Business & Financial
How Regulated Gambling Can Boost the Economy
In recent years, there has been a lot of focus on the potential impacts of a legalised worldwide gambling market. As more and more countries and U.S. states start to regulate the market to their residents, there have been calls from both critics and supporters of its possible effects.
One major argument for supporters is the major boost real-money gaming can provide to the economy. Since back in 1850, when gambling was legalised in Macau, governments have been reaping the benefits of a licensed gaming industry.
Aria Ordered to Pay $100k for Barring Agents
LAS VEGAS – (Associated Press) - A Las Vegas Strip casino has agreed to pay $100,000 to settle allegations that a supervisor shooed away state agents who were watching a high-stakes roulette table, even though state law requires all gambling to be open to the public.
The Nevada Gaming Control Board released the proposed settlement with Aria Las Vegas this week. The agreement must be approved by the Nevada Gaming Commission.
Macau Revenue Dips: First Decline in More Than Four Years
(Reuters) - Gambling revenue in Macau fell 3.7 percent in June on an annual basis, the first decline in more than four years, with analysts saying the soccer World Cup had diverted gamblers and their hefty bets away from the world's largest casino hub.
The southern Chinese territory of Macau, a special administrative region, like neighbouring Hong Kong, is the only place in the country casino gambling is legal.
Atlantic City's Competition Forces Makeover
In the old days, Atlantic City had legal gaming to itself on the Atlantic Seaboard and in typical fashion people thought that would always be the case. But casinos owned by Native Americans opened.
Pennsylvania approved gaming and gave Philly-area gamblers a choice of staying on their side of the river or paying a toll to ride across New Jersey to a town many people don't think is safe. They have gaming to the south too.
Gambling911.com World Exclusive: Man to Sue Jay Cohen for Money Owed by WSEX
A man who is owed nearly $70,000 by now-defunct online sportsbook World Sports Exchange tells Gambling911.com in a world exclusive interview that he intends to sue World Sports Exchange former co-owner Jay Cohen for the owed funds.
Luis Suarez Loses Sponsorship Deal With 888 Poker
(Reuters) - Poker brand 888 has cancelled its sponsorship deal with Luis Suarez after the Uruguay striker was banned from all soccer-related activity for four months for biting an opponent during a World Cup match.
Suarez, one of the most talented but controversial players, lit up the English Premier League last season with club side Liverpool and became one of the online gambling company's brand ambassadors only last month.
Famed Showboat Casino in Atlantic City to Shut Down
ATLANTIC CITY (Associated Press) — Casino contraction hit Atlantic City again Friday, as the parent company of the Showboat Casino Hotel announced it will close the Mardi Gras-themed casino on Aug. 31.
Caesars Entertainment told The Associated Press on Friday morning the company will shutter the poorest-performing of its four Atlantic City casinos.
CEO Gary Loveman said in a statement that the “difficult decision” is necessary to protect the rest of its business in Atlantic City, where it currently owns four of the 11 casinos.
Nevada Gaming Revenues Up 8 Percent in May
LAS VEGAS (Associated Press) - State officials say Nevada gambling revenue was up 8 percent in May compared with the same month last year.
The Nevada Gaming Control Board reported Friday that the state's casinos brought in $970 million last month. Las Vegas Strip gambling revenue was up 17 percent to $593 million, while downtown revenue was down 8 percent to $39 million.
Reno casino revenue was up 4 percent in May to $52 million, and South Lake Tahoe gambling revenue was up 18 percent to $17 million.
888.com Reviewing Luis Suarez Sponsorship Deal Following Bite Incident
Online gambling firm 888.com is said to be reviewing its sponsorship deal with disgraced footballer Luis Suarez. The payer is accused of biting Italy’s Giorgio Chiellini during a Group stage elimination game that saw Uruguay advance.
On Thursday FIFA ruled that Suarez will undergo a nine-game ban from international play, which includes any remaining games at this year’s World Cup.
Bwin.Party on Verge of Breaking Up?
The party might be over for Bwin.Party. Rumors surfaced this week that the world’s largest publicly traded online gambling firm is on the verge of breaking up.
The company on Thursday denied it was breaking up or looking for a selling but said it was examining ways to increase shareholder value.
New Jersey Starts Review of PokerStars Buyer Amaya Gaming
ATLANTIC CITY, N.J. (Associated Press) - New Jersey casino regulators have begun their review of a Canadian company that's buying the PokerStars online gambling website and hoping to get it licensed in Atlantic City by this fall.
The New Jersey Division of Gaming Enforcement says Amaya Gaming Group has begun submitting documents required for a determination on whether PokerStars can be licensed in New Jersey.
Harrah’s Fined for Underage Drinking in AC
(Associated Press) - Two Atlantic City casinos have been fined a total of $66,000, with the bulk of the fines levied against Harrah's Resort Atlantic City for letting underage patrons gamble and drink.
Harrah's was fined $60,000 by the New Jersey Division of Gaming Enforcement for five incidents involving patrons ranging in age from 18 to 20. The minimum age for gambling and drinking in New Jersey is 21.
In one instance, Harrah's let a 20-year-old from New York play blackjack even after a security guard checked his ID.
Verdict Upheld Against ‘Girls Gone Wild’ Founder in Wynn Slander Suit
LOS ANGELES (Associated Press) — An appellate court on Monday upheld a $19 million judgment against "Girls Gone Wild" founder Joe Francis in a slander case filed over his claims that casino mogul Steve Wynn had threatened to kill him.
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The California 2nd District Court of Appeal in Los Angeles found no basis to overturn the judgment or order a new trial, and the justices also left in place an injunction barring Francis from repeating the claims.
PPH World Cup Betting -- Americans Must Sit and Wait After Tie with Portugal
Was it a heart-breaking ending for the United States soccer team, not to mention PPH World Cup bettors who had a nice price on them to win, on Sunday in Manaus?
California Tribes Worry PokerStars Might ‘Cut Their Throats’
With Gambling firm Amaya announcing the purchase of the world’s largest online poker room, PokerStars, earlier this month, the firm hopes to enter the California Web gambling market. Not so fast.
Resorts International Inks Deal With Sportech: Could Join Forces With PokerStars
ATLANTIC CITY — (Associated Press) - An Atlantic City casino that was thwarted in its efforts to join the Internet gambling market is preparing to get in the game.
Resorts Casino Hotel announced partnerships late Friday with European firms Sportech and NYX Gaming to offer Internet gambling.
They will join PokerStars and Full Tilt Poker to form an online betting option that could rival New Jersey’s market leaders, Borgata and Caesars Interactive.
NJ's Bankrupt Revel Casino Gets Cash Lifeline to Hunt for Buyer
CAMDEN, N.J., (Reuters) - Atlantic City's bankrupt Revel Casino Hotel has received court approval to borrow $23.9 million that it said would keep the 1,400-room resort operating for the coming month as it scrambles to find a buyer.
Revel filed for Chapter 11 bankruptcy Thursday afternoon and rushed to court early on Friday for a slew of court orders it said were vital to pay its 3,140 employees, soothe nervous vendors and honor programs that provide gamblers with key perks.
PokerStars Commits Its Future to the Isle of Man in Wake of Amaya Takeover
The Department of Economic Development has welcomed the announcement that PokerStars has committed its future to the Isle of Man following its planned takeover by Amaya Gaming Group Inc.
General Counsel to the Rational Group of Companies Paul Telford wrote an open letter to the Chief Minister reiterating the company’s commitment to the Isle of Man.
Leonard Singer MHK, the Department Member with responsibility for e-Business said:
Esquire: How Sex, Drugs and Gambling Can Help Boost a Nation’s Economy
Esquire Magazine’s digital edition featured an article Wednesday on how sex, drugs and gambling can actually help a nation’s economy.
They offer up a few strong examples.
When we think of sex and drugs and tourism, Amsterdam is typically the first thing that flashes in our minds.
Pennsylvania Introduces Online Gambling Bill in Senate: PokerStars Exclusion
Pennsylvania lawmakers on Wednesday introduced Bill 1386 in the Senate. The bill, drafted by State Sen. Edwin Erickson, would legalize online gambling in the Keystone State.
A newer version of the legislation co-sponsored by Republican Bob Mensch allows for an expanded number of casino games whereas Erickson’s bill focused almost exclusively on poker. Mensch also wants to charge a $5 million licensing fee along with a 14% tax on gross gaming revenues.
PokerStars Buyer Will Begin Talks With New Jersey Casino Regulators to Enter Market
ATLANTIC CITY, N.J. (Associated Press) - A Canadian company buying the PokerStars website will begin licensing talks with New Jersey casino regulators aimed at letting the world's largest Internet poker site operate legally in the state, the state's top casino regulator said.
Dreyfus: Online Poker is Coming to California
In his blog this week, Alexandre Dreyfus of the Global Poker Index writes that California dreaming is about to become a reality with Amaya’s acquisition of PokerStars last week and the ability for the world’s largest online poker room to now re-enter the California market.
A number of the powerful state tribes have offered up resistance when in comes to allowing PokerStars to re-enter the US market. They claim an unfair playing field since Stars operated in the States long after federal prohibition had passed.
Adelson Under Fire: Underage Gamblers, $1 Mil Contribution to PA Politicians
Gambling911.com’s own Thomas Somach is on the case and tells us that in Pennsylvania, casino magnate and GOP mega donor Sheldon Adelson is under fire for questionable political donations as well as another fine being levied against his property for allowing underage gamblers....total fines $305,000!!!!
PokerStars, Asia Pacific Poker Tour Debuts Beijing Millions
PokerStars and the Asia Pacific Poker Tour will host the inaugural Beijing Millions, scheduled for July 18th to 27th. It is the first foray into the Chinese Mainland market for both PokerStars and the APT.
While rare, a sanctioned poker tournament is not unprecedented in China.
In 2012 and 2013, the World Poker Tour did hold a US$1,500 event in Sanya, on the Chinese island of Hainan.
World Cup Predicted to Set TV Records as Marketers Gear Up
The World Cup, the greatest single sport competition in international athletics, has the world riveted, and marketers are working overtime to get noticed on the world stage.
GTECH in Talks to Buy IGT
MILAN (Reuters) - Italian lottery operator GTECH is in preliminary talks to buy Las Vegas-based International Game Technology (IGT) in a cash and shares deal that would make it a significant player in the casino slot machine business.
GTECH said on Monday it had hired advisers to help it negotiate a deal, confirming what sources told Reuters last week. It gave no value for the potential bid.
Bitcoin Community Fears 51 Percent GHash Control: Others Say It’s Armageddon
On Friday for a period of nearly 12 hours, mining pool GHash had surpassed the 51% controlling share mark in the anonymous digital currency bitcoin and that has many watchers worried….perhaps with good reason.
Back in January GHash had 42% control and even then there were concerns mounting.
Golden Nugget Does Not Have to Pay $1.5 Million Won in Mini-Baccarat Game
ATLANTIC CITY, N.J. (Associated Press) - A casino does not have to pay $1.5 million won by a group of gamblers who realized the cards had not been shuffled, and can move to recover more than $500,000 it already paid them, a judge ruled Friday.
The Superior Court judge ruled that because the cards had been unshuffled, that made the game of mini-baccarat in April 2012 illegal under state casino rules.
Amaya Would Become Largest Online Gambling Company, Pave Way for California
With word that publicly traded Amaya Gaming Group has agreed to the $4.9 billion purchase of PokerStars.com, the company will become the world’s largest online gambling business. It will also potentially help to usher in legalized online poker for the state of California.
Amaya Agrees to Acquire PokerStars, Full Tilt Poker for $4.9 Billion
MONTREAL, CANADA & ONCHAN, ISLE OF MAN –Amaya Gaming Group Inc. (TSX: AYA) (“Amaya” or the “Corporation”) and privately held Oldford Group Limited (“Oldford Group”), the parent company of Rational Group Ltd.
