Nevada Gaming Control Board Ponders Wagering Accounts

Nevada <span id="more-10725"></span>Gaming Control Board Ponders Wagering Accounts

Nevada Gaming Control Board Chairman AG Burnett is considering amendments to your board’s regulations 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 general public workshop in Carson City to receive input on perhaps changing just how slots and table games accept bets in the country’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 accounts that are prepaid.

According to Nevada Senate Bill 9 passed in 2015 that pressured the GCB to adjust such laws, the board is considering allowing gambling enterprises 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 2 tips in question. The former formerly barred players from gambling on prepaid accounts, while the later authorized credited makes up about their state’s interactive gaming companies.

The proposed Regulation 5 includes ‘wagering account’ information and regulatory maxims overseeing how the cards would operate. The GCB dictates that the customer wanting to fund a commitment card account would personally need to first register in the casino with photo recognition.

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

Practice Made Perfect

Opponents to electronically linked gambling records think the practice shall result in 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.

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

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

Though it seems likely the GCB will soon adapt the prepaid gambling amendments, Burnett said more hours is needed before officially 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 problem 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 simply take measures that are additional.

‘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 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 jail. This week, the Auburn resident was sentenced to 72 months in federal prison, after he was convicted in May for making use of an insurance coverage payment to pay down over $100,000 in gambling debts.

Former Alabama metal company 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 fraud. Whaley used bankruptcy settlements to spend straight down gambling debts. (Image: insurancequotesfast.com)

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

But following a 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 aid in his 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 using the insurance coverage money to settle 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 reveal all financial transactions. And in addition, Whaley failed to follow that condition.

‘ At that right 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 center District of Alabama stated in a launch.

Paper Trail Proves Guilt

Whaley’s lawyer stated during his trial he was an ‘absentee owner’ that was not conscious regarding the business’s downturn. But whenever going got tough, Whaley got going with risky maneuvers.

According to court records, Whaley instructed a worker to falsify papers in a make an effort to conceal in which 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. Documents 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 across the country. The chances had been stacked against many small and companies that are medium-sized but Whaley went to Las Vegas and found even even worse odds for his money.

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

In Good Bad Company

Whaley isn’t the person that is first strike 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 compared to the month that is same 2015. The city’s eight gambling enterprises still in operation pulled in $275.2 million, $17.7 million greater than a earlier year.

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

The headliner associated with revenue 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 previous record that is monthly took complete advantage of the an additional 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 regarding the other seven land-based gambling enterprises posted percentage gains in July. One which didn’t wasn’t interestingly the Trump Taj Mahal.

The Unite-HERE Local 54 union strike commenced on July 1 over medical insurance and pension benefits at the formerly property that is trump-owned. More recently purchased 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 can end the casino’s 26-year run following a Labor Day weekend. Gaming officials state the thirty days was 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,’ 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 majority that is vast of 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 Web gaming is factored in.

Online Gambling Strong

The long summer time thirty days of July brought tourists and money to Atlantic City, but on the web, 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 in iGaming, but the gap is closing. Borgata’s online platforms grossed $3,971,138. The Golden Nugget, up 36 % in .

The online world gaming market in New Jersey is apparently going towards equal disbursement. Once dominated by Borgata, final month the tiniest stakeholder 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 swiftly become a player that is major New Jersey’s online 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 month.

The world’s biggest Internet poker operator hit the Garden State last March after having a long vetting process by the brand 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 Job With 23rd Gold Medal

The great one is finished. After 23 gold medals, United states swimmer Michael Phelps says his career that is racing is. (Image: Clive Rose/Getty Images)

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

Sixteen years since his first Olympiad and 28 medals later, Phelps says the medley that is 4x100m had been the final 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 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 I mean it,’ Phelps told Matt Lauer. ‘I wished to keep coming back and finish my career how I wanted and this was the cherry on top regarding the 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 many 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 bunch of unknown sports. But when it arrived to Phelps and the pool, the decisions were pretty direct.

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 4x100m medley.

He was understandably a favorite that is heavy the books in the Silver State. As an example, the 4×200 freestyle team event was requiring bettors to wager the maximum amount of as $700 on the US for a return of just $100.

The event that is lone 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 on a Schooling upset of Phelps came back 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 took part in only two activities, and while he was section of Phelps’ 4x200m freestyle silver relay team, he failed to medal into the specific 200m medley.

Things only got worse following the conclusion of the competition that is swimming. Within the weekend, Lochte and several teammates were robbed at gunpoint by thugs in Rio de Janeiro.

‘We got pulled over in our taxi and these guys arrived 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 gun, he cocked it, put it to my forehead and he stated, ‘Get down,’ and I put my hands up . . . He took our money, he took my wallet.’

Rio happens to be riddled with controversy in its hosting and preparation of the 2016 Olympics. With six days to get until closing ceremonies, Lochte’s run-in with street criminals will have every person on an also greater alert.