Nevada Gaming Control Board Ponders Wagering Accounts


Nevada <span id="more-12765"></span>Gaming Control Board Ponders Wagering Accounts

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

The Nevada Gaming Control Board (GCB) is calling on 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 perhaps changing how slots and dining table games accept bets in the nation’s gambling capital.

At issue is the GCB’s very own regulations and whether amendments should be implemented to enable casino patrons 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 2 guidelines in question. The former formerly barred players from gambling on prepaid accounts, while the later authorized credited accounts for the state’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 commitment card account would personally need to first register in the casino with photo identification.

‘It would offer patrons what they expect with the ability to fund video gaming from sources they have been 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 will induce 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.

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 appeal to the technological millennial demographic and bring the Silver State’s gambling enterprises into contemporary times.

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

Though it appears likely the GCB will soon adapt the gambling that is prepaid, Burnett said additional time becomes 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 hazards 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 take additional measures.

‘It would appear that in 2016 while you adopt regulations, procedures and rules for wagering accounts . . . some reasonable effort can 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 using 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.

Previous Alabama metal business CEO Kennon Whaley will now see a great deal of steel of a different kind, after being sentenced to six years behind bars for insurance fraud. Whaley used bankruptcy settlements to spend straight down gambling debts. (Image:

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

But following the collapse that is economic 2007, Whaley filed for Chapter 11 bankruptcy protection in 2009. He received $260,000 in insurance claims, but instead of using it to aid in their 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 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 neglected to abide by 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 usa Attorney’s Office for the Middle District of Alabama said in a release.

Paper Trail Proves Guilt

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

According to court records, Whaley instructed a worker 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.

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 through 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 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 medium-sized businesses, but Whaley went to Las Vegas and found even 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 person that is first hit the casino floor 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 financial 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 Revenue Soars in Borgata Enjoys Record Month july

Atlantic City casino revenue jumped 6.9 percent in July compared to the month that is same 2015. The town’s eight casinos still in operation taken in $275.2 million, $17.7 million over a year earlier.

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 for the revenue report could be the Borgata Hotel Casino, which recently became wholly owned by MGM Resorts.

Atlantic City’s most profitable resort had its month that is best 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 a supplementary week-end and Independence Day holiday.

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

Taj Mahal Trumped

Along with Borgata, four associated with the other seven casinos that are land-based percentage gains in July. The one that don’t had not been interestingly 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 bought by the GOP candidate’s billionaire friend Carl Icahn, the casino tallied incomes of just $17.5 million, eight per cent significantly less than in 2015.

Icahn says he’ll end the casino’s 26-year run following a Labor Day weekend. Gaming officials state the month was positive, regardless associated with announcement 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,’ brand New Jersey Casino Control Commission Chairman Matt Levinson said.

Bally’s (4.8 percent) and Harrah’s (5.2 per cent) had been the other two casino properties that posted losses in July.

Table games were the best performers percentage-wise, with a nearly $7.5 million boost that is comparative $75.7 million. Slots still pulled in the vast majority of casino income per se, nonetheless, with a $182.2 million win.

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

Online Gambling Strong

The long summer time thirty days of July brought tourists and money to Atlantic City, but on line, 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 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 Internet gaming market in brand New Jersey is apparently moving towards equal disbursement. Once dominated by Borgata, last month the stakeholder that is smallest was Resorts with $3,052,298, a positive change of less than $1 million. The Tropicana generated $3.24 million, while Caesars accumulated $3.39 million.

Resorts has swiftly become a player that is major New Jersey’s on line gaming sector. 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 biggest Internet poker operator hit the Garden State last March after having a long vetting procedure by the brand new Jersey Department of Gaming Enforcement (DGE). It is currently neck-and-neck that is battling 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, American swimmer Michael Phelps states his rushing career is over. (Image: Clive Rose/Getty Images)

Michael Phelps has swum his final Olympic race. That is when 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 had been the ultimate leg in his storied career.

The most decorated Olympian ever sold, Phelps was adamant in post-race interviews that he’s finished. He said the 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 suggest it,’ Phelps told Matt Lauer. ‘I wished to keep coming back and finish my career how I wanted and also this was the cherry on top associated with dessert.’

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

History in the Books

Nevada and Las Vegas got in regarding the game for the Olympics in 2016. For the time that is first 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 unfamiliar sports. But when it arrived to Phelps and the pool, the decisions were pretty direct.

If you wanted 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 publications in the Silver State. For instance, 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 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 were handsomely rewarded. A $100 bet on a Schooling upset of Phelps returned 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 olympic that is 12-time medalist his own right, had a notably disappointing 2016 Summer Games.

He participated in only two activities, and while he had been element of Phelps’ 4x200m freestyle gold relay group, he failed to medal in the individual 200m medley.

Things only got worse following the conclusion associated with swimming competition. Within 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 out with a badge, an authorities badge. No lights, no nothing, just a police badge. They pulled us over, they pulled out their firearms,’ Lochte told NBC.

‘And then the guy pulled out his gun, he cocked it, put 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 is riddled with debate 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 everybody else on an even higher alert.

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