Nevada Gaming Control Board Chairman AG Burnett is considering amendments towards the board’s regulations that would 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 e-commerce measures to make video gaming more user-friendly.
On August 11, the GCB held a public workshop in Carson City to receive input on perhaps 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 patrons to gamble making use of accounts that are prepaid.
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 2 recommendations in question. The former previously barred players from gambling on prepaid accounts, while the later authorized credited makes up about hawaii’s interactive gaming sites.
The proposed pelican pete slot app Regulation 5 includes ‘wagering account’ information and regulatory maxims overseeing how the cards would operate. The GCB dictates that a customer wishing to fund a commitment card account would need to first personally register in the casino with photo recognition.
‘It would give patrons what they expect with the ability to fund gaming from sources they’re increasingly convenient with,’ GCB Chairman AG Burnett told the Las Vegas Review-Journal.
Practice Made Perfect
Opponents to electronically linked gambling accounts think the practice will lead to higher incidences of problem gambling. But the wagering system being considered is far different from simply players that are permitting gamble along with their debit and credit cards.
In fact, account wagering is already being practiced in Nevada.
In addition to interactive online and mobile gaming accounts, Nevada sportsbooks presently allow bettors to create prepaid gambling cards.
The state legislature believes the amendments will appeal to the technological millennial demographic and bring the Silver State’s gambling enterprises into modern times.
‘ The growth that is continued success of the gaming industry in the State of Nevada is determined by the fostering of a business and regulatory environment that promotes continued advances in the use of technology in video gaming, which improves the entertainment experience, encourages innovation and supports expansion of this domestic technology sector,’ Senate Bill 9 states.
Though this indicates likely the GCB will soon adapt the prepaid gambling amendments, Burnett said additional time will become necessary before formally executing the change.
The Nevada Council on Problem Gambling lent its help of prepaid gaming accounts, though with a conditions that are few.
Executive Director Carol O’Hare stated signage that is appropriate the hazards of issue video 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 measures that are additional.
‘It would appear that in 2016 while you adopt regulations, procedures and rules for wagering accounts . . . some reasonable effort can be produced to align the newest responsible gaming options to be consistent with the current stands.’
O’Hare said she looks forward to working because of the GCB on the updated regulations and drafting language to 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 prison. 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 business CEO Kennon Whaley will now see plenty of steel of the kind that is different after being sentenced to six years behind bars for insurance fraud. Whaley used bankruptcy settlements to spend straight down gambling debts. (Image: insurancequotesfast.com)
Whaley was as soon as the CEO of Southeastern Stud & Components, a manufacturer that is montgomery-based of gauge steel framing items. Founded in 1999, the company generated $34 million in revenues in 2005 and employed 125 workers that are full-time.
But after the economic collapse in 2007, Whaley filed for Chapter 11 bankruptcy security in 2009. He received $260,000 in insurance claims, but instead of using it to assist in his business’ transition, Whaley continued 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 cash to settle Wynn, Whaley came back to Vegas again, where he incurred another $20,000 loss.
Chapter 11 provides companies protection from creditors, but the bankrupt company must reveal all financial transactions. Needless to say, Whaley failed to adhere to that condition.
‘ At that time, Southeastern Stud was nevertheless in bankruptcy and approximately 70 percent of its employees had lost their jobs,’ the usa Attorney’s Office for the Middle District of Alabama stated in a release.
Paper Trail Proves Guilt
Whaley’s attorney said during his test he was an ‘absentee owner’ that was not mindful of the business’s downturn. But as soon as the going got tough, Whaley got choosing risky maneuvers.
According to court records, Whaley instructed an employee to falsify documents in an attempt to conceal where in fact 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 through the casino laid out his four-day jaunt to Sin City and show a man living the VIP lifestyle while his company was riddled with 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 Vegas and found also even worse odds for his money.
Ironically, Whaley writes on his LinkedIn profile summary, ‘HARD WORK WINS.
In Good Bad Company
Whaley isn’t the very first person to strike 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 utilizing a Ponzi scheme to swindle $38 million from investors to fund his gambling addiction.
Atlantic City Casino Income 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 town’s eight gambling enterprises still in operation pulled in $275.2 million, $17.7 million over a year earlier.
Atlantic City casino profits were up at most properties during July, but Carl Icahn’s Trump Taj Mahal was an exception. The casino that is long-troubled shut down permanently in less than a month following a long fight with unions. (Image: Heidi Gutman/Getty Images)
The headliner regarding the income report is the Borgata Hotel Casino, which recently became wholly owned by MGM Resorts.
Atlantic City’s many profitable resort had its month that is best in its 13-year history. With gross revenues totaling $84.8 million in July, Borgata eclipsed its past month-to-month record and took complete advantage of the an extra 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 regarding the other seven land-based casinos posted percentage gains in July. One that don’t had not been interestingly the Trump Taj Mahal.
The Unite-HERE Local 54 union strike commenced on July 1 over medical 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 percent lower than in 2015.
Icahn says he can end the casino’s 26-year run following Labor weekend day. Video Gaming officials state the thirty days was positive, regardless regarding the announcement that yet another Atlantic City casino is closing.
‘July had been a solid thirty days, even 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 percent) 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 boost that is comparative $75.7 million. Slots still pulled in the majority that is vast of income per se, nonetheless, with a $182.2 million win.
Year-to-date, Atlantic City casino income is up 1.5 %, and a total of 3.2 percent when the state’s online video gaming is factored in.
Online Gambling Strong
The long summer time month of July brought tourists and money to Atlantic City, but on the web, the economy was additionally sunny.
Internet gaming totaled $17,368,984 during July. That’s a 38.6 per cent increase from 2015 and a 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 % in .
The net gaming market in brand New Jersey is apparently going towards equal disbursement. Once dominated by Borgata, final month the stakeholder that is smallest was Resorts with $3,052,298, a significant difference of less than $1 million. The Tropicana generated $3.24 million, while Caesars obtained $3.39 million.
Resorts has swiftly become a player that is major New Jersey’s on line gaming sector. Many Thanks towards 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 internet poker operator that is largest hit the Garden State last March after a long vetting process by the brand new Jersey Department of Gaming Enforcement (DGE). It is currently battling neck-and-neck with WSOP/888 for the title of New Jersey’s online poker market leader.
Michael Phelps Finishes Olympic Profession With 23rd Gold Medal
The great one is finished. After 23 gold medals, United states swimmer Michael Phelps says 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 legendary athlete.
Sixteen years since his very first Olympiad and 28 medals later on, Phelps says the medley that is 4x100m ended up being the final leg in his storied career.
Probably the most decorated Olympian in history, Phelps was adamant in post-race interviews that he’s finished. He said the thing that is same the 2012 London Olympics, but the 31-year-old says this time around is different.
‘Done, done, done, and this right time i suggest it,’ Phelps told Matt Lauer. ‘I desired to come back and finish my job the way I wanted and this was the cherry on top regarding the cake.’
With 23 gold medals, Phelps has 14 a lot more than any other Olympian. His 28 total medals are 10 significantly more than Larisa Latynina’s 18, the second many Olympic that is ornamented athlete.
History into 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 as a result of the Nevada Gaming Control Board amending regulations in 2015.
For the oddsmakers, that meant learning a number of unknown sports. But when it came to Phelps and the pool, the decisions were pretty simple.
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 4x100m medley.
He had been understandably a favorite that is heavy the books in the Silver State. For example, the 4×200 freestyle team event was bettors that are requiring wager the maximum amount of as $700 on the US for a return of just $100.
The event that is lone did not win, the 100m specific butterfly, had Phelps listed at -140 before the sprint.
Those who bet on Singapore’s Joseph Schooling to handsomely win gold were rewarded. A $100 bet for a Schooling upset of Phelps returned about $1,000 at most Nevada sportsbooks.
Another American swimmer didn’t have quite the same success in Brazil as Phelps. Ryan Lochte, a 12-time olympic medalist in his or her own right, had a notably disappointing 2016 Summer Games.
He took part in only two activities, and while he was section of Phelps’ 4x200m freestyle silver relay team, he failed to medal within the specific 200m medley.
Things only got worse after the conclusion for the swimming competition. Over the weekend, Lochte and teammates that are several robbed at gunpoint by thugs in Rio de Janeiro.
‘We got pulled over in our taxi and these guys arrived out with a badge, an authorities badge. No lights, no nothing, just a police badge. They pulled us over, they pulled out their weapons,’ Lochte told NBC.
‘And then the guy pulled out his gun, he cocked it, place it to my forehead and he stated, ‘Get down,’ and I put my hands up . . . He took our money, he took my wallet.’
Rio has been riddled with controversy 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 else on an even greater alert.