Nevada Gaming Control Board Ponders Wagering Accounts

Nevada <span id="more-9224"></span>Gaming Control Board Ponders Wagering Accounts

Nevada Gaming Control Board Chairman AG Burnett is considering amendments to your 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 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 united states’s gambling capital.

At issue is the GCB’s own regulations and whether amendments should be implemented to enable casino clients to gamble making use of prepaid accounts.

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

Regulation 5 and Regulation 5A are the 2 recommendations in question. The former formerly barred players from gambling on prepaid accounts, while the later authorized credited makes up their state’s interactive gaming systems.

The proposed Regulation 5 includes ‚wagering account‘ information and principles that are regulatory how the cards would operate. The GCB dictates that a customer wanting to fund a commitment 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 video 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 reports think the practice shall lead to higher incidences of problem gambling. But the wagering system being considered is far different from simply permitting players to gamble making use of 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 believes the amendments will attract the technological millennial demographic and bring the Silver State’s casinos into modern times.

‚ The continued growth and success of the gaming industry into the State of Nevada is dependent upon 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 regarding the domestic technology sector,‘ Senate Bill 9 states.

Though it seems likely the GCB will soon adapt the gambling that is prepaid, Burnett said more hours will become necessary before formally executing the change.

Vital Endorsement

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

Executive Director Carol O’Hare said appropriate signage purporting the hazards 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 wants the GCB to just take measures that are additional.

‚It would appear that in 2016 while you adopt regulations, procedures and rules for wagering accounts . . . some effort that is reasonable be made to align the latest 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 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 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 metal business CEO Kennon Whaley will now see a great deal of metal of a different kind, after being sentenced to six years behind bars for insurance coverage fraud. Whaley used bankruptcy settlements to pay straight down gambling debts. (Image:

Whaley was as soon as the CEO of Southeastern Stud & Components, A montgomery-based manufacturer of light measure steel framing services and products. Founded in 1999, the company created $34 million in revenues in 2005 and used 125 full-time workers.

But following 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 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 utilizing the insurance cash to pay off 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 disclose all financial transactions. And in addition, Whaley failed to stay glued to that condition.

‚ At that time, Southeastern Stud was nevertheless in bankruptcy and approximately 70 percent of its employees had lost their jobs,‘ the usa Attorney’s workplace for the Middle District of Alabama stated in a release.

Paper Trail Proves Guilt

Whaley’s lawyer stated during his test he was an ‚absentee owner‘ that was not aware of this company’s downturn. But whenever going got tough, Whaley got going with risky maneuvers.

According to court records, Whaley instructed an employee to falsify documents in a try to conceal where in fact the insurance payments disappeared to.

‚That’s the textbook concept 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 from the casino laid out 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 hard economy for businesses in the united states. Chances had been 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 their LinkedIn profile summary, ‚HARD WORK WINS.

In Good Bad Business

Whaley isn’t the very first person to hit 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 month that is just last 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 when compared with the month that is same 2015. The town’s eight gambling enterprises still in operation pulled in $275.2 million, $17.7 million over a earlier year.

Atlantic City casino profits had been up at most properties during but Carl Icahn’s Trump Taj Mahal was an exception july. 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 associated with 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 best month in its 13-year history. With gross profits totaling $84.8 million in July, Borgata eclipsed its previous month-to-month record and took full advantage of the an extra weekend and Independence Day holiday.

‚While we expected a good 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 side Borgata, four of the other seven casinos that are land-based percentage gains in July. 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 percent less than in 2015.

Icahn says he will end the casino’s 26-year run following Labor weekend day. Video Gaming officials say the thirty days ended up being positive, regardless associated with statement that yet another Atlantic City casino is closing.

‚July was a solid month, 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 %) 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 into the vast majority of casino income per se, but, 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 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 % increase from 2015 and a new monthly high for that segment.

Borgata maintained its lead on the five casino operators involved in iGaming, but the gap is closing. Borgata’s online platforms grossed $3,971,138. The Golden Nugget, up 36 percent 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 positive change of less than $1 million. The Tropicana generated $3.24 million, while Caesars built-up $3.39 million.

Resorts has ver quickly become a player that is major New Jersey’s online gaming sector. Many Thanks towards the 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 largest Internet poker operator hit the Garden State last March after a long vetting process by this new Jersey Department of Gaming Enforcement (DGE). It’s currently neck-and-neck that is battling WSOP/888 for the name 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 says his rushing career is over. (Image: Clive Rose/Getty Images)

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

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

Probably the most decorated Olympian ever sold, Phelps happens to be adamant in post-race interviews that he’s finished. He said the exact same thing following 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 also this was the cherry over the top associated with cake.‘

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 time that is first 2000, sportsbooks offered lines on a variety of Olympic disciplines thanks to the Nevada Gaming Control Board amending regulations in 2015.

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

If you desired to win any substantial money without placing a substantial bet, you would want to go against Phelps.

Phelps won five of the six occasions he entered. He placed first in the 200m butterfly, 200m medley, 4x100m freestyle, 4x200m freestyle, and medley that is 4x100m.

He had been understandably a heavy favorite at the publications in the Silver State. For 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 don’t win, the 100m individual 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 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 12-time olympic medalist in their own right, had a notably disappointing 2016 Summer Games.

He participated in only two events, and while he was section of Phelps‘ 4x200m freestyle gold relay group, he failed to medal into the specific 200m medley.

Things just got worse after the summary associated with swimming competition. Throughout 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, 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 man pulled out his weapon, 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 has been riddled with debate in its hosting and preparation 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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