Nevada Gaming Control Board Ponders Wagering Accounts

Nevada <span id="more-8077"></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 regarding 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 how slots and table games accept bets in the united kingdom’s gambling capital.

At issue is the GCB’s own regulations and whether amendments should be implemented to allow casino patrons to gamble using 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 two guidelines in question. The former previously barred players from gambling on prepaid accounts, while the later authorized credited is the reason 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 the customer wanting to fund a loyalty card account would need to first personally register in the casino with photo recognition.

‘It would provide patrons what they expect having the ability to fund gaming from sources these are typically increasingly much more comfortable with,’ GCB Chairman AG Burnett told the Las Vegas Review-Journal.

Practice Made Perfect

Opponents to electronically linked gambling records believe the practice will cause higher incidences of problem 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 gambling enterprises into contemporary times.

‘ The continued growth and success of the video gaming industry into the State of Nevada depends on the fostering of a small business and regulatory environment that promotes continued advances in the usage of technology in gaming, which improves the entertainment experience, encourages innovation and supports expansion associated with the domestic technology sector,’ Senate Bill 9 states.

Though it appears likely the GCB will soon adapt the prepaid gambling amendments, Burnett said more time becomes 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 conditions that are few.

Executive Director Carol O’Hare stated appropriate signage purporting the potential risks 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 wishes the GCB to simply take extra measures.

‘It would appear that in 2016 as you adopt laws, procedures and rules for wagering accounts . . . some effort that is reasonable be manufactured to align this new responsible gaming options become consistent with the existing stands.’

O’Hare said she looks forward to working using the GCB on the updated laws 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 company CEO Kennon Whaley will now see a great deal of steel of the different kind, after being sentenced to six years behind bars for insurance coverage fraud. Whaley used bankruptcy settlements to spend down gambling debts. (Image:

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 used 125 full-time workers.

But following the economic collapse in 2007, Whaley filed for Chapter 11 bankruptcy protection in 2009. He received $260,000 in insurance claims, but instead of using it to help in his business’ transition, Whaley went on 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 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. And in addition, Whaley failed to stay glued to 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 Office for the Middle District of Alabama said in a launch.

Paper Trail Proves Guilt

Whaley’s attorney said during his trial he was an ‘absentee owner’ that wasn’t conscious associated with the company’s downturn. But if the going got tough, Whaley got choosing risky maneuvers.

According to court records, Whaley instructed a worker 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 organized 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 a hard economy for businesses around the world. The chances were stacked against many small and companies that are medium-sized but Whaley went to Las Vegas and found even even worse odds for their money.

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

In Good Bad Business

Whaley isn’t the person that is first hit 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 just last month, monetary scam musician 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 Borgata Enjoys Record Month july

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 taken in $275.2 million, $17.7 million over a earlier year.

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

The headliner for the income 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 profits totaling $84.8 million in July, Borgata eclipsed its past record that is monthly took full advantage of the an additional weekend and Independence Day holiday.

‘While we expected a good 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 associated with the other seven casinos that are land-based percentage gains in July. The one that didn’t had not been surprisingly the Trump Taj Mahal.

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

Icahn says he can end the casino’s 26-year run following the Labor weekend day. Gaming officials state the month was positive, regardless regarding the statement that yet another Atlantic City casino is closing.

‘July was 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) 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 relative boost to $75.7 million. Slots still pulled in 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 percent, and a complete of 3.2 percent when the state’s Web video gaming is factored in.

Online Gambling Strong

The long summer 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 with iGaming, but the gap is closing. Borgata’s online platforms grossed $3,971,138. The Golden Nugget, up 36 per cent in .

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

Resorts has quickly become a major player in New Jersey’s online gaming sector. Many Thanks to the arrival of its poker network PokerStars, the casino climbed from $558,000 in revenue in July 2015 to $3 million last thirty days.

The world’s largest Internet poker operator hit the Garden State last March after having a lengthy vetting process by the newest Jersey Department of Gaming Enforcement (DGE). It’s presently neck-and-neck that is battling WSOP/888 for the name of New Jersey’s online poker market leader.

Michael Phelps Finishes Olympic Career With 23rd Gold Medal

The great one is finished. After 23 gold medals, American 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 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 ultimate leg in his storied career.

The most decorated Olympian in history, Phelps is 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 time we suggest it,’ Phelps told Matt Lauer. ‘I wished to keep coming back and finish my profession the way I wanted and this was the cherry over the top associated with 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 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 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 unknown sports. But when it came to Phelps and the pool, the decisions were pretty straightforward.

In the event that you desired to win any substantial money without placing a substantial bet, you would require 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 medley that is 4x100m.

He was understandably a favorite that is heavy the publications in the Silver State. As an 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 event that is lone 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 were handsomely rewarded. A $100 bet on a Schooling upset of Phelps returned 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 notably 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 even worse following the conclusion of this competition that is swimming. Within 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 came 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 gun, he cocked it, place it to my forehead in which he said, ‘Get down,’ and I place my hands up . . . He took our money, he took my wallet.’

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

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