Nevada Gaming Control Board Ponders Wagering Accounts

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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 gambling enterprises to adapt e-commerce measures to make gaming more user-friendly.

On August 11, the GCB held a workshop that is public Carson City to receive input on possibly changing how slots and table games accept bets in the nation’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 prepaid accounts.

In accordance with 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 provide customers because of the option to gamble with funds linked to loyalty cards.

Regulation 5 and Regulation 5A are the 2 recommendations in question. The former previously barred players from gambling on prepaid accounts, while the later authorized credited accounts for the state’s interactive gaming networks.

The proposed Regulation 5 includes ‘wagering account’ information and regulatory maxims overseeing how the cards would operate. The GCB dictates that the customer wishing 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 truly are increasingly convenient with,’ GCB Chairman AG Burnett told the Las Vegas Review-Journal.

Practice Made Perfect

Opponents to electronically linked gambling accounts believe the practice shall induce 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.

In addition to interactive online and gaming that is mobile, 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 casinos into modern times.

‘ The continued growth and success of the video 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 for 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 hours is required before officially executing the modification.

Vital Endorsement

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

Executive Director Carol O’Hare stated signage that is appropriate the risks of problem 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 desires the GCB to take extra measures.

‘It would seem that in 2016 while you adopt laws, procedures and rules for wagering accounts . . . some reasonable effort can be made to align the new 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 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 week, the Auburn resident was sentenced to 72 months in federal jail, after he had been convicted in May for using an insurance payment to pay down over $100,000 in gambling debts.

Previous Alabama metal company CEO Kennon Whaley will now see a lot 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: insurancequotesfast.com)

Whaley was once the CEO of Southeastern Stud & Components, a manufacturer that is montgomery-based of gauge steel framing items. Founded in 1999, the company produced $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 protection in 2009. He received $260,000 in insurance claims, but instead of using it to aid 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 settle Wynn, Whaley came back to Vegas again, where he incurred another $20,000 loss.

Chapter 11 provides companies protection from creditors, pelican pete pokie machine but the bankrupt company must reveal all financial transactions. And in addition, Whaley failed to stay glued to that condition.

‘ At that right 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 Office for the Middle District of Alabama stated in a release.

Paper Trail Proves Guilt

Whaley’s lawyer said during his trial which he was an ‘absentee owner’ that was not mindful of this business’s downturn. But once the going got tough, Whaley got choosing risky maneuvers.

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

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

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. Documents from the casino presented his four-day jaunt to Sin City and show a man living the VIP lifestyle while his company was riddled in debt.

The usa Great Recession that lasted from 2007 through 2009 presented an economy that is difficult businesses in the united states. Chances were stacked against many small and medium-sized businesses, but Whaley went to Vegas and found even 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 very first individual to hit the casino floor with illicit funds of late, needless to say.

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, financial 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 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 casinos still in operation pulled in $275.2 million, $17.7 million over 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 power down permanently in less than a month following a long struggle with unions. (Image: Heidi Gutman/Getty Images)

The headliner of this 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 revenues totaling $84.8 million in July, Borgata eclipsed its past record that is monthly took complete advantage of the an extra week-end and Independence Day holiday.

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

Taj Mahal Trumped

Along with Borgata, four of the other seven casinos that are land-based percentage gains in July. One which 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 per cent lower than in 2015.

Icahn says he’ll end the casino’s 26-year run following a Labor Day weekend. Video Gaming officials state the thirty days was positive, regardless regarding the announcement that yet another Atlantic City casino is closing.

‘July was a solid thirty days, 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) 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 boost that is comparative $75.7 million. Slots still pulled into the vast majority of casino income per se, nonetheless, 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 Internet gaming is factored in.

Online Gambling Strong

The summer that is long of July brought tourists and cash 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 with iGaming, but the gap is closing. Borgata’s online platforms grossed $3,971,138. The Golden Nugget, up 36 per cent in .

The web gaming market in brand New Jersey seems to be moving towards equal disbursement. Once dominated by Borgata, last month the littlest stakeholder was Resorts with $3,052,298, a big change of less than $1 million. The Tropicana generated $3.24 million, while Caesars accumulated $3.39 million.

Resorts has quickly become a player that is major New Jersey’s on line gaming sector. Thanks to the 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 largest Internet poker operator hit the Garden State last March after a lengthy vetting procedure by the New Jersey Department of Gaming Enforcement (DGE). It’s currently neck-and-neck that is battling WSOP/888 for the name of brand 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, United states swimmer Michael Phelps says his career that is racing is. (Image: Clive Rose/Getty Images)

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

Sixteen years since their first Olympiad and 28 medals later, Phelps says the medley that is 4x100m was 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 I mean it,’ Phelps told Matt Lauer. ‘I desired to come back and finish my career the way I wanted and also this was the cherry over the top regarding the cake.’

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

History in the Books

Nevada and Las Vegas got in regarding the game for the Olympics in 2016. For the time that is first 2000, sportsbooks offered lines on many different Olympic disciplines thanks to 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 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. 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 don’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 were handsomely rewarded. A $100 bet for a Schooling upset of Phelps returned 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 own right, had a significantly 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 only got even worse following the summary of the competition that is swimming. Over the weekend, Lochte and several teammates were robbed at gunpoint by thugs in Rio de Janeiro.

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

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