Nevada Gaming Control Board Ponders Wagering Accounts

Home / Pelican Pete Pokie / Nevada Gaming Control Board Ponders Wagering Accounts

Nevada <span id="more-13519"></span>Gaming Control Board Ponders Wagering Accounts

Nevada Gaming Control Board Chairman AG Burnett is considering amendments to your board’s laws that would authorize wagering that is prepaid 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 possibly changing exactly how slots and table games accept bets in the nation’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.

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 is the reason hawaii’s interactive gaming networks.

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 loyalty 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 they are increasingly much more comfortable with,’ GCB Chairman AG Burnett told the Las Vegas Review-Journal.

Practice Made Perfect

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

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

As well as interactive online and gaming that is mobile, Nevada sportsbooks presently allow bettors to create prepaid gambling cards.

The state legislature believes the amendments will interest 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 depends on the fostering of a small business and regulatory environment that promotes 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 seems likely the GCB will soon adapt the gambling that is prepaid, Burnett said more hours becomes necessary before formally executing the modification.

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 stated appropriate signage purporting the perils 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 wishes the GCB to simply take additional measures.

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

O’Hare said she looks forward to working aided by 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 prison. 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 cover down over $100,000 in gambling debts.

Former Alabama metal company CEO Kennon Whaley will now see plenty of metal of a kind that is different after being sentenced to six years behind bars for insurance fraud. Whaley used bankruptcy settlements to spend down gambling debts. (Image:

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

But after the 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 help 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 using the insurance coverage cash to pay off Wynn, Whaley returned to Vegas again, where he incurred another $20,000 loss.

Chapter 11 provides companies protection from creditors, but the bankrupt company must disclose all financial transactions. And in addition, Whaley failed to follow that condition.

‘ At that 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 launch.

Paper Trail Proves Guilt

Whaley’s attorney stated during his test that he was an ‘absentee owner’ that was not conscious of this company’s downturn. But once the going got tough, Whaley got going with risky maneuvers.

According to court records, Whaley instructed an employee to falsify papers in a try to conceal in which the insurance payments disappeared to.

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

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 through the casino organized his jaunt that is four-day to 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 a hard economy for businesses in the united states. The chances had been stacked against many small and companies that are medium-sized but Whaley went to Vegas and found even even worse odds for his money.

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

In Good Bad Business

Whaley isn’t the very first individual to 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 month that is just last economic scam artist Andrew Caspersen pled guilty to employing 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 when compared with the same month in 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 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 after having a long battle with unions. (Image: Heidi Gutman/Getty Images)

The headliner associated with the income report is 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 complete advantage of the an extra week-end 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 side Borgata, four of the other seven casinos that are land-based percentage gains in July. One that don’t wasn’t surprisingly the Trump Taj Mahal.

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

Icahn says he can end the casino’s 26-year run following the Labor Day week-end. Video Gaming officials say the month was positive, regardless of this statement that yet another Atlantic City casino is closing.

‘July had been a solid month, 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 percent) were the other two casino properties that posted losses in July.

Table games were the best performers percentage-wise, with a nearly $7.5 million comparative boost to $75.7 million. Slots still pulled into 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 an overall total of 3.2 percent when the state’s online video gaming is factored in.

Online Gambling Strong

The summer that is long 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 brand 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 per cent in .

The world wide web gaming market in brand New Jersey appears to be going towards equal disbursement. Once dominated by Borgata, final month the tiniest stakeholder was Resorts with $3,052,298, a positive change of less than $1 million. The Tropicana generated $3.24 million, while Caesars gathered $3.39 million.

Resorts has ver quickly 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 month that is last.

The world’s internet poker operator that is largest hit the Garden State last March after having a lengthy vetting process by the brand new Jersey Department of Gaming Enforcement (DGE). It’s currently fighting neck-and-neck with WSOP/888 for the title of brand 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, United states swimmer Michael Phelps states 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 athlete that is legendary.

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, 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 right time i suggest it,’ Phelps told Matt Lauer. ‘I wanted to come back and finish my career how I wanted and also this was the cherry on the top regarding the cake.’

With 23 gold medals, Phelps has 14 significantly more than any other Olympian. His 28 total medals are 10 more than Larisa Latynina’s 18, the second most 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 many different Olympic disciplines because of the Nevada Gaming Control Board amending regulations in 2015.

For the oddsmakers, that meant learning a number of unfamiliar sports. But when it came 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 had been understandably a heavy favorite at the books in the Silver State. For example, the 4×200 freestyle team event had been bettors that are requiring 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 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 his or her own right, had a notably disappointing 2016 Summer Games.

He took part in only two activities, and he failed to medal in the individual 200m medley while he was part of Phelps’ 4x200m freestyle gold relay team.

Things just got even worse following a summary for the swimming competition. Over 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 down with a badge, an authorities badge. No lights, no nothing, just a police badge. They pulled us over, they pulled out their weapons,’ Lochte told NBC.

‘And then the guy pulled out his weapon, he cocked it, put 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 debate 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 everyone for an also greater alert.


Leave a Comment