Nevada Gaming Control Board Ponders Wagering Accounts

Nevada <span id="more-6715"></span>Gaming Control Board Ponders Wagering Accounts

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

The Nevada Gaming Control Board (GCB) is calling in the state’s land-based gambling enterprises 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 possibly changing just how slots and dining table games accept bets in the united kingdom’s gambling capital.

At issue is the GCB’s very own regulations and whether amendments should be implemented to enable casino clients to gamble utilizing accounts that are prepaid.

According to Nevada Senate Bill 9 passed in 2015 that pressured the GCB to adjust such regulations, the board is considering allowing gambling enterprises to implement systems at their tables and machines offering customers utilizing the choice to gamble with funds linked to loyalty cards.

Regulation 5 and Regulation 5A are the two tips in question. The former formerly barred players from gambling on prepaid accounts, while the later authorized credited makes up their state’s interactive gaming sites.

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

‘It would give patrons what they expect with the ability to fund video gaming from sources they are increasingly convenient with,’ GCB Chairman AG Burnett told the Las Vegas Review-Journal.

Practice Made Perfect

Opponents to electronically linked gambling records think the practice shall lead to higher incidences of problem gambling. But the wagering system being considered is far different from simply permitting players to gamble along with their debit and credit cards.

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

As well as 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 gambling enterprises into contemporary times.

‘ The continued growth and success of the gaming industry within the State of Nevada is dependent upon the fostering of a company 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 associated with domestic technology sector,’ Senate Bill 9 states.

Though it seems likely the GCB will soon adapt the gambling that is prepaid, Burnett said more hours is necessary before formally executing the modification.

Vital Endorsement

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

Executive Director Carol O’Hare said signage that is appropriate the perils of issue 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 wishes the GCB to just take measures that are additional.

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

O’Hare said she looks forward to working utilizing 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 steel 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 business CEO Kennon Whaley will now see a whole lot of steel of the different kind, after being sentenced to six years behind bars for insurance coverage fraud. Whaley used bankruptcy settlements to spend straight down gambling debts. (Image:

Whaley was when the CEO of Southeastern Stud & Components, a manufacturer that is montgomery-based of measure steel framing items. Founded in 1999, the company produced $34 million in revenues in 2005 and used 125 full-time workers.

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 utilizing the insurance cash to pay off Wynn, Whaley came back 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. And in addition, Whaley failed to follow that condition.

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

Paper Trail Proves Guilt

Whaley’s attorney stated during his trial that he was an ‘absentee owner’ that was not conscious of this company’s downturn. But whenever going got tough, Whaley got using 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 said.

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 from the casino organized his jaunt that is four-day to 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 a difficult economy for businesses across the country. The chances had been 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 their LinkedIn profile summary, ‘HARD WORK VICTORIES.

In Good Bad Company

Whaley isn’t the very first individual to hit the casino flooring 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 month that is just last 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 Revenue Soars in July, Borgata Enjoys Record Month

Atlantic City casino revenue jumped 6.9 percent in July when compared with the same month in 2015. The city’s eight casinos still in operation pulled in $275.2 million, $17.7 million higher than a earlier year.

Atlantic City casino profits had been up at most properties during but Carl Icahn’s Trump Taj Mahal was an exception july. The casino that is long-troubled power down permanently in less than 30 days following a long battle with unions. (Image: Heidi Gutman/Getty Images)

The headliner for the revenue report may 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 previous monthly record and took complete advantageous asset of the an additional week-end and Independence Day holiday.

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

Taj Mahal Trumped

Along with Borgata, four regarding the other seven land-based casinos posted percentage gains in July. One which don’t was not surprisingly 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 purchased 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’ll end the casino’s 26-year run after the Labor Day weekend. Video Gaming officials state the month ended up being positive, regardless of the announcement that yet another Atlantic City casino is closing.

‘July was a solid thirty days, 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 percent) had been 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 into the majority that is vast of income per se, however, with a $182.2 million win.

Year-to-date, Atlantic City casino income is up 1.5 %, and an overall total of 3.2 percent when the state’s Web gaming is factored in.

Online Gambling Strong

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

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

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

The web gaming market in brand New Jersey appears to be moving towards equal disbursement. Once dominated by Borgata, last month the tiniest stakeholder was Resorts with $3,052,298, a big change of less than $1 million. The Tropicana generated $3.24 million, while Caesars built-up $3.39 million.

Resorts has ver quickly become a major player in 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 largest Internet poker operator hit the Garden State last March following a lengthy vetting procedure by the newest Jersey Department of Gaming Enforcement (DGE). It’s currently battling neck-and-neck with WSOP/888 for the name of brand New Jersey’s online poker market leader.

Michael Phelps Finishes Olympic Job 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 Olympic that is last race. That is when you believe the legendary athlete.

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

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

‘Done, done, done, and this time we mean it,’ Phelps told Matt Lauer. ‘I desired to keep coming back and finish my job how I wanted and this was the cherry on top of the cake.’

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

History into the Books

Nevada and Las Vegas got in on the game for the Olympics in 2016. For the time that is first 2000, sportsbooks offered lines on a variety of 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 easy.

If you wished to win any substantial money without placing a substantial bet, you would need to go against Phelps.

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 instance, 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 lone event he did not win, the 100m individual 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 American swimmer didn’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 took part in only two activities, and he failed to medal in the individual 200m medley while he was part of Phelps’ 4x200m freestyle gold relay team.

Things just got worse after the summary regarding the swimming competition. Over the weekend, Lochte and several teammates were robbed at gunpoint by thugs in Rio de Janeiro.

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

‘And then the man pulled out his gun, 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 was riddled with debate in its hosting and preparation of the 2016 Olympics. With six days to go until closing ceremonies, Lochte’s run-in with street criminals will have every person on an also greater alert.

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