Nevada Gaming Control Board Ponders Wagering Accounts

Nevada Gaming Control Board Chairman AG Burnett is considering amendments towards the board’s regulations that would 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 e-commerce measures to make gaming more user-friendly.

On August 11, the GCB held a workshop that is public Carson City to receive input on possibly changing exactly how slots and dining 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 allow casino clients to gamble utilizing prepaid accounts.

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 because of 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 makes up hawaii’s interactive gaming companies.

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

‘It would offer patrons what they expect with the ability to fund gaming from sources they’ve been 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 shall trigger 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 appeal to the technological millennial demographic and bring the Silver State’s casinos into modern times.

‘ The continued growth and success of the video gaming industry within the State of Nevada is determined by 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 this indicates likely the GCB will soon adapt the prepaid gambling amendments, Burnett said additional time is needed before officially executing the change.

Vital Endorsement

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

Executive Director Carol O’Hare said appropriate signage purporting the problems of problem 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 extra measures.

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

O’Hare said she looks forward to working aided by 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 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 steel business 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 fraud. Whaley used bankruptcy settlements to pay down gambling debts. (Image:

Whaley was once the CEO of Southeastern Stud & Components, a manufacturer that is montgomery-based of gauge steel framing services and products. Founded in 1999, the company created $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 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 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 business that is bankrupt reveal all financial transactions. And in addition, Whaley neglected to follow that condition.

‘ At that right time, Southeastern Stud was nevertheless in bankruptcy and approximately 70 percent of its employees had lost their jobs,’ the united states of america Attorney’s workplace for the center District of Alabama stated in a launch.

Paper Trail Proves Guilt

Whaley’s attorney stated during his trial which he was an ‘absentee owner’ that was not aware associated with 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 papers in a make an effort to conceal where the insurance payments disappeared to.

‘That’s the textbook definition of bankruptcy fraud,’ Assistant US Attorney Brandon Essig said.

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 presented his four-day jaunt to Sin 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 a difficult economy for businesses across the country. The odds 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 his money.

Ironically, Whaley writes on their LinkedIn profile summary, ‘HARD WORK WINS.

In Good Bad Company

Whaley isn’t the first person to hit the casino flooring with illicit funds of late, needless to say.

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 financial 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 when compared with the month that is same 2015. The city’s eight gambling enterprises still in operation taken in $275.2 million, $17.7 million over a earlier year.

Atlantic City casino profits were 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 struggle with unions. (Image: Heidi Gutman/Getty Images)

The headliner associated with the 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 profits totaling $84.8 million in July, Borgata eclipsed its past month-to-month record and took full advantageous asset of the an additional weekend and Independence Day holiday.

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

Taj Mahal Trumped

Along with Borgata, four associated with other seven casinos that are land-based percentage gains in July. One which didn’t had not been 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 Trump-owned property. More recently purchased by the GOP candidate’s billionaire buddy Carl Icahn, the casino tallied incomes of just $17.5 million, eight per cent not as much as in 2015.

Icahn says he’ll end the casino’s 26-year run after the Labor Day weekend. Gaming officials say the thirty days was positive, regardless associated with announcement that yet another Atlantic City casino is closing.

‘July was a month that is solid 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 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 in the majority that is vast of income per se, but, with a $182.2 million win.

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

Online Gambling Strong

The summer that is long of July brought tourists and money 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 percent increase from 2015 and a brand new monthly high for that segment.

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

Online gaming market in New Jersey seems to be moving towards equal disbursement. Once dominated by Borgata, last month the smallest stakeholder was Resorts with $3,052,298, a significant difference of less than $1 million. The Tropicana generated $3.24 million, while Caesars accumulated $3.39 million.

Resorts has swiftly become a major player in 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 internet poker operator that is largest hit the Garden State last March following a lengthy vetting process by this new Jersey Department of Gaming Enforcement (DGE). It is presently neck-and-neck that is battling WSOP/888 for the name of brand 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 claims his career that is racing is. (Image: Clive Rose/Getty Images)

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

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

Probably the most decorated Olympian ever sold, 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 is different.

‘Done, done, done, and this time I mean it,’ Phelps told Matt Lauer. ‘I wished to keep coming back and finish my profession the way I wanted and also this was the cherry on top for 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 many Olympic that is ornamented athlete.

History into the Books

Nevada and Las Vegas got in on the game for the Olympics in 2016. For the very first time since 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 bunch of unknown sports. But when it came to Phelps and the pool, the decisions were pretty simple.

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 was understandably a favorite that is heavy the books in the Silver State. As an example, the 4×200 freestyle team event was needing bettors to wager the maximum amount of as $700 on the US for a return of just $100.

The event that is lone 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 American swimmer didn’t have quite the same success in Brazil as Phelps. Ryan Lochte, A olympic that is 12-time medalist his 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 only got worse after the summary associated with competition that is swimming. On the weekend, Lochte and several teammates were robbed at gunpoint by thugs in Rio de Janeiro.

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

‘And then the man pulled out his gun, he cocked it, put it to my forehead and he said, ‘Get down,’ and I put my hands up . . . He took our money, he took my wallet.’

Rio has been riddled with controversy in its hosting and preparation of the 2016 Olympics. With six days to get until closing ceremonies, Lochte’s run-in with street criminals will have everyone else on an even greater alert.

Leave a Comment

You must be logged in to post a comment.