Nevada <span id="more-17598"></span>Gaming Control Board Ponders Wagering Accounts

Nevada Gaming Control Board Chairman AG Burnett is considering amendments towards the board’s regulations that will authorize prepaid wagering accounts at Nevada casinos.

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The Nevada Gaming Control Board (GCB) is calling regarding 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 workshop that is public Carson City to receive input on possibly changing how slots and table games accept bets in the united states’s gambling capital.

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

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 two guidelines in question. The former previously barred players from gambling on prepaid accounts, while the later authorized credited accounts for the state’s interactive gaming sites.

The proposed Regulation 5 includes ‘wagering account’ information and regulatory concepts overseeing how the cards would operate. The GCB dictates that the customer wishing 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 have been increasingly more comfortable with,’ GCB Chairman AG Burnett told the Las Vegas Review-Journal.

Practice Made Perfect

Opponents to electronically linked gambling reports believe the practice will result in higher incidences of issue gambling. But the wagering system being considered is far different from simply permitting players to gamble with their debit and credit cards.

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

Along with interactive online and gaming that is mobile, Nevada sportsbooks presently allow bettors to create prepaid gambling cards.

The state legislature believes 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 gaming industry within the State of Nevada depends on the fostering of a business and regulatory environment that promotes continued advances in the use of technology in gaming, which improves the entertainment experience, encourages innovation and supports expansion for the domestic technology sector,’ Senate Bill 9 states.

Though this indicates likely the GCB will soon adapt the gambling that is prepaid, Burnett said more hours will become necessary before officially executing the change.

Vital Endorsement

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

Executive Director Carol O’Hare stated appropriate signage purporting the perils 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 desires the GCB to just take measures that are additional.

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

O’Hare said she looks forward to working using the GCB on the updated regulations 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 prison. This week, the Auburn resident was sentenced to 72 months in federal prison, after he had been convicted in May for using an insurance coverage payment to pay down over $100,000 in gambling debts.

Previous Alabama metal company CEO Kennon Whaley will now see a great deal of metal of the different kind, after being sentenced to six years behind bars for insurance coverage fraud. Whaley used bankruptcy settlements to pay straight down gambling debts. (Image: insurancequotesfast.com)

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

But following 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 help in their 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 using the insurance coverage cash to repay 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 disclose all financial transactions. Needless to say, Whaley neglected to abide by that condition.

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

Paper Trail Proves Guilt

Whaley’s attorney stated during his test he was an ‘absentee owner’ that wasn’t aware for 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 concept 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. Records from the casino laid out his jaunt that is four-day to City and show a man living the VIP lifestyle while his company was riddled in debt.

The US Great Recession that lasted from 2007 through 2009 presented an economy that is difficult businesses in the united states. The chances had been stacked against many small and companies that are medium-sized but Whaley went to Las Vegas and found also even worse odds for their money.

Ironically, Whaley writes on his LinkedIn profile summary, ‘HARD WORK VICTORIES.

In Good Bad Business

Whaley isn’t the first individual to strike the casino flooring 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 month that is just last economic scam artist Andrew Caspersen pled guilty to employing 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 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 July, but Carl Icahn’s Trump Taj Mahal ended up being an exception. The casino that is long-troubled shut down permanently in less than 30 days following a long struggle with unions. (Image: Heidi Gutman/Getty Images)

The headliner associated with revenue report is the Borgata Hotel Casino, which recently became wholly owned by MGM Resorts.

Atlantic City’s most 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 advantage of the an extra weekend and Independence Day holiday.

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

Taj Mahal Trumped

Along side Borgata, four of this other seven land-based gambling enterprises posted percentage gains in July. One that didn’t was not surprisingly the Trump Taj Mahal.

The Unite-HERE Local 54 union attack commenced on July 1 over health insurance and pension benefits at the formerly property that is trump-owned. More recently purchased by the GOP candidate’s billionaire buddy Carl Icahn, the casino tallied incomes of just $17.5 million, eight percent significantly less than in 2015.

Icahn says he’ll end the casino’s 26-year run following Labor Day weekend. Gaming officials say the thirty days had been positive, regardless of the statement that yet another Atlantic City casino is closing.

‘July had been a solid month, 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 relative boost to $75.7 million. Slots still pulled within the majority that is vast of income per se, nevertheless, with a $182.2 million win.

Year-to-date, Atlantic City casino revenue is up 1.5 %, and a complete of 3.2 percent when the state’s online video gaming is factored in.

Online Gambling Strong

The long summer month of July brought tourists and cash to Atlantic City, but on the web, the economy was also sunny.

Internet gaming totaled $17,368,984 during July. That’s a 38.6 per cent 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 % in .

The net gaming market in New Jersey seems to be 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 ver quickly 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 last month.

The world’s largest Internet poker operator hit the Garden State last March following a long vetting process by the brand new Jersey Department of Gaming Enforcement (DGE). It’s currently neck-and-neck that is battling WSOP/888 for the name 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, United states swimmer Michael Phelps states his racing career is over. (Image: Clive Rose/Getty Images)

Michael Phelps has swum his final Olympic race. That is if you believe the athlete that is legendary.

Sixteen years since his very first Olympiad and 28 medals later on, Phelps says the 4x100m medley relay was the final leg in his storied career.

The most decorated Olympian ever sold, Phelps happens to be adamant in post-race interviews that he’s finished. 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 I mean it,’ Phelps told Matt Lauer. ‘I desired to return and finish my job the way I wanted and this was the cherry over the top associated with the cake.’

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

History in 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 number of Olympic disciplines thanks to 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 straightforward.

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 occasions he entered. He placed first in the 200m butterfly, 200m medley, 4x100m freestyle, 4x200m freestyle, and 4x100m medley.

He was 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 were 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 12-time olympic medalist in his own right, had a significantly disappointing 2016 Summer Games.

He took part in only two events, and he failed to medal in the individual 200m medley while he was part of Phelps’ 4x200m freestyle gold relay team.

Things only got worse following a conclusion for the competition that is swimming. 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 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 guy pulled out his weapon, he cocked it, put it to my forehead in which he said, ‘Get down,’ and I put my hands up . . . He took our money, he took my wallet.’

Rio was riddled with controversy 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 everyone for an even greater alert.

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