Gambling
Caesars Bankruptcy Filed Then Halted by Judge
Delaware/CHICAGO (Reuters) - The operating unit of Caesars Entertainment Corp, the largest U.S. casino company, filed for Chapter 11 bankruptcy in Chicago on Thursday to cut $10 billion of debt, but a Delaware judge intervened to halt the case before it got started.
The unusual legal standoff marked the start of a more public phase of complex and contentious debt negotiations. Until now, the company's attempts to cut interest payments after years of red ink have been kept mostly private.
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NJ Group Files Brief in Sports Betting Case: Cites Leagues Deals With Fantasy Firms
NEWARK, N.J. (Associated Press) — A court filing Wednesday in New Jersey's effort to allow sports betting takes the four major pro sports leagues to task for their involvement in fantasy sports competitions, claiming that that precludes them from dictating what the state can do.
The filing was made by the New Jersey Thoroughbred Horsemen's Association to the 3rd U.S. Circuit Court of Appeals, which will hear arguments in the case later this year.
Amaya, PokerStars Second Quarter Sportsbook Rollout Planned
Amaya Inc. ("Amaya" or the "Corporation") (TSX: AYA) on Thursday provided an update on its PokerStars online gaming consumer business and that Chairman and CEO David Baazov will make a speech at an investment conference in Toronto.
BUSINESS UPDATE
Successful completion of Casino Rollout
Atlantic City Loses Half Its Revenue Over Eight Years
ATLANTIC CITY, N.J. - (Associated Press) -- Atlantic City has lost nearly half its casino revenue over the past eight years as competition in nearby states cannibalized its market and drove four casinos out of business.
Figures released Wednesday by the New Jersey Division of Gaming Enforcement show the casinos took in $2.74 billion in 2014, or about what the industry brought in in 1988. That is down 48 percent from a high of $5.2 billion in 2006. The decline would have been greater without the $122 million that Internet gambling provided last year.
Investigation Widens Into Footballer Michael McIndoe and Gambling Exploits
Former Scotland B international footballer Michael McIndoe is accused of recruiting other players into investment ventures which collapsed and the United Kingdom's biggest bookmaker has turned over all relevant information tied to McIndoe's betting account for investigating authorities.
CFP Championship Game Attracts Record Betting for Some: Books Hit by OSU Win
The first ever CFP Championship Game between Ohio State and Oregon was a bonafide hit though it wasn’t exactly pretty for the books.
Colorado The Latest US State to Want Legalized Sports Betting: Success With Pot
Colorado’s biggest bookie made millions. His high profile bust has lawmakers insisting that sports betting in the state should be legalized.
And no state should know better the potential for industries on the fringe. Colorado, after all, has witnessed a massive windfall following its legalization of marijuana only a year ago.
Ho Nephew Arrested for Involvement in Prostitution Ring
A nephew of Macau Gambling tycoon Stanley Ho has been arrested for suspicion of running a massive prostitution ring from the gambling Mecca.
Alan Ho, a long time senior manager at SJM Holdings, was charged along with five others on Saturday with running the ring from one of the company’s largest properties, the Lisboa Hotel.
Creditors Try to Block Caesars Restructuring
Jan 12 (Reuters) - A group of second-lien bondholders of casino operator Caesars Entertainment Corp filed a petition for involuntary Chapter 11 bankruptcy protection against the company's largest unit after it defaulted on interest payments.
Caesars Entertainment Operating Co Inc defaulted on $225 million of payments due on Dec. 15.
The petitioning group includes hedge funds Appaloosa Investment Limited Partnership I and OCM Opportunities Fund VI LP, according to the petition filed on Monday.
The payments were due on principal of $4.5 billion.
Fantasy Sports Leagues Embrace the NFL, But Shun College Football
Company Executives Tell Gambling911 Why That’s So And Why It’s Changing
When it comes to legal sports wagering at Las Vegas sportsbooks, more money is wagered on pro football than any other sport.
The NFL is No. 1 for the books and always has been.
The second most popular sport to bet on at the Vegas books is college football, not surprising considering the overall popularity nationally of the game of football.
So why hasn't this affection for NCAA football translated to fantasy sports the way NFL football has?
Maryland Casino Boots Breastfeeding Mom: Deemed a ‘Security Threat’
A Maryland casino has come under fire for reportedly booting a breastfeeding mom.
Maryland’s Casino at Ocean Downs told Alana Panas she had to leave the establishment, but not due to the breastfeeding.
Casino rules state that nobody under the age of 21 is permitted on the gaming floor and that included Panas’ 7-week old infant.
Indiana Lawmaker Introduces Sports Betting Bill – Boosted by Daily Fantasy
Indiana State Rep. Alan Morrison has introduced two sports betting related bills in hopes of legalizing the activity in his home state.
Transgenders, Necrophiles and Gamblers Banned From Driving in Russia
Russia continues to crack down on its LGBT community, this time passing a law that bans anyone who is a transgender, necrophile, transsexual, or S&M enthusiast from getting behind the wheel of an automobile. Likewise, the new law affects compulsive gamblers as they too will be unable to drive.
Pay Per Head Sites Down Due to DoS: PayPerHead.com Vows to Stay Up
In recent weeks a new spate of Denial of Service attacks has taken down online gambling sites, most notably Internet poker rooms. But Pay Per Head sites have also been the targets of these distributed attacks during one of the most critical periods of the year.
NBA Television Contract Would be Worth Triple If Sports Betting Were Legalized
A Breitbart News source tells the Web publication that, should sports betting on the NBA be permitted under US law, the National Basketball Associations Television contract would easily triple.
Court Hears Arguments in Golden Nugget Unshuffled Cards Case
A court is set to decide whether 14 gamblers will be able to keep more than $1.5 million won during an hours-long baccarat session at Golden Nugget.
The Golden Nugget sued the players in question claiming the players “became unwitting participants in an unauthorized and illegal game of chance” involving cards that were supposed to be pre-shuffled but weren’t.
Fantasy Site ScoreStreak.com Does Things Their Way
Site’s Unique Format Proves Popular With Fans
SAN MATEO, Calif. -- With a steady supply of computer- and Internet-savvy talent and some of the biggest techno-brains around, it's no surprise that Silicon Valley in Northern California has become Ground Zero for the Sports Fantasy League business, including much of the newer business in that industry that involves daily sports fantasy.
Convicted Denver ‘Biggest’ Bookie Kerwin Sande Gets 15 Months Prison Time
One of Denver’s biggest bookies, Kerwin Sande, has been sentenced to 15 months behind bars.
Sande was charged back in August with running a multi-million dollar sports betting ring called Play Fast Sports. It catered to some of the Denver area’s most well known individuals and establishments.
Ex-Fraternal Order of Police President Pleads Guilty in $300 Mil Gambling Ring Case
A former President of the Fraternal Order of Police in Jacksonville, Florida has plead guilty for his involvement in a $300 million gambling scheme.
He was indicted on 100 counts, plead guilty to two felonies and one misdemeanor.
Get Your Masters in Gambling Law at UNLV
(Associated Press) - UNLV is preparing to welcome students to its first master's degree program in gambling law and regulation.
The university's law school is launching the program this fall. Full-time students can finish the course work in a year. Part-time students will need two years.
Officials say the university already offers more courses on the gambling industry than any other law school in the country.
Daniel Hamilton, dean of the Boyd School of Law, says the university is uniquely situated to do so.
Malaysian Official Accused of ‘Atrocious English’ Paul Phua Letter: G911 Investigates
The soap opera involving Malaysian poker pro Paul Phua continues and keeps getting more surreal by the day.
Good Week to Gamble According to Iranian Astrology
Tuesday morning through Thursday night (January 6 – January 8, 2015) is a great time to go gambling, this according to Iranian astrology.
Sports Betting ‘Consultant to the Stars’ Pleads ‘Not Guilty’ in Bizarre Threat Case
(Associated Press) - A Florida sports betting consultant pleaded not guilty Monday to allegations that he threatened a Wisconsin customer into giving him more than $25 million.
Adam Meyer, of Fort Lauderdale, Fla., appeared with his attorney in U.S. District Court in Milwaukee. Meyer's trial was set for March 16, and a judge continued his $1 million signature bond.
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MGM Shares Plummet: Morgan Stanley Says ‘Worst is Over’ for Macau Gaming
Casino stocks were not immune to Monday’s steep drop across all markets. MGM Resorts reported a decline of 1.6% to $20.68 in trading due primarily to disappointing gambling results in Macau last month.
Last year’s results were the worst decline since the Chinese government liberalized the gambling enclave in 2001 with a 30.4% drop-off.
Las Vegas Sands Gets Green Light for Paris-Themed Casino in Macau
The Asian gambling Mecca of Macau has approved a Paris-themed casino the Las Vegas Sands has asked to establish there. Sands already operates a successful casino establishment in the former Portuguese colony, now a part of China.
The $2.7 billion Paris-themed integrated resort will feature a replica of the Eiffel Tower. With more than 3,000 rooms, the Parisian Macao will bring more than 490,000 square feet of retail space, dining options, new meeting and convention facilities.
‘Sopranos’ Bada Bing Strip Club Robbed for Second Time in Just One Month
New Jersey’s famed Bada Bing Strip Club, featured prominently in the HBO mobster series “The Sopranos”, has been hit by a second robbery in just under a one month period.
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Malaysian Police Were Wrong Regarding Paul Phua 14K Triad Connections
Officials are pointing the finger at Malaysian police for “getting it wrong” about gambling czar and poker pro Paul Phua’s alleged involvement with the Hong Kong-based transnational organized criminal outfit 14K Triad.