Nevada Gaming Control Board Ponders Wagering Accounts

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Nevada <span id="more-3257"></span>Gaming Control Board Ponders Wagering Accounts

Nevada Gaming Control Board Chairman AG Burnett is considering amendments to the board’s laws 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 video gaming more user-friendly.

On August 11, the GCB held a workshop that is public Carson City to receive input on perhaps changing exactly 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 using accounts that are prepaid.

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

Regulation 5 and Regulation 5A are the 2 tips 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 pelican pete pokie machine 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 personally need to first register in the casino with photo identification.

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

Practice Made Perfect

Opponents to electronically linked gambling reports believe the practice will trigger higher incidences of issue 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 interest the technological millennial demographic and bring the Silver State’s casinos into contemporary times.

‘ The growth that is continued success of the gaming industry into the State of Nevada is determined by the fostering of a small business and regulatory environment that encourages continued advances in the use 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 gambling that is prepaid, Burnett said more time is needed before formally executing the modification.

Vital Endorsement

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

Executive Director Carol O’Hare said signage that is appropriate the potential risks of issue 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 wants the GCB to simply take additional measures.

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

O’Hare said she looks forward to working because of 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 jail. 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 lot 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: insurancequotesfast.com)

Whaley was once 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 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 assist 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. Not surprisingly, Whaley failed to abide by that condition.

‘ At that time, Southeastern Stud ended up being 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 said during his trial that he was an ‘absentee owner’ that was not aware associated with the company’s downturn. But once the going got tough, Whaley got using risky maneuvers.

According to court records, Whaley instructed an employee to falsify documents in an attempt to conceal where in actuality the insurance payments disappeared to.

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

While the Wynn likely wined and dined Whaley on his two high-roller visits, the Strip resort cooperated with authorities to detail Whaley’s criminal activity. 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 odds had been stacked against many small and medium-sized businesses, but Whaley went to Vegas and found also worse odds for their money.

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

In Good Bad Business

Whaley isn’t the person that is first strike the casino floor with illicit funds of late, of course.

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 just last month, monetary 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 Revenue Soars in July, Borgata Enjoys Record Month

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

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

The headliner of the income 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 full advantageous asset of the an extra week-end and Independence Day holiday.

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

Taj Mahal Trumped

Along side Borgata, four associated with the other seven casinos that are land-based percentage gains in July. One that don’t was not interestingly the Trump Taj Mahal.

The Unite-HERE Local 54 union strike 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 buddy Carl Icahn, the casino tallied incomes of just $17.5 million, eight percent lower than in 2015.

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

‘July was a month that is solid 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 %) 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 comparative 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 percent, and a complete of 3.2 percent when the state’s online gaming is factored in.

Online Gambling Strong

The summer that is long of July brought tourists and cash to Atlantic City, but on line, 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 brand 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 % in .

The net gaming market in brand 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 big change of less than $1 million. The Tropicana generated $3.24 million, while Caesars collected $3.39 million.

Resorts has ver quickly become a player that is major 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 last month.

The world’s internet poker operator that is largest hit the Garden State last March following a long vetting procedure by the latest Jersey Department of Gaming Enforcement (DGE). It is presently fighting neck-and-neck with WSOP/888 for the title 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 claims his racing career is over. (Image: Clive Rose/Getty Images)

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

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

Probably the most decorated Olympian ever sold, 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 mean it,’ Phelps told Matt Lauer. ‘I wanted to come back and finish my career the way I wanted and also this was the cherry on the top for the cake.’

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

History into 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 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 unfamiliar sports. But when it came to Phelps and the pool, the decisions were pretty easy.

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 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 heavy favorite at the publications in the Silver State. As an example, the 4×200 freestyle team event had been requiring 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 specific butterfly, had Phelps listed at -140 before the sprint.

Those who bet on Singapore’s Joseph Schooling to handsomely win gold were rewarded. A $100 bet on 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 olympic that is 12-time medalist his or her own right, had a somewhat 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 worse following a summary of this swimming competition. On the weekend, Lochte and several teammates were robbed at gunpoint by thugs in Rio de Janeiro.

‘We got stopped inside our taxi and these guys came away 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 weapon, 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 was riddled with controversy in its preparation and hosting of the 2016 Olympics. With six days to go until closing ceremonies, Lochte’s run-in with street criminals will have every person for an also higher alert.

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