
Nevada Gaming Control Board Chairman AG Burnett is considering amendments towards the board’s regulations that will authorize prepaid wagering accounts at Nevada casinos.
The Nevada Gaming Control Board (GCB) is calling in the state’s land-based gambling enterprises to adapt measures that are e-commerce make gaming more user-friendly.
On August 11, the GCB held a workshop that is public Carson City to receive input on perhaps changing just how slots and table games accept bets in the united states’s gambling capital.
At issue is the GCB’s very own regulations and whether amendments should be implemented to allow casino clients to gamble making use of prepaid accounts.
Relative to Nevada Senate Bill 9 passed in 2015 that pressured the GCB to adapt such regulations, the board is considering allowing gambling enterprises to implement systems at their tables and machines that provide customers using the option to gamble with funds linked to loyalty cards.
Regulation 5 and Regulation 5A are the two tips in question. The former previously barred players from gambling on prepaid accounts, while the later authorized credited accounts for their state’s interactive gaming companies.
The proposed Regulation 5 includes ‘wagering account’ information and principles that are regulatory how the cards would operate. The GCB dictates that the customer wanting to fund a commitment card account would require to first personally register in the casino with photo identification.
‘It would provide patrons what they expect with the ability to fund gaming from sources these are typically increasingly convenient with,’ GCB Chairman AG Burnett told the Las Vegas Review-Journal.
Practice Made Perfect
Opponents to electronically linked gambling reports believe the practice will lead to higher incidences of issue gambling. But the wagering system being considered is far different from simply permitting players to gamble using their debit and credit cards.
In fact, account wagering is already being practiced in Nevada.
In addition to interactive online and gaming that is mobile, 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 contemporary times.
‘ The continued growth and success of the video gaming industry within the State of Nevada depends on the fostering of a business and regulatory environment that promotes continued advances in the usage 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 seems likely the GCB will soon adapt the prepaid gambling amendments, Burnett said additional time is required before formally executing the change.
Vital Endorsement
The Nevada Council on Problem Gambling lent its help of prepaid gaming accounts, though with a few conditions.
Executive Director Carol O’Hare stated appropriate signage purporting the risks of issue gaming should be prominently displayed in areas where gamblers would refund their electronic accounts. Casinos have actually long been forced to do just that near cages and ATMs, but O’Hare desires the GCB to just take extra measures.
‘It would seem that in 2016 while you adopt laws, procedures and rules for wagering accounts . . . some reasonable effort can be made to align this new responsible gaming options to be consistent with the current stands.’
O’Hare said she looks forward to working using the GCB on the updated laws 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 metal magnate Kennon Whaley is headed to jail. This the Auburn resident was sentenced to 72 months in federal prison, after he was convicted in May for using an insurance payment to pay down over $100,000 in gambling debts week.
Former Alabama metal company CEO Kennon Whaley will now see plenty of steel of the different kind, after being sentenced to six years behind bars for insurance fraud. Whaley used bankruptcy settlements to spend 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 items. Founded in 1999, the company produced $34 million in revenues in 2005 and employed 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 aid myfreepokies.com in his business’ transition, Whaley proceeded 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 utilising the insurance coverage cash to repay 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 disclose all financial transactions. Needless to say, Whaley neglected to stay glued to that condition.
‘ At that time, Southeastern Stud ended up being nevertheless in bankruptcy and approximately 70 percent of its employees had lost their jobs,’ the United States Attorney’s workplace for the Middle District of Alabama stated in a launch.
Paper Trail Proves Guilt
Whaley’s lawyer stated during his trial that he was an ‘absentee owner’ that wasn’t aware of this organization’s downturn. But whenever going got tough, Whaley got choosing risky maneuvers.
According to court records, Whaley instructed an employee to falsify papers in a try to conceal where the insurance payments disappeared to.
‘That’s the textbook definition of bankruptcy fraud,’ Assistant US Attorney Brandon Essig stated.
The Strip resort cooperated with authorities to detail Whaley’s criminal activity while the Wynn likely wined and dined Whaley on his two high-roller visits. Documents from the casino laid out his four-day jaunt to Sin City and show a man living the VIP lifestyle while his company was riddled in debt.
The usa Great Recession that lasted from 2007 through 2009 presented an economy that is difficult businesses in the united states. The odds were stacked against many small and companies that are medium-sized but Whaley went to Las Vegas and found also worse odds for their money.
Ironically, Whaley writes on their LinkedIn profile summary, ‘HARD WORK WINS.
In Good Bad Business
Whaley isn’t the very first person to strike the casino floor with illicit funds of late, of course.
A 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 year.
And just last month, financial scam musician Andrew Caspersen pled guilty to using 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 compared to the same thirty days in 2015. The town’s eight casinos still in operation taken in $275.2 million, $17.7 million higher than a earlier year.
Atlantic City casino revenues had been up at most properties during July, but Carl Icahn’s Trump Taj Mahal had been an exception. The casino that is long-troubled power down permanently in less than 30 days following a long struggle with unions. (Image: Heidi Gutman/Getty Images)
The headliner associated with income report could be the Borgata Hotel Casino, which recently became wholly owned by MGM Resorts.
Atlantic City’s many profitable resort had its best month in its 13-year history. With gross revenues totaling $84.8 million in July, Borgata eclipsed its past monthly record and took complete advantageous asset of the an extra weekend and Independence Day holiday.
‘we are very pleased with a record-breaking month,’ Borgata Senior Vice President Joe Lupo told the Associated Press while we expected a good month with five full weekends.
Taj Mahal Trumped
Along side Borgata, four associated with other seven land-based gambling enterprises posted percentage gains in July. One that don’t wasn’t interestingly the Trump Taj Mahal.
The Unite-HERE Local 54 union strike commenced on July 1 over medical health insurance and pension benefits at the formerly Trump-owned property. More recently purchased by the GOP candidate’s billionaire friend Carl Icahn, the casino tallied incomes of just $17.5 million, eight percent less than in 2015.
Icahn says he’ll end the casino’s 26-year run following Labor weekend day. Gaming officials state the thirty days ended up being positive, regardless of the statement that yet another Atlantic City casino is closing.
‘July was a solid thirty days, also though several properties faced challenges including a strike by union employees,’ New Jersey Casino Control Commission Chairman Matt Levinson said.
Bally’s (4.8 percent) and Harrah’s (5.2 %) were the other two casino properties that posted losses in July.
Table games were the best performers percentage-wise, with an almost $7.5 million relative boost to $75.7 million. Slots still pulled into the vast majority of casino income per se, however, with a $182.2 million win.
Year-to-date, Atlantic City casino revenue is up 1.5 per cent, and an overall total of 3.2 percent when the state’s online gaming is factored in.
Online Gambling Strong
The long summer time month of July brought tourists and cash to Atlantic City, but on line, the economy was additionally sunny.
Internet gaming totaled $17,368,984 during July. That’s a 38.6 % increase from 2015 and a brand new monthly high for that segment.
Borgata maintained its lead on the five casino operators involved in iGaming, but the gap is closing. Borgata’s online platforms grossed $3,971,138. The Golden Nugget, up 36 percent in .
The world wide web gaming market in New Jersey is apparently moving towards equal disbursement. Once dominated by Borgata, last month the tiniest stakeholder 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 quickly become a player that is major New Jersey’s on line gaming sector. Thanks to your 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 largest Internet poker operator hit the Garden State last March following a lengthy vetting process by the latest Jersey Department of Gaming Enforcement (DGE). It is currently neck-and-neck that is battling WSOP/888 for the title of New Jersey’s online poker market leader.
Michael Phelps Finishes Olympic Job With 23rd Gold Medal
The great one is finished. After 23 gold medals, American swimmer Michael Phelps states his rushing career is over. (Image: Clive Rose/Getty Images)
Michael Phelps has swum his Olympic that is last race. That is when 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 last leg in his storied career.
The most decorated Olympian ever, Phelps has been adamant in post-race interviews that he’s completed. He said the thing that is same 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 wanted to return and finish my profession how I wanted and also this was the cherry at the top for the cake.’
With 23 gold medals, Phelps has 14 a lot 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 on the game for the Olympics in 2016. For the first-time since 2000, sportsbooks offered lines on many different Olympic disciplines because of the Nevada Gaming Control Board amending regulations in 2015.
For the oddsmakers, that meant learning a host of unfamiliar sports. But when it arrived to Phelps and the pool, the decisions were pretty direct.
In the event that you wanted to win any substantial money without placing a substantial bet, you would want to go against Phelps.
Phelps won five of the six occasions he entered. He placed first in the 200m butterfly, 200m medley, 4x100m freestyle, 4x200m freestyle, and medley that is 4x100m.
He had been understandably a heavy favorite at the publications in the Silver State. For example, the 4×200 freestyle team event had been bettors that are requiring wager the maximum amount of as $700 on the US for a return of just $100.
The lone event he didn’t win, the 100m specific butterfly, had Phelps listed at -140 before the sprint.
Those who bet on Singapore’s Joseph Schooling to win gold had been 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 olympic that is 12-time medalist his or her own right, had a significantly disappointing 2016 Summer Games.
He participated in only two activities, and while he had been element of Phelps’ 4x200m freestyle silver relay group, he failed to medal into the individual 200m medley.
Things only got even worse following the conclusion for the competition that is swimming. On the weekend, Lochte and teammates that are several robbed at gunpoint by thugs in Rio de Janeiro.
‘We got stopped in our taxi and these guys came away with a badge, an authorities badge. No lights, no nothing, just a police badge. They pulled us over, they pulled out their guns,’ Lochte told NBC.
‘And then the guy pulled out his gun, he cocked it, place it to my forehead in which he stated, ‘Get down,’ and I put my hands up . . . He took our money, he took my wallet.’
Rio happens to be riddled with debate in its preparation and hosting of the 2016 Olympics. With six days to go until shutting ceremonies, Lochte’s run-in with street criminals will have everybody for an even higher alert.
