Nevada Gaming Control Board Ponders Wagering Accounts

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Nevada <span id="more-13247"></span>Gaming Control Board Ponders Wagering Accounts

Nevada Gaming Control Board Chairman AG Burnett is considering amendments to your board’s regulations that could authorize wagering that is prepaid at Nevada casinos.

The Nevada Gaming Control Board (GCB) is calling regarding the state’s land-based casinos to adapt measures that are e-commerce make gaming more user-friendly.

On August 11, the GCB held a general public workshop in Carson City to receive input on possibly changing how slots and dining table games accept bets in the country’s gambling capital.

At issue is the GCB’s own regulations and whether amendments should be implemented to enable casino clients to gamble making use of prepaid accounts.

The board is considering allowing casinos to implement systems at their tables and machines that provide customers with the option to gamble with funds linked to loyalty cards in accordance with Nevada Senate Bill 9 passed in 2015 that pressured the GCB to adapt such regulations.

Regulation 5 and Regulation 5A are the two recommendations in question. The former previously barred players from gambling on prepaid accounts, while the later authorized credited is the reason hawaii’s interactive gaming networks.

The proposed Regulation 5 includes ‘wagering account’ information and principles that are regulatory how the cards would operate. The GCB dictates that the customer desperate to fund a commitment card account would need to first personally register in the casino with photo identification.

‘It would provide patrons what they expect having the ability to fund gaming from sources they’re increasingly more comfortable with,’ GCB Chairman AG Burnett told the Las Vegas Review-Journal.

Practice Made Perfect

Opponents to electronically linked gambling records believe the practice shall cause higher incidences of issue gambling. But the wagering system being considered is far different from simply players that are permitting gamble using their debit and credit cards.

In fact, account wagering is already being practiced in Nevada.

Along with interactive online and mobile gaming accounts, Nevada sportsbooks presently allow bettors to create prepaid gambling cards.

The state legislature thinks the amendments will interest the technological millennial demographic and bring the Silver State’s casinos into modern times.

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‘ The continued growth and success of the gaming industry in the State of Nevada is dependent upon the fostering of a business and regulatory environment that encourages continued advances in the use of technology in video gaming, which improves the entertainment experience, encourages innovation and supports expansion regarding the domestic technology sector,’ Senate Bill 9 states.

Though it appears likely the GCB will soon adapt the gambling that is prepaid, Burnett said more time is needed before formally executing the change.

Vital Endorsement

The Nevada Council on Problem Gambling lent its support of prepaid gaming accounts, though with a conditions that are few.

Executive Director Carol O’Hare stated appropriate signage purporting the hazards of problem gaming should be prominently displayed in areas where gamblers would refund their electronic accounts. Casinos have long been forced to do just that near cages and ATMs, but O’Hare wants the GCB to just take extra measures.

‘It would appear that in 2016 while you adopt laws, procedures and rules for wagering accounts . . . some reasonable effort can be manufactured to align the brand new responsible gaming options become consistent with the existing stands.’

O’Hare said she looks forward to working with the GCB on the updated regulations and language that is drafting mandate such problem gambling stipulations.

Six-Year Prison Sentence for Ex-CEO Kennon Whaley in Alabama, Gambled Away $100K in Insurance Funds

Former Alabama steel magnate Kennon Whaley is headed to jail. This week, the Auburn resident was sentenced to 72 months in federal jail, after he had been convicted in May for making use of an insurance payment to pay down over $100,000 in gambling debts.

Previous Alabama steel company CEO Kennon Whaley will now see a lot of metal of a kind that is different after being sentenced to six years behind bars for insurance fraud. Whaley used bankruptcy settlements to pay straight down gambling debts. (Image: insurancequotesfast.com)

Whaley was as soon as the CEO of Southeastern Stud & Components, A montgomery-based manufacturer of light measure steel framing services and products. Founded in 1999, the company created $34 million in revenues in 2005 and used 125 full-time workers.

But after the collapse that is economic 2007, Whaley filed for Chapter 11 bankruptcy protection in 2009. He received $260,000 in insurance claims, but instead of using it to help in his business’ transition, Whaley went on a gambling binge.

The now 51-year-old visited the Wynn casino in Las Vegas, where he racked up a debt of $100,000. After using the insurance coverage money to pay off Wynn, Whaley returned to Vegas again, where he incurred another $20,000 loss.

Chapter 11 provides companies protection from creditors, but the business that is bankrupt reveal all financial transactions. Not surprisingly, Whaley neglected to stay glued to that condition.

‘ At that time, Southeastern Stud was still in bankruptcy and approximately 70 percent of its employees had lost their jobs,’ the usa Attorney’s Office for the center District of Alabama stated in a release.

Paper Trail Proves Guilt

Whaley’s lawyer stated during his trial which he was an ‘absentee owner’ that was not mindful for the business’s downturn. But if the going got tough, Whaley got going with risky maneuvers.

According to court records, Whaley instructed an employee to falsify documents in a try to conceal where in actuality the insurance payments disappeared to.

‘That’s the textbook definition of bankruptcy fraud,’ Assistant US Attorney Brandon Essig stated.

While the Wynn likely wined and dined Whaley on his two high-roller visits, the Strip resort cooperated with authorities to detail Whaley’s criminal activity. Documents through the casino organized his four-day jaunt to Sin City and show a man living the VIP lifestyle while his company was riddled with debt.

The US Great Recession that lasted from 2007 through 2009 presented an economy that is difficult businesses around the world. Chances were stacked against many small and medium-sized businesses, but Whaley went to Vegas and found even worse odds for their money.

Ironically, Whaley writes on his LinkedIn profile summary, ‘HARD WORK WINS.

In Good Bad Business

Whaley isn’t the person that is first hit the casino floor with illicit funds of late, of course.

A year ago, former Oklahoma State Senator Rick Brinkley (R-District 34) was convicted of swindling $1.8 million from the Eastern Oklahoma Better Business Bureau to support his gambling habit.

And just last month, economic scam artist Andrew Caspersen pled guilty to employing a Ponzi scheme to swindle $38 million from investors to fund his gambling addiction.

Atlantic City Casino Revenue Soars in July, Borgata Enjoys Record Month

Atlantic City casino revenue jumped 6.9 percent in July in comparison to the month that is same 2015. The city’s eight casinos still in operation taken in $275.2 million, $17.7 million over a earlier year.

Atlantic City casino revenues were up at most properties during but Carl Icahn’s Trump Taj Mahal was an exception july. The long-troubled casino will shut down permanently in less than 30 days after a long fight with unions. (Image: Heidi Gutman/Getty Images)

The headliner regarding the revenue report could be the Borgata Hotel Casino, which recently became wholly owned by MGM Resorts.

Atlantic City’s most profitable resort had its best month in its 13-year history. With gross profits totaling $84.8 million in July, Borgata eclipsed its past monthly record and took complete advantageous asset of the an additional weekend and Independence Day holiday.

‘While we expected a great month with five full weekends, we are very satisfied with a record-breaking month,’ Borgata Senior Vice President Joe Lupo told the Associated Press.

Taj Mahal Trumped

Along side Borgata, four for the other seven casinos that are land-based percentage gains in July. The one that don’t had not been surprisingly the Trump Taj Mahal.

The Unite-HERE Local 54 union attack commenced on July 1 over health insurance and pension benefits at the formerly Trump-owned property. More recently bought by the GOP candidate’s billionaire friend Carl Icahn, the casino tallied incomes of just $17.5 million, eight per cent lower than in 2015.

Icahn says he will end the casino’s 26-year run after the Labor weekend day. Gaming officials say the month ended up being positive, regardless of the announcement that yet another Atlantic City casino is closing.

‘July had been a month that is solid even though several properties faced challenges including a strike by union employees,’ brand New Jersey Casino Control Commission Chairman Matt Levinson said.

Bally’s (4.8 percent) and Harrah’s (5.2 %) had been the other two casino properties that posted losses in July.

Table games were the best performers percentage-wise, with a nearly $7.5 million comparative boost to $75.7 million. Slots still pulled within the majority that is vast of income per se, but, with a $182.2 million win.

Year-to-date, Atlantic City casino revenue is up 1.5 per cent, and a complete of 3.2 percent when the state’s Internet gaming is factored in.

Online Gambling Strong

The summer that is long of July brought tourists and money to Atlantic City, but on line, the economy was also sunny.

Internet gaming totaled $17,368,984 during July. That’s a 38.6 percent increase from 2015 and a brand new monthly high for that segment.

Borgata maintained its lead on the five casino operators taking part in iGaming, but the gap is closing. Borgata’s online platforms grossed $3,971,138. The Golden Nugget, up 36 percent in .

The online world gaming market in brand New Jersey is apparently going towards equal disbursement. Once dominated by Borgata, last month the stakeholder that is smallest was Resorts with $3,052,298, a positive change of less than $1 million. The Tropicana generated $3.24 million, while Caesars accumulated $3.39 million.

Resorts has swiftly become a major player in New Jersey’s online gaming sector. Thanks to the arrival of its poker network PokerStars, the casino climbed from $558,000 in revenue in July 2015 to $3 million month that is last.

The world’s biggest Internet poker operator hit the Garden State last March following a lengthy vetting process by the latest Jersey Department of Gaming Enforcement (DGE). It’s presently fighting neck-and-neck with WSOP/888 for the title of brand New Jersey’s online poker market leader.

Michael Phelps Finishes Olympic Profession With 23rd Gold Medal

The one that is great finished. After 23 gold medals, American swimmer Michael Phelps states his career that is racing is. (Image: Clive Rose/Getty Images)

Michael Phelps has swum his last Olympic race. That is if you believe the athlete that is legendary.

Sixteen years since their very first Olympiad and 28 medals later, Phelps says the 4x100m medley relay ended up being the ultimate leg in his storied career.

The most decorated Olympian ever sold, Phelps was adamant in post-race interviews that he’s completed. He said the same thing following the 2012 London Olympics, but the 31-year-old says this time is different.

‘Done, done, done, and this time I suggest it,’ Phelps told Matt Lauer. ‘I wished to come back and finish my profession how I wanted and also this was the cherry over the top associated with dessert.’

With 23 gold medals, Phelps has 14 significantly more than any other Olympian. Their 28 total medals are 10 more than Larisa Latynina’s 18, the second many ornamented Olympic athlete.

History in the Books

Nevada and Las Vegas got in regarding the game for the Olympics in 2016. For the first-time since 2000, sportsbooks offered lines on a number of Olympic disciplines thanks to the Nevada Gaming Control Board amending regulations in 2015.

For the oddsmakers, that meant learning a number of unknown sports. But when it arrived to Phelps and the pool, the decisions were pretty direct.

You would need to go against Phelps if you wanted to win any substantial money without placing a substantial bet.

Phelps won five of the six activities he entered. He placed first in the 200m butterfly, 200m medley, 4x100m freestyle, 4x200m freestyle, and medley that is 4x100m.

He was understandably a heavy favorite at the books in the Silver State. For example, the 4×200 freestyle team event was needing bettors to wager the maximum amount of as $700 on the US for a return of just $100.

The event that is lone didn’t win, the 100m individual butterfly, had Phelps listed at -140 before the sprint.

Those who bet on Singapore’s Joseph Schooling to win gold were handsomely rewarded. A $100 bet for a Schooling upset of Phelps came back about $1,000 at most Nevada sportsbooks.

Lochte Robbed

Another swimmer that is americann’t have quite the same success in Brazil as Phelps. Ryan Lochte, a 12-time olympic medalist in their own right, had a significantly disappointing 2016 Summer Games.

He participated in only two activities, and while he was section of Phelps’ 4x200m freestyle gold relay group, he failed to medal into the specific 200m medley.

Things just got worse following a conclusion of the competition that is swimming. Throughout the weekend, Lochte and several teammates were robbed at gunpoint by thugs in Rio de Janeiro.

‘We got pulled over in our taxi and these guys came out with a badge, a police badge. No lights, no nothing, just a police badge. They pulled us over, they pulled out their firearms,’ Lochte told NBC.

‘And then the man pulled out his weapon, he cocked it, place it to my forehead and he said, ‘Get down,’ and I put my hands up . . . He took our money, he took my wallet.’

Rio has been riddled with controversy in its hosting and preparation of the 2016 Olympics. With six days to get until shutting ceremonies, Lochte’s run-in with street criminals will have everybody on an also greater alert.

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