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21 Sep 09 Illinoi’s praise-worthy Act to fund treatment for problem gamblers
A study published in Psychological Medicine magazine that was conducted in 2008 reported an uncontrollable gambling rate of 0.6 percent and a problem gambling rate of 2.6 percent among the general U.S. population. Joanna Franklin, an expert in the area of problem gambling and President of the Institute on Problem Gambling in Baltimore, Maryland, sees that treatment rather than prohibition is the best way to treat problem gamblers. She adds, “Problem gamblers are not without options. They will go to a racetrack or casino or the Internet if they can’t find a video gaming machine.
Franklin has also set-up and done clinical treatment programs in forty-five states, thirty-one Indian tribes, ten Canadian provinces, and nine countries. Gamblers would only resort to other options with the prohibition of video gambling machines. With the unrelenting technological innovation and the Internet’s open architecture, online gambling would create a strong drawing power for gamblers, a detour behind domestic prohibitions against certain forms of gambling.
In response to this concern, there is a movement going in Congress to change Internet gambling laws in the US. Leading the campaign for a regulated Internet gambling industry is Representative Barney Frank. Franklin praised Illinois for its Video Gaming Act which provides $2.5 million to the Department of Human Resources for the funding of treatment programs for problem gamblers.
The lawmakers in Illinois have given each of the cities and towns the discretion to decide matters regarding video gambling machines. A number of towns have banned the machines while other cities looked at the financial advantage of keeping the video gambling machines. They allowed licensed liquor establishments to operate up to five gaming machines as long as the devices are situated in areas way from minors and only accessible to adults. To help fund the capital bill, twenty-five (25%) of the revenues earned by establishments from the gaming machines will go to the state while another five (5%) will go the local municipality where the gaming devices are located.
Coin machine operators have also raised opinions regarding the Act. Tom Fiedler, president of the Illinois Coin Machine Operators Association, said that gambling affects only a small percentage of the population in comparison to alcohol abuse. He added that of those adults who do gamble, the vast majority do so strictly for its entertainment value. He points out that there is nothing wrong with video machine gambling.
18 Sep 09 British Lottery enters the online market
The United Kingdom is well recognized as one of the world’s leading gambling markets. This is true of both the traditional land based format and of course the newer, online gambling format. The fact of the matter is that the activity of gambling is actually quite central to the culture of the British as this is something that they would take part in at the pub which as the rest of the world knows, is a crucial part of their culture. This is in combination with the fact that there is also a lot of popularity when it comes to sports and betting on the results. At first this was mainly to do with horse and dog racing, but now this has expanded and there are companies such as William Hill and Ladbrokes that do a brisk trade when it comes to the fans betting on the fortunes of their favorite football teams. If one just stops to think about how much international interest there is in the English Premier League, it is clear that there are great big volumes of money that are being spent on a weekly basis.
Now that the convenience of the online medium of gambling has been proved, it is clear that there is a lot of interest in how to take advantage of this. It is certainly a thought that the British Lottery Corporation has had in the past. The corporation has now gone on to do something about it and it was recently announced that the company is to take its lottery into the online medium. This means that people will no longer have to pop down to the local corner store, but they will be able to just go straight onto a web site and buy their tickets from there.
The corporation expects to see a lot of activity now that there is an online service available and this is very good news for the lottery. As it is done in the United States, the United Kingdom makes use of these funds for charitable causes such as feeding schemes, sports facilities and the refurbishment of historical buildings. It is a source of financing that the governments of both countries have come to rely on more heavily during this time of economic crisis and therefore there is a great deal of hope attached to the success of this new endeavor.
15 Sep 09 Gambling Proceeds from Las Vegas Strip, Atlantic City Casinos Drop
The gambling industry has been hit hard by the economic recession. The two biggest gambling hubs in the United States, Las Vegas and Atlantic City are taking the strain brought on by the worst financial disaster since the depression. Records from the Nevada Gaming Control Board show an 11 percent drop in Las Vegas gambling revenue in July from a year earlier. Las Vegas Strip earnings dropped to$461.3 million in July, the 19th straight fall. For the first seven months of 2009, a 14 percent decline in gambling proceeds was recorded, compared to an 11 percent drop in 2008.
Casino gambling in the strip has declined since September 2008, with an above 10 percent fall in every month, except in the month of May which noted a 6.4 percent fall. Betting was also recorded to be on the wane to as much as 23 percent in February and 26 percent in October. Several companies have cancelled their conferences, which compelled Las Vegas casinos to reduce their room rates and give special offers. According to figures, convention attendance fell 26 percent. The Clark County Department of Aviation reported a 12 percent decline in airport passenger traffic in Las Vegas as several airlines reduced capacity. According to data released by the Las Vegas Convention & Visitors Authority, around 21.4 million people went to Las Vegas from January to July of 2009, a drop of 6 percent from last year.
Officials from MGM Mirage and Wynn Resorts Ltd. were quoted as saying that after the release of second quarter results, business has started to get steady. “Less worse is the new operative term,” in Las Vegas, Joel Simkins, an analyst at Macquarie Securities USA Inc., said in an interview last month. “We still remain very cautious with the expected onslaught of City Center this December and its predicted opening will cast a pall over Las Vegas Sands, Wynn Resorts, as well as other major operators on the Strip.” City Center is owned by MGM Mirage, the largest casino owner in the Strip. It is Las Vegas’ biggest development by far, and is scheduled to open in December.
The last increase seen in Las Vegas gambling revenue was in December 2007 which was less than 1 percent. In Atlantic City, the New Jersey Casino Control Commission said gambling proceeds dropped to $391.7 million. It recorded a 16 percent decline in August. Gambling profits declined at all 11 casinos last month. The first eight months of this year saw a drop of 15 percent to $2.71 billion, compared to a drop of 7.6 percent in 2008. Gambling table earnings in Atlantic City’s casinos fell 20 percent to $115.6 million. Slot machines recorded a drop of 15 percent to $276.1 million. Atlantic City’s casinos are being threatened by competitors in nearby states and cities. In May, Las Vegas Sands opened a casino in Bethlehem, Pennsylvania, taking gamblers and patrons out of Atlantic City casinos.
14 Sep 09 Luck lies around Casinos mammoth play-offs
The four greatest group online casinos; Royal Vegas, Platinum Play, 7Sultans and Vegas Palms are hosting several mammoth online casino tournaments which are meant to do something as amass to the Splendid blast of Slots online tournament, which will start this coming October 22 to November 02, 2009.
The prize of the competition is the Car Giveaway. Each occasion has to pay money for the amount of $10 and a rebuy amount of $10. The original of this competition was participated on the slot game Hitman and finished on July 26. The pompous and satisfied Maria C won the new car and she also won 3,000 bonus credits. As a whole 32 players won bonus credits scaling from 50 to 3,000. The Car Giveaway 2 is recently in development and advancement on the online slot game Thunderstruck. This will finish on August 23 and in a few days we will get to know who will be the fortunate and blessed to win the second new car. The ultimate Car Giveaway will be competed from August 25 to September 20, 2009 on Tomb Raider, the slot game of Lara Croft fame. There will be fourth occasion which is the Last Chance which will be competed on Avalon from September 22 to October 18, 2009, this time this competition does not have a car as a prize. Every one of these four events will be given 100 complimentary entries to the splendid blast of slots.
The whole celebration of the competition at the Mammoth play-offs online casinos is a 16 week event which happening from 1st of July until 18th of October. There will be 8 elite and special Freeroll Tournaments and 8 Auspicious Draw Tournaments which will be in custody on alternating weeks. Four of the elite and special Freerolls are yet to be competed. These online competitions are Freeroll but the rebuys will charge of $20. Hitman and Thunderstruck are the slots chosen and selected for the outstanding and lasting tournaments. The prize fund differs from $15,600 to $16, 600 and every affair will give 60 open admissions to the splendid blast of slots.
Likewise at hand four of Lucky draw tournaments are yet to be competed and these online competitions are also freerolls but there are no rebuys. The impressive and vast aspect and element of these tournaments is that players can bet and gamble on their much loved slot games. The prize funds differ from $500 to $1,550 and every event will give five open admissions to the splendid blast of Slots. The final Lucky Draw tournament will finish on the 18th of October and from October 22 the splendid blast of Slots tournament will inaugurate. This affairs offers €1,000,000 for the first place winner and €299,500 to the remaining winners. You have nothing to worry about, because these online casino groups are powered by Microgaming and licensed by the Kahnawake Gaming Commission and they have all been affirmed and confirmed reliable and trustworthy by eCOGRA. So hurry and check it out and grab the chance to win the second brand new car. Have fun!
12 Sep 09 Casino launch in Greenbrier
Greenbrier is a four star and triple A five diamond rated luxury hotel and resort situated in the town of White Sulfur Springs in Greenbrier County, West Virginia. Its new owner, Jim Justice, has initiated necessary actions to implement his plans of putting up a casino center in Greenbrier.
Jim Justice is one of the most successful entrepreneurs in West Virginia and engaged in growing coal and agriculture as his primary business ventures before he bought the Greenbrier resort. He bought the resort out of bankruptcy way back in May for a sum of $20 million. Now, he dreams of turning this luxury resort into something that will not only offer relaxation but entertainment as well.
The planned casino gaming center located in the resort is said to be only a part of the master plan. Greenbrier is to offer upscale options to its patrons like spa treatments, golf and restaurants that will cater to each of their clients’ demands.
The facility in its entirety would be 82,000 square feet and is expected to hold around four hundred slot machines as well as forty tables for games like poker. “It’ll be a classy kind of pause,” said Justice, “This casino will be one of a kind. Something West Virginians will be proud of.” Each guest will be well accommodated by corresponding staff members hired to facilitate and handle the new facilities installed. With the new Greenbrier up and coming, thousands of people are given the opportunity to be employed in this luxurious resort.
There has been talk that the new Greenbrier will open a temporary casino in October which will accommodate only limited guests. This will be considered a trial period for the resort to see how things will work out and make adjustments before catering to a larger crowd. This should also be approved by the Lottery Commission first and so the management is doing their best to gain approval. The permanent casino is expected to be ready in April of next year and everyone is very much excited about it.
“What we are looking at here is the possibility of the classiest casino in the nation,” an observer, Carol Bentler said, “If the end result of the new Greenbrier is anywhere near what it looks like it will be, this should be a huge success story for West Virginia.”
Plenty of people are anticipating the opening of the new Greenbrier casino as it offers a one-of-a-kind classy casino center.
11 Sep 09 Gambling issues overcome in southeast Europe
Gambling is a great source of income in several countries since it generates huge taxes. In the southeastern part of Europe, gambling has increased its popularity and gained higher revenue. But along with this, issues arising from gambling institutions have also grown in number. Local governments in southeast Europe claim that gambling institutions have caused a minor headache recently with tax evasion and its part in money laundering controversies.
A report from the Organized Crime and Corruption Reporting Project states that approximately 1.5 billion Euros is staked at gambling institutions located in the southeast part of Europe annually. Therefore, it is expected that this industry would contribute a substantial amount in government earnings through tax revenues. Serbia, for one, has earned 12 million Euros in its first quarter of annual operation and Bulgaria generating a stunning 57 million for the year 2008. This goes to show that the gambling industry is truly a hit in southeast Europe and would be a significant contributor to the local economy. Regional investigative journalists found out though that some of these gambling institutions do not adhere to local regulations and do not submit the correct financial statements to avoid paying taxes. Furthermore, it was found out that the gambling industry in Balkan is associated with organized crimes since gambling houses here are sometimes used for money laundering transactions done by criminal groups.
On the other hand, gambling businesses in general have helped the economy in southeast Europe through providing employment for its people. Studies show that 1,600 jobs have been offered in Macedonia with the rise of gambling institutions. It also pays more than the national salary average. An estimated 80,000 slots were also created in Bulgaria for those who were looking for job opportunities and again pays its workers twice the national salary average. Not only does it contribute through taxes but also through providing additional employment.
Local governments in southeastern Europe are now taking action in regulating gambling industries to lessen the crime rates. Bosnia already has a law on simplified tax rate of 10% which has replaced the varied rates in the 10 cantons. In 2004, a law was introduced in Serbia which has increased the control of the state over the gambling industry.
Casinos were not allowed to continue running if they have not acquired the new license to do business in this type of industry. Lastly, Bulgaria has established ways on easy monitoring of its gambling sector and is continually looking for ways to improve the regulations to gain more control on the gambling industry.
11 Sep 09 BUMPING UP MANAGEMENT FOR CANNERY CASINO
Las Vegas- Nevada, Aspiring news from one of the central gambling scenery at Cannery Casino Resorts, as they building a one-of-a-kind structure that will surely make the sympathy of the players also the people who are planning to visit. As they indulge structuring its executive ranks so the company’s founders can work on more long-term strategic planning, basically in casino business.
Last 2005 Mr. Lettero a 53 year-old man who joining the venture at Cannery Casino Resorts as a CFO, and plays a big role in the company, he was the chief operating officer in January. Companies of local casinos were name to the newly created position of President Mr. Tom Lettero. Aside from that he will also remain as a chief financial officer. At the mean time there is other person who replaced the position of Lettero as he surrendered. From Australia-based Company Crown Ltd. hired a chief operating officer and that is Mr. Xavier Walsh.
Before Walsh hired as a chief operating officer he has expertise and lot of experiences that’s why he is very fit to the position being given by him. At his 44 years-old he was already encounter different operations of all Cannery properties, including the Cannery in North Las Vegas , the Rampant Casino at the JW Marriot at Summerlin. Men are so pleased and happy that Walsh was finally joined the team as they look forward for the growth and outcome of the company.
An addition to that for both founder also act as unofficial co-CEO’s Mr. Bill Paulo’s and William Wortman , will be the team up to organize from everyday operation upon dong the building, and they also allow elegant structures, for this big project. Tom Willer the spokesman of Cannery said that there is nothing to worry about the company runs, for both founders can travel anywhere as long as they want as this structure was in good hand. And for the fact that they are also involving some strategic decision-making with some of the properties and the company overall, So much for that they have the strategic decision with the development of Cannery Casino Resorts and also with the growth and the development of the company.
We have what called as the key to success in our life it is the perseverance and determination in everything we do. It is crucial to human that we are able to bring out the best thing that might happen to us. There is a man also who’s behind the key player throughout his journey with the company and has played an important role in the growth and expansion of the company. A lot of them are looking forward to success behind the Cannery Casino Resorts.
Starting from the small payments down to the very big projects there is one person who make his way to make this Casino better, Lettero is the one who helped the construction of the Eastside Cannery and he is also helping with the structure financing of it, which was already opened on Boulder Highway last Aug. 28, 2008. At this recent year the company also built a permanent Meadows racino outside Pittsburgh that opened last April.
After joining the venture at Cannery Lettero was graduated in the University of Nevada , Las Vegas he was held as the senior management positions at different places such as Caesars Place , MGM Grand, Mirage Resorts, Sands and many more, he also stints as CFO at Aladdin Gaming and Stratosphere Corp.
The biggest asset that Walsh’s have was to prioritize his employer which is the Crown Ltd., last March after they attempt to purchase the Cannery worth $1.75 billion they back it up and suspend. In other hand, Crown still has a two-year option to close the deal, billionaire James Packer was the one who controlled the company paid $320 million for a 24.5 percent stake in Cannery pending regulatory approval.
Furthermore, competitors are mostly like by Cannery, is burdened by heavy debt and declining casino revenues. According to Moody’s Investors Service Shows there are approximately $860 million debt in late May that Cannery have. In some aspects this company was financially stable and strong upon making plans beyond the current economy status. As the company impounds that they are not financially troubled they want to have a positioned for the near future.
10 Sep 09 Is it true that online gambling can make you rich?
We are now living in a globally technological world. Almost jobs are based using technology. There is an advantage to this globally technological oriented country. Performing jobs are now easy and free from hazards. There will be less pain and speed accuracy in doing works. Using the computer can make everything possible. You do not need to spend more time and money to go into place where you want.
If you are fun of playing games or gambles your money to win or to make you rich. The use of your computer can bring you there. There are many online betting sites making use of digital circles offer online gaming. A group of great wealth or property seeker has given birth to this online casino revolution. There you can discover plenty of money was lost but there is also much money that won daily in online gambling. How can online gambling make you rich? Is it really possible to win much money when playing online? Yes, you have to choose the right game before playing. Next, is to understand the rules of the games, this is the first step to gamble in casinos. If you are really a fortune-hunter first you must know and check everything that you gamble from the start because you must remember that no matter how lucky you are as a gambler but no gambler has ever defeated the casinos in the long run. Be wise in handling your money. If you win you must not gamble all your money.
But what is online gambling? An online gambling is a particular far-off place gambling where you are going to use the internet to place your bets.. It is called online casinos because they are the online version of a land-based casino. The online casino allows you to play casino games by the use of the internet. How to join online casino? You will need to access the sites of online casino. Then read some information that you will need to perform. First you have to enter your personal information and then you can start transferring your money to them. You can use either credit card if you want to play for real money in gambling. The most popular game online is poker games. There are lots of players who win poker games using online gaming. There are some online casinos do not supply different kinds of games. But there also other online casino that provide only one category of game. You can try logging in the Internet Casinos, Inc. (ICI), this is the world’s first casino online, and that was launched last August 18, 1995.
There are 18 many games in this casino, you can access online to the National Lottery if you like to get some information about gambling. Based on the research, there are more than Two Thousand Five Hundred different sites that working its business in the web. So, there will be no more difficulty for the gamblers to go to a land-based casino because of the help of online casino that is possible for you to win much mone
08 Sep 09 OBJECT TO MOTION of BONDHOLDER in STATION CASINO
One of the highest revenue casinos is the Las Vegas, Nevada –- there are different problems in which casinos are facing today, one that really the casinos was the problem regarding with the economic crisis, bondholders in Station Casinos was trying to impose themselves it the position wherein they need to bring the lawsuits in 2007 a multibillion-dollar buy-outs as the bankruptcy evolving on it.
There could have been more manifestations that the station casino was in the midst of the crisis. Unsecured creditors was afraid of this motion that’s why they are now asking from the bankruptcy court to protect the creditors’ ability to further investigate the transaction that heavily leveraged the company and somehow might led it to bankruptcy, they know that their money is not secure and they are aware of it and might happen at the future objection filed by the committee in U.S. Bankruptcy Court in Reno shows. Behold their liabilities to protect their money is the only way that they might be out of the motion.
Unsecured creditors was afraid of this motion that’s why they are now asking from the bankruptcy court to protect the creditors’ ability to further investigate the transaction that heavily leveraged the company and somehow might led it to bankruptcy, they know that their money is not secure and they are aware of it and might happen at the future objection filed by the committee in U.S. Bankruptcy Court in Reno shows. Behold their liabilities to protect their money is the only way that they might be out of the motion.
According to the committees of Station Casino their only objective is to have series of motion that would prevent the committee from investigating the buyout while protecting parts of the company from possible lawsuits. In this way they abbreviate all the possible ways to alter the bankruptcy as it is the major problem.
The filing stated that there will be blocking of motions from the company to the committees while taking the actions that will preserve the value for unsecured creditors as the bankruptcy proceeds. If this will happen the motion will be prolong for it is the being unresolved and it looks like there is no such turning point on it. Some of the people inside the company were benefited immensely according to of the insider.
Upon leaving at Station Casinos and its creditor’s there is more questionable benefit in return, the buy out of Fertitta Families and the Los Angeles-base real estate firm Colony Capital which are joining ventures together, during the time wherein the overall economy, the credit markets are all becoming strained. The total cost of the Station Casino was $4.17 billion to purchase stock and incur new debt of another $1.6 billion.
Buyouts could be open according to the unsecured creditors, lawsuits under the federal bankruptcy code and law if:
• All the transfer involving the property of the company and/ or the incurrence of an obligation of the company.
• Companies will receive only less-than-reasonably not the accurate equivalent value for the buyout.
• Company was rendered insolvent during the time of the transaction.
• Insufficient capital together with data that’s how the company being done and there’s no such capacity for them that they can repay.
As the filing states that while further investigation is certainly required. Undeniably there are some issues that must be addressed concerning whether the buyout transactions involving constructively and, or actual fraudulent transfers.” Declining comment on filing as the Station casino asked. The schedule for the hearing was on Wednesday in Reno regarding with the company’s motions.
07 Sep 09 Total spending on gambling increases this year
The gambling industry is growing faster and faster. It is generating larger amounts of revenue and that’s why people invest so much on this industry. Gambling institutions are almost found in all countries and those countries that do not allow such endeavors are considering making gambling legal taking into account some constraints that have to be established to control this type of industry.
Last year, total spending on the gambling industry has proved to be bigger than that of last year. The 2008-2009 annual report has deemed this to be true although it was found out that the real growth, considering inflation, was negative. This was perhaps the impact of the financial downturn especially during the early months of last year where the global economy was at its worst.
“The results for 2008/09 continued to show an increase in gross gambling revenue (GGR) around the country. The GGR increased by 1.94 percent, from R15.618 billion in 2007/08, to R15.921 billion in 2008/09”, this was stated in the National Gambling Board’s 2008/09 annual report and analysis of data.
Statistics shows that most of the bulk in revenue came from the casinos with 84.4% and betting only got second place with 10.3% of the total revenue derived from gambling activities. More people opt for gambling houses and casinos because of the comfort and relaxation it gives when playing in comparison to betting in race tracks and such. Online gambling is also popular now-a-days with the current technological advancements that are prevalent in our society today.
The National Gambling Board’s 2008-2009 annual report which ended March 31 of this year also included the 36 licensed casinos that are presently operating all around the country and listed 21, 944 slot machines that are up and running. Seven hundred ninety-eight gaming tables were also recorded. It was found out that gambling taxes declared, surged up to R1.539 billion from that of last year’s annual report. There were no statements regarding the amount of money the gamblers won in lotteries, casinos and other gaming houses.
The decrease in costumer spending for last year has been offset by this year’s large increase in gambling revenue. Money spent on gambling has indeed increased during this fiscal year and this proves to be good for investors in the gambling industry as well as the local governments since there would also be an increase in the taxes earned from this particular industry.
