases. Practicing law in Las Vegas for more than 40 years, he gained national notoriety for representing O.J. Simpson in 2013.

And like the case against Simpson, the Culinary Union defense will certainly be challenging for the experienced attorney.

That’s because the duo doesn’t seem to have much legal foothold to disseminate union materials in the hotel, let alone on guest room floors.

A common defense against trespassing and vagrancy is claiming the defendant was exercising their First Amendment rights, but the First Amendment generally doesn’t apply to private property, which Red Rock Resorts is. A claim could even be made that guests might have felt threatened by the flyers, although there is no evidence one way or the other on whether this has been mentioned by any customers.

Casinos Call the Shots

Las Vegas has designated areas where citizens, groups, and unions can petition locals into backing their causes. However, regardless of merit, a group cannot freely walk into a private property to summon support without prior consent from the ownership.

That’s because casinos, not unions, possess the right to dictate who enters their premises.

Nonetheless, the Culinary Union argues that Station Casinos is engaged in an aggressive anti-union campaign.

‘Many of us have devoted over half of our lives working at Station Casinos,’ a Culinary Union pamphlet states. ‘We demand that Station Casinos Ownership and Management . . . agree to a fair process for us to decide whether to have union representation without management interference and intimidation.’

Station Casino employees are currently non-union, something the Culinary Union hopes to change.

Pennsylvania Online Gambling Legislation Poised for Budget Inclusion

State Rep. John Payne’s Pennsylvania online gambling bill might finally become law, one potential positive of the state’s mammoth budget shortfall. (Image: abc27.com)

Pennsylvania online gambling is being heralded as a potential saving grace for state lawmakers in Harrisburg looking to overcome a $1.8 billion budget deficit. While some in the state capital are advocating for a sales or income tax increase, House Republicans are looking to Internet casinos as one possible solution to bridge the gap.

‘It’s definitely on the table,’ Stephen Miskin, press secretary to State House Majority Leader Dave Reed (R-District 62), told LancasterOnline.com.

The State House and Senate are currently battling over the 2016-17 fiscal budget and determining the best way to increase spending per Governor Tom Wolf’s (D) plans.

Growing Paynes

The iGambling bill at question is State Rep. John Payne’s (R-District 106) HB 649, legislation that would overhaul the state’s current gambling laws to allow for the inclusion of Internet casinos.

HB 649 would license each Internet operator at a one-time cost of $8 million, plus an additional one-time $2 million fee to fund problem gambling initiatives. Licenses would be renewed to companies in good standing at an annual cost of $250,000.

Online casino companies would additionally pay a 14 percent tax on daily gross revenues.

Though the tariffs might seem exorbitant at first glance, it’s important to remember that Pennsylvania has some of the country’s highest tax rates on land-based casinos. The state has an effective tax rate of 55 percent on the commonwealth’s 13 brick-and-mortar casinos.

First introduced in February of 2015, Payne’s bill hasn’t made much progress outside the House Gaming Oversight Committee in which he chairs. Last November, the committee voted 18-8 in favor of HB 649, but the statute has since dragged its feet in the House chamber.

Caesars Interactive Entertainment Could Be for Sale, But Will Bankruptcy Court Allow It?

admin — Fri, 06 Mar 2020 14:55:33 +0000

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Caesars Interactive is being courted for a $4 billion takeover but a deal is not simply plain sailing for its embattled parent.

Caesars Entertainment is considering the sale of its digital division, Caesars Interactive Entertainment (CIE), according to Bloomberg Technologies.

CIE CEO Mitch Garber, told WJS that there was no formal sales process and the offers may well lead to nothing, but he added, ‘We want to hear what people have to say, for sure.’

$18 Billion Bankruptcy Case

It might be tempting for a company with roughly $20 billion in debt to make a sale. A windfall of $4 billion might take some of the pressure off Caesars’ other units whose potential profitability is stymied by crippling repayments.

But it may not be quite that simple.

Caesars is trying to reorganize $18.4 billion of its debt load by putting its chief operating unit, Caesars Entertainment Operating Corp (CEOC), through chapter 11 bankruptcy.

But it is also being sued by CEOC’s lower tier creditors who accuse its reorganization plans of favoring the interests of its controlling private equity backers over theirs.

CIE Part of ‘Asset-Stripping’ Claims

Moreover, they accuse Caesars of fraudulently transferring valuable assets from CEOC to other operating units, leaving CEOC holding all the debt and with no means to repay it.

A recent court examiner’s report sided with the creditors and stated that potential damages for their claims could range from $3.6 billion to $5.1 billion.

The creditors allege that CEI is one of the assets transferred out of their grasp, which would make any deal for its sale extremely difficult while the legal action is unresolved.

For all its untainted success over the past few years, CEI could well find itself sucked into its parent’s messy bankruptcy proceedings, one way or another.

Draftstars Wants to Grab Australian DFS Audience, Hoping to Piggyback on Aussies’ Love of Sports Betting

Marketing to the Masses

This week, Draftstars said it is initiating a multichannel advertising push to grow its brand awareness through television, radio, digital, and social media.

Draftstars is open to legal residents of Australia and New Zealand who are at least 18 years old https://myfreepokies.com. Though the Interactive Gambling Act passed by the Australian Parliament in 2001 banned Aussie-based companies from offering online gambling, DFS is (for now, at least) exempt, as there is a sports-betting carveout, under which umbrella daily fantasy now falls. The site is regulated by Australia’s Northern Territory.

Down Under with DFS

Daily fantasy contests provide fans an alterative way to add excitement to watching sports.

Conversely, DFS hasn’t taken off the same way in other countries, due to the fact that sports betting is not only legal, but cherished. That’s certainly the case in Australia, where placing a wager on Australian football, cricket, and rugby is a national pastime for ‘punters.’

However, recent steps by parliament to restrict in-play betting and a potential revamping of online gaming laws has some companies preparing for new regulations and perhaps a loophole by way of DFS.

What’s in a Name?

The DFS market is quickly becoming crowded with a host of platforms that all sound and look alike.

Ready for a tongue twister?

According to the Australian Government, Aussies spent $19 billion on gambling in 2008-09, and during that same year, roughly 70 percent of all citizens participated in some form of gambling.

Las Vegas Culinary Union 226 Implies Jim Crow Laws Being Used in Red Rock and Station Casinos Dispute

According to items reportedly obtained by Ferrara, the flyers warned guests that ‘Station Casinos, the owner of Red Rock Resort, is the worst labor law breaker in Nevada gaming.’

Las Vegas Metro Police Department cited the two infiltrators that evening, after hotel security took the pair to its offices and handcuffed them.

But this is no simple trespassing case.

Vegas Vagrants?

Prosecutions for such charges must now be tied to specific and observable acts, meaning that security camera footage of the two union members putting flyers under doors would likely fill the bill.

State of the Union

Union lawyer Pitaro is no stranger to controversial high-profile cases. Practicing law in Las Vegas for more than 40 years, he gained national notoriety for representing O.J. Simpson in 2013.

And like the case against Simpson, the Culinary Union defense will certainly be challenging for the experienced attorney.

That’s because the duo doesn’t seem to have much legal foothold to disseminate union materials in the hotel, let alone on guest room floors.

Casinos Call the Shots

That’s because casinos, not unions, possess the right to dictate who enters their premises.

Nonetheless, the Culinary Union argues that Station Casinos is engaged in an aggressive anti-union campaign.

Station Casino employees are currently non-union, something the Culinary Union hopes to change.

Pennsylvania Online Gambling Legislation Poised for Budget Inclusion

State Rep. John Payne’s Pennsylvania online gambling bill might finally become law, one potential positive of the state’s mammoth budget shortfall. (Image: abc27.com)

‘It’s definitely on the table,’ Stephen Miskin, press secretary to State House Majority Leader Dave Reed (R-District 62), told LancasterOnline.com.

The State House and Senate are currently battling over the 2016-17 fiscal budget and determining the best way to increase spending per Governor Tom Wolf’s (D) plans.

Growing Paynes

Online casino companies would additionally pay a 14 percent tax on daily gross revenues.

Macau Gambling Revenue Falls Short of Estimates, Again

admin — Fri, 06 Mar 2020 13:10:09 +0000

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Macau gambling revenue slid 9.6 percent in May, according to data supplied by the southern Chinese territory’s Gaming Inspection and Coordination Bureau. The city’s nearly three dozen casinos collected 18.4 billion patacas ($2.3 billion) last month, some $240 million less than it did in May of 2015.

Macau gambling revenue was down in May for the 24th straight month, but companies that have invested in the region remain optimistic, as they look to diversify their businesses.

And that marked the 24th straight month of year-over-year declines in the once-flush Asian gambling conclave.

Even the most optimistic observer is struggling to find any positives out of the Macau’s gambling industry these days. The lone piece of slightly good news is that May generated about five percent more money than either March or April did.

But times are certainly dire, as Chinese President Xi Jinping continues his ‘crackdown on corruption,’ pushing high roller VIP players, who once arrived via organized junkets, to look for their nosebleed action elsewhere. Junket operators used to regularly cater to mainland China’s elite by bringing them to Macau and loaning them money to gamble, but Xi’s policies have largely made that impossible now.

The general consensus among analysts was that Macau gambling revenue would dip six to seven percent in May. But it even underperformed those poor expectations by nearly three percent. To understand just how detrimental the junket suppression has been, Macau casinos produced over $4 billion in May of 2013.

Focusing on Tourism

With Beijing showing no signs of loosening its stronghold on Macau VIP junket operators, the gaming region continues to look for ways to diversify its economy.

The Macau Government Tourism Office is currently updating its ‘Tourism Industry Development Plan,’ and asking for public comment now through July 22.

‘With continuous growth of visitors from different parts of the world, the tourism industry of Macau has lots of development potential,’ the Tourism Office states in its consultation paper. ‘The vision in the tourism area is to elevate the city to the next level as a world-known tourism destination with impressive products and rich leisure experiences.’

To accomplish such lofty goals, Macau says it must expand its region’s products to include more accommodation options, build cultural facilities, and attract leading retail and dining establishments. ‘Macau needs to offer a diversified and attractive tourism product mix and experience,’ the paper concludes, echoing what has, in fact, been a very successful venture in that very direction for Las Vegas over the past decade.

Sounds Like Sin City

As just one example of this, Las Vegas Sands Chairman and CEO Sheldon Adelson is focusing more of his time on conventions and sports than gambling these days, as the billionaire is collaborating with Oakland Raiders owner Mark Davis in trying to relocate the NFL franchise to Sin City.

Adelson also recently announced plans to build what he claims will be a first of its kind, 400,000-square-foot entertainment concert venue behind his Venetian and Palazzo resorts.

MGM recently finished the T-Mobile Arena, which seems to be doing gangbusters in its first few months of business booking A-list performers, and Steve Wynn wants to build an artificial 38-acre lake to house a water park equipped with water skiing, paddle boarding, parasailing, zip lining, and more.

Meanwhile, back in Macau, Adelson’s planned Parisian resort, scheduled to open in July on the Cotai Strip, will feature a half-scale Eiffel Tower replica, 250 boutique shops, a spa, and 56,000 square feet of conference space.

Wynn is also readying to open his second Macau destination. The Wynn Palace will feature an eight-acre ‘performance lake,’ gondolas, meeting space, spa, salon, and retail shopping.

Which, come to think of it, does sound an awful lot like Las Vegas East.

Michael Jackson’s Las Vegas ‘Thriller Villa’ Listed for Sale

‘Thriller Villa,’ a residence in Las Vegas once rented by Michael Jackson, is up for sale. (Image: sothebysrealty.com)

One of Michael Jackson’s final residences can be yours if your bank account is stocked with at least $10 million. Dubbed the ‘Thriller Villa,’ 2710 Palomino Lane, Las Vegas, Nevada, is being listed for $9.5 million.

Equipped with seven bedrooms, 10 baths, and 24,276 square feet of living space in the main mansion, the ‘Thriller Villa’ was where the King of Pop lived after moving from his Neverland Ranch in 2007.

Jackson didn’t actually own the property, but rented the 1.7-acre compound from 2007 until his unexpected death in 2009.

Among the villa’s amenities is a Medieval Chapel, guest house, multiple bars and dining areas, private art gallery, and secretive basement exit Jackson used to avoid peering paparazzi outside the home’s gates.

While the property has remained a private residence, it’s hosted several events since Jackson’s passing according to the current owner’s WordPress blog about his home. The owner managed the online site in an effort to discourage unwanted visitors from coming to the house.

Ready to make an offer? Sotheby’s International Realty, one of the world’s leading luxury real estate brands, is the listing agent for ‘Thriller Villa.’

Why Vegas?

Michael Jackson spent the vast chunk of his 50-year life living at the famed Neverland Ranch in Los Olivos, California. From 1988 until 2005, Jackson dumped millions of dollars into creating a whimsical playground on what’s estimated to be about 3,000 acres large.

As extraordinarily talented as Jackson was when it came to music, he was exceptionally inept in managing his personal fortune.

The 13-time Grammy winner fell on tough times in the early 2000s. Not only was he engaged in a second child sexual abuse case, but he was also running low on cash.

He eventually decided to move from Neverland to Las Vegas and afterwards opted to pursue a comeback.

Jackson was readying to embark on a concert tour when he died in Los Angeles on June 25, 2009. His preparations for the tour were documented in a documentary released the following October titled ‘This Is It.’

Wealthy and MJ Superfan

When listing an estate for nearly $10 million, the possible clientele that can afford such extravagances is understandably much smaller than that of your typical middle-class home.

And for ‘Thriller Villa,’ the potential pool of buyers is even more reduced. That’s because the home’s current owner has since incorporated elements of Jackson into the property, meaning if you have the financial capability of shelling out $10 million for a home, you’ll also likely have to be a staunch Jackson fan.

According to Realtor.com’s Judy Dutton, various ornate furniture pieces reportedly preferred by Jackson have been incorporated into the décor. The owner has also included a replica of the ‘Boy on the Moon’ image, something that Jackson had plastered throughout Neverland.

The owner is certainly hoping to capitalize off the unique property through its former unique tenant. Sotheby’s no doubt paid a pretty penny to produce a video touring the grounds featuring Michael’s music and likeness displayed prominently.

Biggest Nevada Political Donors for Casino Industry Include Adelson, Fertitta Brothers

The top Nevada political donors of the 2015/16 financial year are drawn largely from the casino industry, but also include a cosmetics executive, an auto dealer, and even a poker player, according to a list published by the Las Vegas Review-Journal this week.

Brothers Lorenzo, left, and Frank Fertitta, right, with UFC president Dana White. (Image: Jamie McCarthy/WireImage)

Perhaps surprising some, the biggest donor of the year so far was not Las Vegas Sands CEO Sheldon Adelson, as you might expect, but the CEO and chairman of RagingWire Data Centers, George C. Macricostas.

Macricostas donated $2.12 million in total, with $1.6 million of that going to a super PAC that backed the presidential candidacy of Senator Rand Paul (R-Kentucky). Ah, well easy come, easy go.

Adelson’s Antics

Senator Paul didn’t get a dime from Adelson, incidentally, and the good senator’s opposition to federal restrictions on online gambling might have something to do with that. But they https://myfreepokies.com/pelican-pete/ don’t call Adelson a ‘Republican mega donor’ for nothing. Instead, the LVS chairman has focused his attentions, all $915,500 of them, on a variety of Republican causes, such as funding the National Republican Congressional Committee and the National Republican Senatorial Committee.

If reports last week that Adelson is to spend upwards of $100 million creating a pro-Trump super PAC are true, then his stock on this particular list is about to rise.

Former casino mogul Donald Trump, of course, is the GOP presidential nominee in all but official convention status as of now, and Adelson has said that he’s backing him for that very reason.

Meanwhile, some other famously Republican casino owners, the Fertitta brothers of Station Casinos, gave $500,000 to the Senate Leadership Fund, an organization devoted to preserving the GOP majority in the Senate.

New Jersey Connection

Next up, a company called Winecup-Gamble Inc., donated $1 million to America Leads, a PAC that backed New Jersey Governor Chris Christie’s presidential bid.

Winecup Gamble is a ranch owned by Paul Fireman, a former CEO of Reebok, who’s since turned venture capitalist. Fireman wants to build a $4.6 billion casino resort in Jersey City and Governor Chris Christie has thrown his abundant weight behind a referendum to expand casino gaming into North Jersey.

That’s how it works in politics: money talks and politicians walk, or should we say jump, on cue.

When you’re a poker player who appears on a list of notable ‘donators,’ it’s usually not a good thing. Unless you’re Cary Katz, of course. Katz is a mainstay on the high roller tournament circuit, and he’s also the guy who famously ran his pocket aces into Connor Drinian’s pocket aces at the 2014 Big One for One Drop, and winded up making a flush.

Katz made his money when he founded a student loan company, the Summerlin-based College Loan Corp., in 1999, of which he is chairman. He is a serial donor to various Republican causes and over the years, has pledged $483,073 to a variety of these.

Notably, Steve Wynn is the only wealthy Nevadan on the list to adopt an entirely bipartisan approach. He has supported both Republican and Democrat presidential candidates, including Christie, Cruz, and Clinton. That’s what’s called ‘hedging your bets,’ and Wynn hasn’t landed at the top of the industry food chain by not knowing how to gamble.

Monte Carlo Renovation Planned by MGM Resorts International, Atlantic City’s Showboat to Reopen as Non-Casino Hotel

MGM Resorts says it will spend $450 million to update the Monte Carlo and ready the 20-year-old property for its inclusion into The Park, a new area with New York-New York designed to attract younger visitors. (Image: hotel-in-vegas.net)

The Monte Carlo Resort and Casino in Las Vegas will soon undergo a $450 million renovation that will ‘touch every element of the property’ to update the two-decades-old venue in hopes of attracting a younger, more affluent demographic.

In a partnership with New York-based hotelier Sydell Group, MGM says the project will transform the Monte Carlo into two distinct hotels, Park MGM, and The NoMad Las Vegas. Park MGM will consist of 2,700 rooms while the NoMad will come with 292 guestrooms and draw upon Sydell’s flagship NoMad in New York City.

The facelift will be the third at the Monte Carlo since it opened in 1996. A 2008 fire on the top six floors of the building caused $100 million in damage.

‘Coupling MGM’s rich legacy of hospitality and entertainment with Sydell Group’s expertise in creating hotels that cultivate a strong sense of place will result in a destination that both celebrates the history of Las Vegas and ushers in a new era,’ MGM President Bill Hornbuckle said.

MGM hopes to have the renovations completed by the end of 2018.

Ritz Club Sues Tycoon Safa Abdulla Al Geabury Over £2 million Gambling Financial Obligation.

admin — Fri, 06 Mar 2020 12:01:18 +0000

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Safa Abdulla Al Geabury, whose £2 million dud check bounced whenever Ritz staff attempted to cash it the day after their gambling spree.

The Ritz Club, London’s famously high-end, high-roller casino, is suing A swiss property tycoon over a £2 million ($3.1 million) bounced check.

Based on the Ritz’s filing, Safa Abdulla Al Geabury wrote down the check to invest in a gambling session one evening in February this past year, but it turned out to be a dud once the casino attempted to bank it the morning that is following.

The Ritz can also be seeking an additional £200,000 ($310,000) in accumulated interest on the debt.

It’s been reported that the casino, that will be owned by reclusive billionaire twins that are identical Sir David and Sir Frederick Barclay, has been plunged in to the red by a series of unpaid gambling debts, forcing it to pursue its debtors aggressively in the courts.

According to the London Evening Standard, the casino has litigated against 10 high rollers in the last year alone in order to recoup 2013 losings of £12.5 million ($19.4 million).

Al-Daher Case

Al Geabury’s defense is that he is a gambling addict and his staff must have known this and stopped him from playing.

He wants the debts written off, but he is on shaky ground with this line; in 2014 the casino won a similar tall Court battle against Noora Al-Daher, the wife of this Omani minister that is foreign.

The Ritz sued Al-Daher after she had visited the casino in April 2012 and proceeded to lose £2 million ($3.3 million) in a few hours. Al-Daher didn’t honor £1 million ($1.65) of her debt. She immediately counter-sued the casino, claiming that the casino had taken advantage of her.

Al-Daher had reported in court that Ritz Club employees encouraged her to continue playing a casino game of chemin-de-fer, despite having been made aware of her gambling addiction, and even allowed her to cash checks, which she claimed was illegal.

She also said that the casino had been under a ‘duty of care’ towards her, a responsibility which it had neglected to fulfill.

Psychiatric Reports

However, the court heard that Al-Daher and her family members had apparently happily gambled away $5 million in Las Vegas a months that are few her see to the Ritz.

The judge said he was particular that, had Al-Daher been refused permission to hold on gambling at the Ritz, she ‘would have been eager and likely to gamble at other casinos thereafter, and incredibly most likely during her remain in London during the days or days after 3 April 2012. in ruling in benefit of this casino’

The judge in the Al Geabury situation, Mrs Justice Simler, meanwhile, stated at a preliminary hearing that psychiatric reports have been commissioned to assess Al Geabury’s state of mind on the time he lost the cash and whether he had been in control of his actions.

‘The essence is whether Mr Al Geabury has a gambling addiction while the claimant’s knowledge of that,’ she stated.

Carl Icahn Awarded Trump Taj Mahal as Battle with Union Continues

Carl Icahn wishes to revitalize the Taj Mahal in Atlantic City and save thousands of jobs along the way, but it is said by him can’t be done unless neighborhood union employees are prepared to compromise. Unhappy union workers, shown here at a youthful protest, feel otherwise. (Image: Wayne Perry/AP File)

Billionaire Carl Icahn has acquired the Trump Taj Mahal, exchanging $292 million he is owed for complete ownership of the casino in a deal that was approved by the New Jersey Casino Control Commission this week.

Icahn says he shall invest another $100 million to revitalize the resort and to keep the Atlantic City landmark solvent.

‘We believe whenever you pull into the Taj Mahal, it’s dirty, it’s dated, and it takes to be freshened up,’ Trump Entertainment CEO Robert Griffin said of the settlement. ‘I feel very strongly that the Taj Mahal can do well.’

That will be no task that is easy however, because the north end boardwalk gambling venue continues to work at a loss, including being $8.7 million in the red for the first quarter of 2015. The hotel’s 2,010 rooms were less than 50 percent complete during the first three months associated with 12 months, a drastically lower rate than that of the other seven casino accommodations that averaged occupancy levels of around 70 to 85 percent.

Icahn’t Stand Unions

Icahn is positive that he is able to restore the Taj to its former times of glory. But one condition that is key mogul insists on is the fact that Local 54 and the UNITE HERE unions stop their pursuit of getting a court mandate Icahn to reinstate benefits for workers which were terminated by Trump Entertainment during bankruptcy proceedings.

The other Atlantic City casino under his ownership on Wednesday, Icahn told reporters he sees the Taj being reestablished much like he did with the Tropicana.

‘Although Local 54 appears fixated at all costs on damaging the Taj, and risking its closure and the loss of almost 3,000 jobs, we am positive,’ Icahn said.

Icahn also released a letter to Local 54 Taj employees this week that likens the nationwide UNITE HERE organization to a Ponzi scheme that makes use of dues to enrich the lives of its leadership at a cost that is detrimental its users.

‘It is an undisputable reality that your union leadership declined to negotiate with the Taj as the losses were mounting and it was pushed into bankruptcy. Your union leadership refused to think about any concession that could have assisted keep the Taj afloat, and that is because your jobs usually do not matter towards the union leadership,’ Icahn penned.

Icahnoclast

The once bustling gambling mecca for the east shore is now house to just eight total casinos, and Icahn now has control of two, or 25 % of the city’s video gaming venues. That means along with Caesars Entertainment, owners of Bally’s, Caesars Atlantic City, and Harrah’s, Icahn features a monopoly that is small the city where the overall game of Monopoly is situated.

Thought it’s understandable union employees want and need their health insurance coverage and pension advantages reinstated, their techniques might be going about any of it in the https://myfreepokies.com wrong way. This week, Local 54 delivered a letter to Icahn’s midtown Manhattan office with a list of its demands, along with an apple pie, a dig in a reaction to Icahn saying ‘apple pie and roses isn’t how a world works’ earlier this year.

Jeb Bush Latest GOP Candidate to Enter Republican Presidential Race

Officially formal: After many months of unofficial fundraising, Jeb Bush confirmed his bid for the 2016 GOP nomination today. The son and brother of two past US presidents is hoping to separate his campaign from his rather family name that is famous. Sort of. (Image: Erik Schelzig/AP)

Jeb Bush joined the ever-expanding crowd of Republican applicants within the 2016 election that is presidential Monday, by having an announcement at Miami-Dade College in the afternoon. But unlike lots of the greater amount of compared to a dozen candidates in the GOP industry, Bush will be hoping to run from a position of strength, as he will be one of the favorites for the party’s nomination in the early going of this campaign.

‘In any language my message will be a confident one, because i know that we can make the decades just ahead in America the greatest time ever to be alive in this world,’ the newest Bush political dynasty prospect opined, using both English and Spanish to address the live and undoubtedly massive television audience.

Columba Bush, a first-generation Mexican immigrant who married Jeb 41 years ago, could prove critical in helping him reach Hispanic voters. (Image: Bill Ingalls/NASA/Getty)

Columba Bush, whom is married to the politician for 41 years and had been originally from León, Guanajuato in Mexico, will definitely be an important force in a nation grappling with immigration and dual-language problems on an basis that is almost daily.

In fact, the story goes that Mrs. Bush would not even talk English when she married Jeb back 1974. Her mom was reportedly a migrant worker and food server.

Bush may need the help. Even though previous Florida governor is usually the leader in national polls of Republican voters, though that advantage is exceptionally narrow. In fact, it may be more accurate to look at Bush, Wisconsin Governor Scott Walker, and Florida Senator Marco Rubio as co-leaders at this early stage.

Strong Establishment Candidate

That said, Bush has a good amount of advantages that may make his campaign a strong one. For one, he may have no difficulty money that is raising.

One PAC that is super that backing him had hoped to boost $100 million by the end of June, and while they’ll nearly definitely come up in short supply of that goal, it’s clear you will see plenty of funding for the Bush war chest.

He’ll also have endorsements that are numerous Republican establishment figures, too as a name that voters are familiar with, although his Jeb! 2016 slogan seems to suggest he’s attempting not to ever drive on at least the most obvious of coattails. After all, that famous last name is a double-edged sword, depending on which voters you’re talking to.

While both his daddy and cousin have previously served as president, Jeb Bush is attempting to avoid being seen merely once the next in line of succession, having a ‘royal’ aspect that lots of voters might not be comfortable with.

Campaign Was Unofficial for Months

Needless to say, by any reasonable standard, Bush’s campaign happens to be underway for months, but he has carefully skirted the line to avoid officially launching a campaign company until now. Over the week-end, Bush told CNN that becoming a candidate that is official enable him to higher articulate their message towards the US individuals.

‘I think this transition to a candidacy will let me become more direct about my advocacy of the leadership skills required for the next president to fix a few things,’ Bush stated while in, of most places, Estonia this weekend. ‘ And as a prospect, contrary to someone who has been paying attention and learning across the means, I’ll offer up alternatives to the path we’re on as well, so we’ll become more specific on policy.’

Historically Opposed to Gambling

It’s uncertain whether we are going to get any details on Bush’s video gaming policies, but his past stances on gambling issues while governor of Florida make it pretty clear he is not any fan of gambling enterprises, as he strongly opposed gambling expansion in the state. Their stances on Internet gambling are less clear, though it is hard to imagine he’d be any friendlier to online poker and casino games than he would be to their counterparts that are land-based.

Maybe more importantly to his campaign, Bush may have to win over conservative voters who aren’t necessarily on board with his stances on immigration and training, both areas where his wife could become a important campaign ally. He also recently struggled with concerns over how he would have handled the war in Iraq, and fired his campaign manager just last week due to squabbles inside his camp.

Alabama Senate Committee Approves Gambling Expansion

admin — Fri, 06 Mar 2020 10:56:22 +0000

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Del Marsh believes gambling revenues will be the way that is best to balance Alabama’s spending plan.

An Alabama casino gambling bill narrowly passed away through committee week that is last offering the legislation the opportunity to be heard by the full State Senate.

The bill, understood as SB 453, passed through the Tourism and Marketing Committee by a five to three vote on Thursday.

The bill is built to help produce revenue that is new the state in two ways.

First, it would produce a continuing state lottery that could be regulated by an Alabama Lottery and Gaming Commission.

Bill Will Allow for Four Casinos

Perhaps more dramatically, that commission would additionally be charged with overseeing the development of casino gambling in the state.

Such operations would be allowed at four horse racing tracks through the entire state, the time that is first games like slot machines, blackjack, as well as other dining table games is allowed in the state.

The bill, which would amend hawaii constitution, had been introduced earlier in the day this by Senate President Del Marsh (R-Anniston) month. He said that aided by the continuing state needing an influx of revenue, he would rather see that money come through legalized gambling than with a taxation increase.

‘This is a big bit of legislation, a very controversial piece,’ Marsh said at a public hearing regarding the bill held Tuesday. ‘But I think it is a choice which should there be put as an option to help take to to solve some of this budget problems in this state.’

Many Skip Electronic Bingo Casinos

During those hearings, there was impassioned testimony from all relative edges for the issue. Many people spoke of planning to see the return of gaming to facilities that once had it, before alleged electronic bingo casinos were shut down in the state following an Alabama Supreme Court ruling year that is last.

‘I’ve seen hardworking that is good doing without, getting close to hungry,’ stated Macon County hardware shop owner Brent Thomas, who said that his area was in fact hurt tremendously by the closure of this VictoryLand bingo casino.

Meanwhile, others argued against any video gaming expansion, stating that a lot of the money that the state made through the games would be coming from the poor.

‘It is really a taxation,’ said Joe Godfrey, executive director regarding the Alabama Citizens Action Project. ‘It’s a tax in the poor. It preys on the people who can least manage to pay it.’

Native American Casinos Active in State

Still others pointed out that there was already gaming in the state, while the Poarch Band of Creek Indians already operate three casinos with electronic bingo machines in Alabama.

That, Marsh said, designed the decision wasn’t between having gambling or otherwise not, but instead whether the state would collect income from the gambling that was occurring.

When it comes to Poarch Band, they say that the bill that is newn’t contain enough rules about exactly what would be allowed during the race songs where gambling would be allowed, which could leave loopholes that operators will endeavour to exploit.

‘It’s like handing your teenager a bank card without any rules connected and then being astonished when you have a bill that appears like the Alabama budget deficit,’ said Robert McGhee, treasurer for the Poarch Band of Creek Indians Tribal Council. ‘It’s a backwards thinking that opens the door to practices that are potentially irresponsible could be hard to rein in following the fact.’

The bill would allow for casino gambling at race tracks in Birmingham, Macon, Mobile and Greene County. Proponents say that gambling expansion could create over $400 million in new revenue and 11,000 jobs for their state.

In order to approve a noticeable change to hawaii constitution allowing for gambling, three-fifths of the legislature would have to straight back the bill, as would a bulk of voters in circumstances referendum.

New Form Of Connecticut Casino Bill To See Voting This Week

The Mohegan Sun is 1 of 2 gambling enterprises in Connecticut wary of new competition from Massachusetts and New York. (Image: MoheganSun.com)

Connecticut desperately would like to find an option to battle right back up against the casino that is coming in Massachusetts and New York.

This it seems as though the state Senate will consider a bill that would do just that week.

A fresh version of the Connecticut casino bill is slated to be voted on by the state’s Senate, and would allow the state’s two casino operating Indian tribes to build a resort that is new get along with the two they already run.

The bill appears to be much faster than in earlier versions: rather when compared to a bill that is 16-page had been formerly under consideration, The Hartford Courant says that the working draft associated with the new legislation is just 75 pages long, or just around three pages.

First Variation Allowed for Three Casinos

In earlier incarnations of proposed casino legislation, Connecticut might have allowed for as many as three casinos that are new be operated by the Mashantucket Pequot and Mohegan tribes, which operate Foxwoods and Mohegan Sun, respectively. Into the newest version, only one extra casino will be allowed.

That casino that is new potentially be built any place in the state, and the bill outlines a procedure that would let the two tribes to talk to towns enthusiastic about making proposals to host the facility.

However, it would be located someplace within the I-91 corridor north of Hartford, where it could potentially limit the loss in gambling revenue that might be caused by the MGM that is upcoming Springfield Massachusetts.

There have currently been several towns in that area that have expressed an interest in attracting a casino. Possible suitors could include East Windsor and East Hartford, among others.

Massachusetts Casinos Could Eat Into Income

Both Mohegan Sun and Foxwoods are gravely concerned about the potential impact of the Massachusetts casinos, which in turn concerns lawmakers, as the state shares in the video slot revenue at both resorts.

At one point, hawaii made just as much as $430 million from that compact in 2007; that number dropped to just under $280 million in 2014, and some projections have that total falling to as low as $189 million in 2018.

Under the new version of the bill, final authorization for a new casino would occur until 2016, as the typical Assembly would need to accept any deal that has been made between the tribes and a town or city.

‘It became clear it had to be more of a two-step process,’ Senate Majority Leader Bob Duff (D-Norwalk) told the Connecticut Mirror. ‘It could not be performed in one single bill.’

Tribal leaders appears pleased with all the new bill, even they may have hoped for if it doesn’t provide the immediate impact.

‘ https://myfreepokies.com/siberian-storm/ Our goal from the outset happens to be to protect the 9,300 jobs and income which will be lost to competition on Connecticut’s borders, and we believe this bill, if authorized, will give the Mohegan and Mashantucket Pequot Tribes the ability to start to take action to take action,’ said Patty McQueen, a spokesperson for the two tribes.

However, it’s additionally possible that there could be many legal questions that hang over the legislation, a prospect that Connecticut Attorney General George Jepsen raised earlier this 12 months. The bill even generally seems to anticipate the chance of legal challenges, stating in one area that when a court ‘holds any provision with this section unconstitutional, the residual provisions of the part shall be inoperative and now have no effect.’

Deutsche Bank Report States New Jersey Should Open Casinos Beyond Atlantic City

The Meadowlands might be home to a casino if nj allows gambling outside of Atlantic City. (Image: John Munson/The Star-Ledger)

New Jersey has toyed with the idea of opening a casino within the northern part of the state, a move that could mark the time that is first in hawaii had spread beyond Atlantic City.

That effort may get more help adhering to a report by Deutsche Bank that says this type of casino could possibly be what nj-new Jersey needs.

Deutsche Bank analyst Andrew Zarnett filed a report last week that took an overall look at the nj-new Jersey gaming industry, and discovered it would be in the state’s best interest to build at least one casino in northern New Jersey, perhaps at the Meadowlands.

‘We believe that one or two casinos in north Jersey could generate well over $500 million, putting ~$275 million into hawaii’s coffers and therefore is a move that is smart the state,’ Zarnett wrote. ‘It’s good from a position that is budgetary also for Atlantic City, as long as some of the tax revenues go back to that market.’

Talk of Brand New Casino Intensifies

This issue of putting a casino at the Meadowlands or elsewhere in northern New Jersey heated up year that is last as some lawmakers seemed forward to potentially broaching the issue by the end of 2015 or in 2016.

In February 2011, Governor Chris Christie place an unofficial hold that is five-year such talks as a way to provide the city’s video gaming industry time to enhance without the pressure of some other local casino potentially cannibalizing the market.

In specific, Senate President Stephen Sweeney (D-Gloucester) said last year that it might be possible to carry a statewide referendum on building new gambling enterprises elsewhere in hawaii in November 2015. Zarnett spoke to this possibility in their report.

‘It is our belief that a ballot question to allow video gaming outside of Atlantic City could come this 15,’ he wrote november.

Voter Turnout Concerns

However, supporters of such a move might never be trying to hold the vote so quickly. According to Sweeney, the expected reduced voter turnout in an off 12 months for elections could harm the measure, as voters from Atlantic City and nearby areas may be more motivated to come out and vote against it than voters from the northern the main state are to support it.

That could mean holding the vote off until November 2016, when a presidential election will guarantee a high percentage of New Jersey adults head to your polls. But others who are and only the casino expansion still wish to visit a vote this year.

‘ We have to do it now, so we don’t fall even further and further behind other states,’ stated State Senator Ray Lesniak (D-Union County). ‘Atlantic City continues to decrease, and racing shall continue to drop. This might very well be our chance that is last.

Deutsche Bank Expects More Closures

The Deutsche Bank report additionally painted a grim perspective for Atlantic City’s casinos, projecting that gaming revenues in the city would fall to about $1.8 billion in 2017 due to increased gaming options in surrounding states. That may suggest further casino closures in the a long time.

‘ We would expect Taj Mahal in addition to a Boardwalk that is second casino join the list of shuttered properties in the exterior years,’ Zarnett penned.

The report’s conclusion is straightforward, and one that supporters of a north Jersey casino shall be pleased to quote.

‘In summation, it’s the perfect time for New Jersey to push ahead with plans for a North Jersey casino or casinos,’ Zarnett wrote. ‘And as such, we think that the step that is next a constitutional referendum this November providing approval for gaming outside of Atlantic City.’

Massachusetts Gaming Commission Denies Brockton Casino License

admin — Fri, 06 Mar 2020 08:25:45 +0000

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The Massachusetts Gaming Commission (MGC) voted 4-1 against a $677 million Brockton casino being proposed by Mass Gaming & Entertainment, a partnership company formed by Rush Street Gaming Chairman Neil Bluhm and Brockton Fairgrounds owner George Carney.

The Massachusetts Gaming Commission denied a proposal to build a casino resort in Brockton this week on fears of competing interests with the Mashpee Wampanoag Tribe.

The decision culminates a yearlong process of back-and-forth between the state and Mashpee Wampanoag Tribe. Gaming Commission members have been wrestling with trying to determine if the commercial Brockton casino would actually decrease tax revenues for the state.

The Brockton Fairgrounds, the proposed location of the resort, is just 20 miles away from the forthcoming Mashpee casino in Taunton. Under the Mashpee’s compact with Massachusetts, the tribe pays 17 percent of its gambling revenue to state should it hold exclusivity on the region.

The Brockton casino would have violated the compact and voided the Mashpee’s obligations to pay taxes on its gaming income.

‘We have been living on this land for thousands of years and made it possible for non-Natives to establish themselves here,’ Mashpee Wampanoag Tribal Council Chairman Cedric Cromwell said in a statement. ‘Historically, our people have been the recipients of a string of broken promises. Today is not one of those days.’

Broke Brockton

The birthplace of Rocky Marciano, the inspiration of Sylvester Stallone’s classic American film ‘Rocky,’ Brockton is one of the poorest towns in the entire state.

Brockton routinely places in the bottom ten of the state’s more than 350 cities and towns for annual per capita income. Brockton is also regularly referred to as one of the most dangerous cities to live in Massachusetts.

The $677 million casino would have brought jobs to the highly unemployed area and a sense of new life and energy. Unfortunately for residents, politics got in the way.

‘I feel bad for the people of Brockton because they desperately need the jobs and the city needs the money,’ Carney told the Boston Globe after the vote.

MGC Chairman Stephen Crosby said the competing casino in Taunton wasn’t the only reason for the rejection. He panned the Brockton design and called it a ‘great disappointment.’

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‘It comes down to this not being the kind of casino Massachusetts envisioned,’ Crosby said. ‘These decisions are difficult and we acknowledge can be very disappointing. . . However in the end, the Commission has a responsibility to make a big decision in view of all considerations and that includes the best long-term interests of the Commonwealth.’

Massachusetts Loses, Malaysia Wins

Though the Mashpee Council says the MGC verdict was good for both sides and the state will receive an estimated $40 million in annual taxes from its Taunton resort, the real winner is the Genting Group, a Malaysian conglomerate that will finance the vast majority of the $1 billion build.

Genting owns Resorts World in Queens, New York City, and has proposed casinos in Miami and Las Vegas.

It’s now unclear if the MGC will look to other towns and cities in the third and final Region C.

The 2011 Expanded Gaming Act called for three destination resorts split into three geographically diverse regions across the state. The MGM Springfield claimed the western region and Wynn Boston Harbor owns the central permit.

Raiders’ Mark Davis Pledges ‘Lifetime Commitment’ and $500 Million to Las Vegas

Mark Davis holds up a mocked up banner of the ‘Las Vegas Raiders’ as he pledged his commitment to making the city the team’s new home. (Image: businessinsider.com)

‘Las Vegas Raiders’ has a certain ring to it, does it? Raider’s boss Mark Davis was in town this week to offer the most concrete assurance yet that Vegas could be about to get its first major league sports team.

‘We need a home. We need a stadium,’ Davis told a meeting of the Southern Nevada Tourism Infrastructure Committee (SNTIC) at UNLV Thursday. ‘That’s what Las Vegas is going to provide us and it’s going to be a great marriage.

‘If Las Vegas can come through with what we’ve been talking about, and we can do a deal here, then we’re going to become the Las Vegas Raiders,’ he added.

In short: build it, and we will come. And to show he was serious, Davis pledged $500 million towards the construction of a new stadium.

‘We’re not using Las Vegas as a bargaining chip,’ he said. ‘This is real.’

Momentum Builds

For an idea that began just a few months ago, it’s is gaining some serious steam. The proposal began at Las Vegas Sands, which wants build a $1.4 billion, 65,000-seat domed stadium on a 42-acre plot north of McCarran International airport, owned by the UNLV.

The casino giant, which has partnered with the Majestic Reality Company on the project, has indicated it will go ahead with or without the Raiders, provided it gets sign-off from SNTIC.

Davis assurances certainly won’t hurt matters when the SNTIC comes to make a decision next month, and his $500 million pledge may ease concerns about the amount of public money that would be plowed into the project.

LVS and Majestic Realty would contribute around $150 million towards construction while the remaining $750 million would come from taxes on tourists, according to the Las Vegas Review-Journal.

Sports Betting Not an Impediment

Davis said that he was confident that the NFL’s longstanding anti-sport betting stance would not be an impediment to bringing the Raiders to Vegas.

A recent memo, circulated by the NFL shortly after Davis first met with LVS boss Sheldon Adelson to discuss the project, would appear to add weight to that assertion. ‘There is no prohibition under league rules on a team moving to any particular city,’ it said.

‘Let’s give them [the NFL] an offer they can’t refuse,’ said Davis. ‘They’re going to approve it based on that.’

The Raiders lease expired on the O.co Coliseum in Oakland this year, but Davis has been able to secure a temporary extension. The team is likely to stay at there for the next few seasons until the new Vegas arena is built, should it get the go-ahead. It would be unlikely to be ready before 2020.

Station Casinos IPO Raises $531 Million

The Fertitta brothers, who stand to gain from money raised from Station Casino’s IPO. (Image: bloodyelbow.com)

Station Casinos set sail on the NASDAQ on Wednesday, trading under its new corporate name Red Rock Resorts, with the ticker symbol ‘RRR.’ The IPO has long been in the offing for the company, whose upturn in fortunes has coincided with the resurgence of the Las Vegas locals market, which it dominates.

The floatation raised $531.4 million, proceeds of which will go largely to the Fertitta family, Station Casinos’ founders and major shareholders (57 percent), via the planned purchase of the Fertitta Entertainment Company for $460 million.

Station and its existing shareholders priced 27.25 million shares at $19.50 apiece, precisely in the middle of the expected range of $18 to $21. At the time of writing on Friday, they were trading at $18.76.

It’s not the first time Station has been a public company, having first floated back in 1993. In 2008, it was bought out by a private equity group, Colony Capital, and the Fertittas, in a $5 billion leveraged acquisition just as the economic downturn hit.

Stock Market Stabilized

The downturn ravaged the casino industry in Vegas and the locals market was particularly hard hit. Saddled with debts, Station filed for Chapter 11 bankruptcy in 2009, a process which lasted two years. Station emerged from reorganization with Deutsche Bank owning 25 percent of the company, having agreed to hold $1 billion of its debt.

By 2011, the locals market was regaining confidence, and Station has gone from strength to strength since its reorganization, reporting 18 consecutive quarters of cash flow growth, and the highest net revenues since 2008, performances that have been pushing Station toward an IPO for a while.

In fact, the float would have come earlier, had market conditions been more favorable. It was approved by financial regulators in January, but postponed due to the volatility in the stock market this year, which has seen a drought of IPO’s up until MGM floated its new REIT, MGM Growth Properties, early last week.

Union Opposition

Meanwhile, the powerful Las Vegas union, Culinary Workers Union (Local 266), has been doing everything it can to derail the IPO. The union has a longstanding beef with the anti-union Station Casinos and last year launched a radio campaign in Nevada denouncing Deutsche Bank over its involvement in the Libor rate-rigging scandal.

The bank, which as well as being a major shareholder is the underwriter for the IPO, was forced to pay $2.5 billion in fines for its involvement in the financial scandal.

The union wrote to the financial regulator asking why Deutsche Bank’s recent missteps were not mentioned in Station Casino’s filing and stating that potential investors had a right to know.

Nevada Casino Revenue Falls Three Percent in March, Sportsbooks Set Betting Record but Poor Hold

Las Vegas sportsbooks struggled in March and helped decrease Nevada casino revenues by three percent. (Image: money.cnn.com)

Nevada casino revenue dropped three percent in March compared to the same month in 2015 as baccarat fell statewide and sportsbooks struggled to maintain reasonable holds on sports betting.

Overall, the state’s casinos won $922.2 million last month, $29 million less than in 2015. That correlates to roughly eight percent lower tax income for the state, or about $2 million.

‘I think we expected a little bit more this month, but it didn’t happen,’ Nevada Gaming Control Board Senior Research Analyst Michael Lawton told the Associated Press.

While there were some bright spots across the Silver State, primarily in Reno and South Lake Tahoe, numerous gaming culprits can be held accountable for the downturn in the Las Vegas area including slots and sports betting.

Unlucky Streak

As is the case for the majority of gamblers who frequent Sin City, the luck ran out for Las Vegas operators as the tables turned against them in March.

While casinos can do little to combat a reduction in play at baccarat tables, proceeds from the game down three and a half percent, gaming executives will certainly take issue with what was a rather dismal performance at the sportsbooks.

Nevada books recorded $458 million in sports wagers in March, a new record for any single month. The problem is, the oddsmakers won just 2.1 percent more than the bettors, translating into a win of just $9.6 million spread across the state’s 89 sportsbooks.

March Madness was unquestionably risky business in 2016. With no clear favorite to win the college basketball national title and a host of teams capable of reaching the Final Four in Houston, fans flocked to hedge their bets.

Only one #1 seeded team reached the final two games, and #10 Syracuse was the Cinderella story of the tournament. Villanova’s first national title in 31 years provided big wins for the Philadelphia faithful who put money where their hearts were.

Though Las Vegas technically still won, holding only 2.1 percent of $458 million felt like watching money walk out the door to floor bosses.

Nevada sportsbooks have averaged a win percentage of more than five percent over the last three years.

Casinos will experience a considerable drawback in betting totals in April as the month featured little to entice sports gamblers to Nevada. Fortunately, May is right around the corner, and with it comes the Kentucky Derby and Preakness horse racing spectacles.

Slots Pull Back

In addition to the sportsbooks, slots also had less than stellar performances for Nevada casinos. Though gamblers put $9.3 billion into the machines, the house won just 6.6 percent for a win of $616.6 million.

According to the UNLV Center for Gaming Research, the average hold rating for slot machines statewide in Nevada between 2004 and 2016 has been 6.9 percent. While a difference of 0.3 might seem trivial, when dealing with a figure of $9.3 billion it equates to a loss of roughly $28 million.

Case Dismissed: Paul Phua Case Thrown Out as Las Vegas, Nevada Judge Sends Him Packing

admin — Fri, 06 Mar 2020 07:59:58 +0000

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Paul Phua is currently free, once the sports case that is betting him was dismissed. But the opera may maybe not yet be entirely over. (Image: davisvanguard.org)

Paul Phua has had lots of highs and lows over the past year, from the raid that led to his arrest final summer in Las vegas, nevada to the increasing level of proof against him considered to be inadmissible in court in present months.

Today, though, it would appear that the Malaysian businessman and poker player has arrived out on top for good.

US District Judge Andrew Gordon dismissed the charges against Phua on Monday, ending a court that is nearly year-long over an alleged illegal World Cup sports gambling band that was being come to an end of a Caesars Palace villa on the nevada Strip.

Judge Gordon determined after prosecutors admitted that their situation was dropping apart because of the volume of evidence which they could no further utilize against Phua in court.

Illegal Search, Doomed Case

Gordon had ruled that evidence seized from three villas being used by Phua and their associates had been tainted, because it was the fruit of a search that is illegal before the raid. That search was undertaken after the FBI worked with gaming officials to take off Internet access to the villas, causing the occupants to call for tech support and allowing agents to enter under the guise of being repair personnel.

Initially, only the evidence gathered from Phua’s villa was dismissed, with prosecutors hoping that could cobble together a full case based on what they collected from the other two villas instead. But when Gordon ruled that anything collected from those two suites would additionally be banned from admission, it absolutely was clear that their case was in tatters.

Because of the full case now dismissed, Phua apparently intends to leave the United States as soon as possible. He has expressed a wish to return back to Malaysia to visit his mother, who’s reported to be ill.

The dismissal will also mean that he will regain possession of his $48 million private jet, also as the $2 million in bail he was being held on. That bail money was actually paid by two stakes that are high players: Phil Ivey and Andrew Robl.

Chesnoff: Phua ‘Stood His Ground’

Phua’s case had received attention because of the constitutional ramifications of the initial FBI search. Celebrity defense attorney David Chesnoff said that the dismissal for the charges against their client was a victory for all Us citizens.

‘Paul Phua endured his ground us,’ Chesnoff said for himself, his friends and family and all of. ‘Ultimately, he’s got been vindicated by our system that is constitutional and honesty and strength of our federal judiciary. He is free.’

But prosecutors may potentially try one last tactic to keep the case against Phua alive. Based on Assistant US Attorney Cristina Silva, government prosecutors may take their case still to the United States 9th Circuit Court of Appeals, hoping that court will overturn Gordon’s decision and reinstate at least a few of their evidence.

Originally, Phua had been one of eight defendants who were charged with running an unlawful World Cup betting band. It was alleged become the continuation of a ring that is similar was busted in Macau, resulting in the arrest of Phua and 20 others.

Of the seven other defendants into the Las Vegas case, six, including Phua’s son Darren, pleaded accountable to lesser charges and received probation. The case against one other defendant ended up being also dismissed.

Amaya Concludes Sale Of Cadillac Jack

Cadillac Jack was sold off by Amaya, which is focusing more on its core business operations. (Image: Cadillac Jack/Amaya)

Amaya has confirmed the conclusion of its purchase of Cadillac Jack, a move that is one of many the ongoing business has made to focus more on its core businesses, mainly PokerStars and Full Tilt.

Cadillac Jack had been sold off to AGS, an entity regarding Apollo Global Management, for C$476 million ($380 million).

Cadillac Jack is a gaming items supplier that creates many different slot machines and bingo games.

The company ended up being first purchased by Amaya for $167 million in September 2012 so as to increase the scale of the company, prior to Amaya’s much greater expansion through the purchase of PokerStars year that is last.

Baazov Says Sale Will Benefit AGS and Amaya

According to Amaya CEO David Baazov, Cadillac Jack and Amaya enjoyed an existence that is mutually beneficial, nonetheless it was time to proceed.

‘Cadillac Jack has expanded its company greatly under Amaya’s ownership to the credit of its management and its particular employees,’ Baazov said. ‘We anticipate AGS will expedite the company to its combination’s growth strategy.’

‘We are extremely pleased that we have been able to crystallize in the value that has been produced within Cadillac Jack over the past years that are two-and-a-half the benefit of our investors,’ Baazov continued. ‘[The transaction] can also be consistent with our strategy to target on our growth that is primary platform our core B2C operations.’

The sale is mostly being compensated in cash by means of AGS buying all stocks of Amaya Americas, the entity controlling Cadillac Jack, though there can also be a C$15 million ($12 million) payment-in-kind remember that will be compensated (with interest) eight years after the closing date.

A number of the money from the purchase shall be employed to repay all of Cadillac Jack’s outstanding debts.

Internal Investigation Finds No Wrongdoing

Amaya has additionally announced that the company has discovered no wrongdoing on the https://myfreepokies.com/lightning-link-slot-review/ part of its workers in reference to Canadian securities laws.

Amaya has been the subject of an investigation that is ongoing Autorite des marches financiers (AMF), the Quebec financial regulatory agency that is looking into trading leading as much as the business’s acquisition associated with Rational Group (the parent company of PokerStars and Full Tilt) last June.

The AMF investigation involved lots of high-ranking employees, including CFO Daniel Sebag and Baazov himself. However, the AMF has yet to file fees against anybody at Amaya, or made any formal accusations against the organization or some of its employees.

According to Ben Soave, a known member of Amaya’s Compliance Committee, AMF has yet to provide any evidence that anyone connected with the company was component of any wrongdoing. Nevertheless, he said, the company carried out a unique review that is internal the matter.

‘This review found no evidence of any violations of Canadian securities rules or laws,’ Soave said.

Baazov himself expressed self- confidence that the investigation would only prove that Amaya operated legally before their purchase year that is last.

‘I think that any concerns that I or other Amaya officers or directors violated any Canadian securities laws and regulations are unfounded and now we are confident that at the end of its investigation, the AMF comes to similar conclusion,’ Baazov stated.

The AMF investigation is currently under a court order seal, which has prevented details of the research from being released to your public.

Sepp Blatter Will Resign As FIFA President

Sepp Blatter will resign his position since the president of FIFA sometime in the next year. (Image: Fabrice Coffrini/AFP/Getty Images)

FIFA President Sepp Blatter announced on Tuesday which he would resign from his position in the aftermath of corruption fees against several senior FIFA officials that were brought by the united states of america government later last week.

Blatter made the announcement at an unexpected press conference that had been hastily arranged in Zurich.

‘I appreciate and love FIFA above all else,’ Blatter stated. ‘And I only might like to do the best for FIFA.’

Needless to say, there are many people within the soccer world who would vehemently dispute this claim by Sepp Blatter.

Extraordinary FIFA Conference become Scheduled

Blatter said that he would not instantly vacate their post.

Instead, he would perform the duties of FIFA President until a successor could be determined, with Blatter himself outlining how that process would go forward.

‘I will call a conference that is extraordinary’ ‘It will be held as soon possible and a brand new president will be elected to follow me.’

Early media reports have suggested that this meeting could happen someplace between four and half a year within the future.

Blatter Won Reelection Days Earlier

The decision to resign comes as a stunning turnaround for Blatter, who was simply just reelected for a fifth term as FIFA President on Friday. In that election, he faced just one opponent, Prince Ali Bin al-Hussein of Jordan, and Blatter’s victory was never in doubt.

In the first round of voting, Blatter received 133 votes, while al-Hussein received just 73. That was sufficient to force a second round of runoff voting, but al-Hussein chose to concede the election rather.

Immediately after that election, Blatter appeared defiant and triumphant, remaking that he ended up being the ‘president of everybody.’ But much changed even in the last couple of days, also if these events did not get the type of headlines that last week’s indictments generated.

UEFA Rumblings, Bribery Report May Have Increased Stress

Sepp Blatter has caused a backlash that is serious their leadership of FIFA. (Image:theeagleonline.com)

Since those indictments had been passed down, there have actually been rumblings of a global Cup boycott or other actions from UEFA, the European confederation for soccer.

While those threats may do not have amounted to a boycott that is actualGermany, for example, said that they would not back such a move), there were likely additional options regarding the table, and UEFA would have the clout to put considerable pressure on Blatter and FIFA in general.

Another concern could have been the implication of FIFA Secretary General Jerome Valcke, Blatter’s chief lieutenant, in a so-called $10 million bribery scheme created to get votes for South Africa to host the 2010 FIFA World Cup.

FIFA attempted to shield Valcke through the payment while also saying that the money, paid to CONCACAF that is former Jack Warner, ended up being element of a ‘Diaspora Legacy Programme’ to support soccer in the Caribbean for players of African descent.

However, journalists found that this scheduled program had never ever been mentioned anywhere outside the one re payment to Warner, and a letter talking concerning the payment sent directly to Valcke had been obtained by the Press Association in South Africa just hours after the FIFA denial.

Platini Favorite to Become Next FIFA President

In his press meeting on Tuesday, Blatter said that ‘FIFA requires a restructuring that is profound’ one that would add modifications to the FIFA professional committee too, perhaps including term restrictions for both the president and the executive committee users.

William Hill immediately put up betting odds on who’ll get to be the FIFA that is next President with current UEFA President Michel Platini being installed as the 6-5 favorite.

Prince Ali container al-Hussein is the second choice at 7-4 odds, while previous Portuguese star Luis Figo is listed at 6-1.

As the change in FIFA leadership likely comes far too late for any modifications to the 2018 World Cup in Russia, there is less certainty over just how Blatter’s resignation could impact the 2022 World Cup planned for Qatar.

While William Hill nevertheless has Qatar has got the favorite to host the tournament (at 4-7 odds), chances of a venue change are now just 5-4, or hardly more than even money.