US news
Testimony heard in Wynn case
Las Vegas - … Wynn Las Vegas dealers are asking state Labor Commissioner Michael Tanchek to find the resort's tip pooling policy illegal under state law and award $35 million in back pay and penalties to nearly 500 dealers.
http://www.lvrj.com/business/50212832.html
FinCEN Advisory (FIN-2009-A003) on Structuring by Casino Patrons and Personnel [interesting article]
The Financial Crimes Enforcement Network recently received information from law enforcement and regulatory authorities that certain casino personnel may have complied with requests from patrons to evade, or provided instructions to patrons on how to evade, reporting and recordkeeping requirements under the Bank Secrecy Act ("BSA").1 It appears that casino patrons and personnel may have engaged in "structuring" certain transactions to evade such requirements.
http://www.fincen.gov/statutes_regs/guidance/html/fin-2009-a003.html
Sands Casino Resort Bethlehem records best bets ever during 4th of July week
Pennsylvania - Sands Casino Resort Bethlehem had its best week ever last week in terms of the amount visitors bet. Visitors bet $68.96 million between June 29 and Sunday, up from even their first full week of business when $68.76 million was bet. The numbers reverse a four-week decline in wagers for the new casino. During the previous week -- June 22-28 -- only $55.1 million was bet.
http://www.lehighvalleylive.com/bethlehem/index.ssf/2009/07/sands_casino_resort_bethlehem_11.html
Palace expansion plans considered a crowning post-Katrina achievement
Mississippi - The Palace Casino is about to undergo what's been called the largest casino expansion in south Mississippi since Katrina. Once the new area is built, the Palace will have 38,000 square feet for gamblers. Casino managers will place 1,000 slot machines around the property and 26 table games. A poker room and a high limit salon will also be added.
http://www.wlox.com/Global/story.asp?S=10653648
New casino may be OK’d in Iowa [interesting article]
Iowa - Iowa Racing and Gaming Commission officials will decide July 16 whether they will consider applications from five Iowa counties interested in opening new casinos: Lyon, Wapello, Webster, Franklin, and Tama.
http://www.dailyiowan.com/2009/07/07/Metro/11961.html
University of Cincinnati Study Projects More Than 34,000 Jobs, $11 Billion in Economic Impact Over Five Years From Casino Ballot Issue
Ohio - More than 34,000 new Ohio jobs and $11 billion in economic impact would be generated during construction and the first five years of operations if the ballot issue authorizing casinos in Ohio's four largest cities is approved by voters in November, a new study from the University of Cincinnati shows.
UC study: Casinos could create 34,000 jobs [important article]
Ohio - A study by the University of Cincinnati’s Economics Center for Education & Research projects the creation of 34,000 jobs and $11 billion in economic impact if a proposed casino ballot issue is approved by voters. …Wyomissing, Pa.-based Penn National Gaming Inc.and Cleveland Cavaliers owner Dan Gilbert would be investors in the $1 billion proposal.http://www.bizjournals.com/dayton/stories/2009/07/06/daily19.html?ana=from_rss
International Speedway posts $32M loss for 2Q
Kansas - Motorsports-events company International Speedway Corp. posted a $31.7 million loss for the second quarter as falling revenue and a string of one-time charges hit its bottom line. But adjusted results were in line with Wall Street estimates.
http://www.forbes.com/feeds/ap/2009/07/07/ap6625234.html
and
International Speedway Corporation Reports Financial Results for the Q2 Fiscal 2009 [company reporting article]
… the proposal of ISC's joint venture with The Cordish Company for the development of a Hard Rock Casino and that of the other casino project proposed for Wyandotte County were endorsed by the Unified Government and sent to the Kansas Lottery Commission for further consideration.
Teaming Up To Take On Atlantic City
Connecticut - Foxwoods Resort Casino and Mohegan Sun, long the fiercest of rivals, have joined forces to take dead aim at their main competition: Atlantic City's 11 casinos. Collaborating on a marketing campaign that promotes southeastern Connecticut as “an unparalleled resort destination,” the tribally owned casinos launched their attack Monday online and on billboards on Interstate 80 in New Jersey, the New Jersey Turnpike (I-95), the Atlantic City Expressway and the Long Island Expressway (I-495).
http://www.theday.com/re.aspx?re=39079f63-51bf-40d2-b3c1-9039934d97f9
Shaheen to lead Powerball
Multi-state - North Carolina lottery director Tom Shaheen has been elected president of the multistate association that runs the Powerball. The Multi-State Lottery Association includes 32 lotteries. Shaheen will continue to run the North Carolina lottery. The multistate association establishes policies, oversees financial matters and approves new lotteries for membership.
http://www.newsobserver.com/politics/story/1597762.html
Tribe takes big gamble on new casino
Michigan - … Scheduled to open early next month, FireKeepers Casino is a $300 million gamble for a small tribe during a big recession that has brought larger, more experienced gaming operations to their knees. .. There's a VIP area for high-rollers, a large and well-lit poker room and thousands of state-of-the-art slot machines, as well as 78 table games.
http://www.detnews.com/article/20090707/BIZ/907070337/1001
Cahill prepares to leave his party
Massachusetts - State Treasurer Timothy P. Cahill plans to leave the Democratic Party this week, two advisers said, in what is probably a first step toward an independent challenge to Governor Deval Patrick, a Democrat, in next year’s election. … For months, Cahill has been preparing for a run, speaking out on issues not traditionally in the treasurer’s sphere. He came out early for casino gambling and several months ago proposed that the state license slot machines to generate revenue.
Senate sends slots anti-corruption bill to House
Pennsylvania - Legislation to toughen anti-corruption measures around Pennsylvania's gambling industry is headed to the state House of Representatives. The Senate approved the bill in a near-unanimous vote, 47-1. Sen. Charles McIlhinney Jr. (R., Bucks) voted no. Its prospects are uncertain in the House.
Hearing on Magna Bankruptcy Postponed
Delaware - A judge in Wilmington, Delaware has agreed to postpone a hearing on the appointment of an examiner in horse track owner Magna Entertainment's Chapter 11 bankruptcy case. … Magna's tracks include Pimlico in Maryland, Santa Anita Park in California, Remington Park in Oklahoma, Thistledown in Ohio and Portland Meadows in Oregon.
http://www.bloodhorse.com/horse-racing/articles/51544/hearing-on-magna-bankruptcy-postponed
Anne Arundel Council suspends review of slot machine bills
Maryland - The Anne Arundel County Council has suspended its review of a bill that would allow slot machine facilities in the county, though County Executive John Leopold says he will be submitting a new, similar proposal within the next month.
http://www.mddailyrecord.com/article.cfm?id=11893&type=UTTM
Nevada Gold Senior Debt Extended to June 2013
Texas - Nevada Gold & Casinos has entered into an Amended and Restated Security Agreement with its principal lender. The Company extended the due date of its long term debt in the principal amount of $6.0 million to June 30, 2013. Interest payments on the principal amount owed will continue to be made monthly at an annual rate of 10% through June 30, 2010, and from July 1, 2010 until maturity on June 30, 2013, at a rate of 11% per year.
http://www.irconnect.com/uwn/pages/news_releases.html?d=168561
Las Vegas Sands eyes $3-$4 billion fund raising [important article]
Las Vegas Sands, the world's largest casino firm, wants to raise $3-$4 billion and is considering several options including an IPO of its Macau assets in Hong Kong, Chairman and CEO Sheldon Adelson said. "We are looking at a Hong Kong Stock Exchange listing, among 5 or 6 options," Adelson said, adding that the firm hopes to get a total of $3-4 billion through various fund raising initiatives.
http://in.reuters.com/article/innovationNews/idINTRE56715F20090708
Analyst withdraws Melco Crown's price target
Disappointing results from two of Melco Crown Entertainment Ltd.'s Macau casinos led a JPMorgan analyst, Carlo Santarelli, to withdraw the casino developer's price target and lower some of his estimates.
http://news.ino.com/headlines/?newsid=6899977569791
Entertainment Properties Trust Overview [video]
Canada – JP Morgan analyst discusses performance of Entertainment Properties Trust company performance and casino deals.
http://bloomberg.tveyes.com/expand.asp?ln=8449304&Key=casino&bu=mlweb1980%40gmail.com
New card keeps track of VLT use
Canada - This week the province’s gaming corporation is rolling out a new system - the first of its kind worldwide - that helps video lottery terminal players track their wins, losses and how much they’re spending. Robyn McIsaac, spokeswoman for the Nova Scotia Gaming Corp., said Monday that the new system, called Informed Player Choice, should be fully installed by the end of the week in the Sydney area. But hopefully by late fall and into 2010, the rest of Nova Scotia’s roughly 2,900 video lottery terminals will likely also come online. … The system, which is voluntary, involves a player registering for a special card at recognized video lottery terminal sites, she said.
http://thechronicleherald.ca/NovaScotia/1131004.html
Last-chance saloon
Russia - Casino operators are still hoping the law will be rescinded, but the government does not seem deterred by either job losses or lost tax revenues.
http://www.mnweekly.ru/comment/20090706/55381942.html
Armenia’s casinos fined 2.2 million AMD in June
Armenia - Within June this year Armenia’s casinos were fined 2.2 million AMD, and organizers of prize-winning games were fined 2.7 million AMD, press office of Armenia’s finance ministry reports. … As at July 1, 2009 111 licenses for prize-winning games, 11casino licenses and 4 lottery licenses are valid on the territory of Armenia.