Nevada <span id="more-3379"></span>Gaming Control Board Ponders Wagering Accounts

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

The Nevada Gaming Control Board (GCB) is calling on the state’s land-based casinos to adapt measures that are e-commerce make gaming more user-friendly.

On August 11, the GCB held a general public workshop in Carson City to receive input on possibly changing just how slots and table games accept bets in the united states’s gambling capital.

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

According to Nevada Senate Bill 9 passed in 2015 that pressured the GCB to adapt such laws, the board is considering allowing casinos to implement systems at their tables and machines that provide customers with the choice to gamble with funds linked to commitment cards.

Regulation 5 and Regulation 5A are the two recommendations in question. The former formerly barred players from gambling on prepaid accounts, while the later authorized credited accounts for hawaii’s interactive gaming networks.

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 require to first personally register in the casino with photo recognition.

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

Practice Made Perfect

Opponents to electronically linked gambling records think the practice will trigger higher incidences of problem gambling. But the wagering system being considered is far different from simply players that are permitting gamble using their debit and credit cards.

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

In addition to interactive online and mobile gaming accounts, Nevada sportsbooks presently allow bettors to create prepaid gambling cards.

The state legislature believes the amendments will appeal to the technological millennial demographic and bring the Silver State’s gambling enterprises into modern times.

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

Though it appears likely the GCB will soon adapt the prepaid gambling amendments, Burnett said more time will become necessary before officially executing the modification.

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 said appropriate signage purporting the dangers of problem video gaming should be prominently displayed in areas where gamblers would refund their electronic accounts. Casinos have actually long been forced to do just that near cages and ATMs, but O’Hare desires the GCB to just take extra measures.

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

O’Hare said she looks forward to working because of 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 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 payment to cover down over $100,000 in gambling debts.

Former Alabama metal business CEO Kennon Whaley will now see a great deal of steel of a kind that is different after being sentenced to six years behind bars for insurance fraud. Whaley used bankruptcy settlements to pay 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 generated $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 security in 2009. He received $260,000 in insurance claims, but instead of using it to help 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 utilising the insurance money 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 reveal all financial transactions. Needless to say, Whaley neglected to stick to 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 workplace for the center District of Alabama said in a launch.

Paper Trail Proves Guilt

Whaley’s lawyer stated during his trial that he was an ‘absentee owner’ that wasn’t mindful for the company’s downturn. But whenever going got tough, Whaley got using risky maneuvers.

According to court records, Whaley instructed a worker to falsify papers in a try to conceal where in actuality 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 organized his four-day jaunt to Sin City and show a man living the VIP lifestyle while his company was riddled with debt.

The US Great Recession that lasted from 2007 through 2009 presented an economy that is difficult businesses in the united states. The chances were stacked against many small and medium-sized companies, but Whaley went to 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 person that is first strike the casino flooring with illicit funds of late, needless to say.

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 employing 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 same thirty days in 2015. The town’s eight casinos still in operation pulled in $275.2 million, $17.7 million over a year earlier.

Atlantic City casino revenues had been up at most properties during but Carl Icahn’s Trump Taj Mahal was an exception july. The casino that is long-troubled turn off permanently in less than per month after having a long struggle with unions. (Image: Heidi Gutman/Getty Images)

The headliner of this revenue report could be the Borgata Hotel Casino, which recently became wholly owned by MGM Resorts.

Atlantic City’s many 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 record that is monthly took complete benefit of the a supplementary weekend and Independence Day holiday.

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

Taj Mahal Trumped

Along with Borgata, four for the other seven casinos that are land-based percentage gains in July. One which 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 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 will end the casino’s 26-year run following a Labor weekend day. Gaming officials say the month was positive, regardless of this announcement that yet another Atlantic City casino is closing.

‘July had been 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 per cent) 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 comparative boost to $75.7 million. Slots still pulled within the vast majority of casino income per se, nonetheless, with a $182.2 million win.

Year-to-date, Atlantic City casino income is up 1.5 percent, 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 cash to Atlantic City, but online, 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 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 is apparently moving towards equal disbursement. Once dominated by Borgata, last month the stakeholder that is smallest was Resorts with $3,052,298, an improvement of less than $1 million. The Tropicana generated $3.24 million, while Caesars accumulated $3.39 million.

Resorts has quickly become a major player in New Jersey’s on line gaming sector. Many Thanks to your 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 biggest Internet poker operator hit the Garden State last March after having a long vetting procedure by this new Jersey Department of Gaming Enforcement (DGE). It is currently battling neck-and-neck with WSOP/888 for the title of New Jersey’s online poker market leader.

Michael Phelps Finishes Olympic Profession With 23rd Gold Medal

The one that is great finished. After 23 gold medals, American swimmer Michael Phelps claims his rushing career is over. (Image: Clive Rose/Getty Images)

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

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

Probably the most decorated Olympian in history, 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 right time i mean it,’ Phelps told Matt Lauer. ‘I wished to keep coming back and finish my career the way I wanted and this was the cherry on top of the dessert.’

With 23 gold medals, Phelps has 14 significantly 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 very first time since 2000, sportsbooks offered lines on a number of Olympic disciplines as a result of the Nevada Gaming Control Board amending regulations in 2015.

For the oddsmakers, that meant learning a number of unknown sports. But when it arrived to Phelps and the pool, the decisions were pretty simple.

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

He had been understandably a heavy favorite at the books in the Silver State. For example, the 4×200 freestyle team event had been needing bettors to 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 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 swimmer that is americann’t have quite the same success in Brazil as Phelps. Ryan Lochte, a 12-time olympic medalist in their own right, had a notably disappointing 2016 Summer Games.

He participated 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 even worse following a 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 came out with a badge, an authorities badge. No lights, no nothing, just a police badge. They pulled us over, they pulled out their guns,’ 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 put my hands up . . . He took our money, he took my wallet.’

Rio has been 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 everybody on an also higher alert.