Paid to not play?; More trouble for Trump, Caesars

By David McKee ~ November 24th, 2014 @ 3:59 pm No Comments »

Although the American Gaming Association came down against Massachusetts‘ proposed “managed play” system of regulating losses, casino companies are saying, Chips and cardsNot so fast.” Wynn Resorts, MGM Resorts International and Penn National Gaming are all in favor of the idea of allowing players to cap their losses in advance. However, they are opposed to rewarding it with future free-play incentives, fearing that players will set exaggeratedly high limits they have no intention of hitting, qualifying them for free play. Said Wynn’s Robert DeSalvio, “If someone has a problem the worst thing is to give him incentives to come back.” He wasn’t opposed, however, to programming the limits into loyalty cards. Penn and MGM representatives had their own reservations about the program’s feasibility.

The industry representatives seemed more concerned, overall, about players gaming the system to get free goodies than whether or not Continued >>

Failure in Japan … on to South Korea

By David McKee ~ November 24th, 2014 @ 3:01 pm No Comments »

Shinzo AbeCasino legalization fell on its sword in Japan when Prime Minister Shinzo Abe abruptly dissolved the Diet, in order to call for elections. According to Reuters, “That means lawmakers cannot pass regulatory legislation next year, making it highly unlikely any casinos  will be ready in time to profit from tourists arriving for Japan’s 2020 summer Olympics.” And since budgetary and defense issues will take priority, passage of any casino legislation in 2015 is looking unlikely, too. Or, as one lobbyist said, “It’s challenging but not impossible.”

What’s a casino company to do? Turn one’s gaze to South Korea, of course. It may be a $2.4 billion market, a fraction of Las Vegas‘ annual tally, but its Chinese tourism is growing, with mainlanders up 53%, seeking everything from retail to plastic surgery. It’s also Continued >>

New Jersey cuffed; Adelson stirs controversy

By David McKee ~ November 24th, 2014 @ 12:49 pm No Comments »

In a development of no great surprise, federal District Court Judge Michael Shipp enjoined Monmouth Park (and anybody else in New Jersey) from offering sports betting. And he made the injunction permanent, decreeing that the Garden State’s gavelunregulated sports wagering contravened the Professional & Amateur Sports Protection Act of 1992. “We are going to continuing pursuing every legal option available. The economic impact that sports wagering can have on New Jersey is far too important to simply shrug our shoulders and move on,” said state Senate President Steve Sweeney, in a prepared statement.

Since the Third Circuit Court of Appeals has ruled that individual states can decide “the contours of the prohibition” on sports betting, Continued >>

Are the feds scrutinizing Wynn … and why?

By David McKee ~ November 24th, 2014 @ 11:53 am No Comments »

Uncle Sam appears to be making a systematic sweep of the Strip, probing all the major players. The latest target, according to the Wall Street Journal, is Wynn wynn-picResorts, which denies knowledge of any federal probe. However, according to the WSJ, a trident of the U.S. Attorney’s office, the DEA and the IRS is aimed squarely at Wynn, investigating potential money laundering. This comes while Caesars Entertainment is under the microscope and Las Vegas Sands has recently ponied up $47 million for money-handling infractions.

“We are not aware of any criminal investigation of the company whatsoever and we have serious doubts that any such investigation is taking place,” said Wynn Resorts attorney Michael Weaver, who said that there had been no contact from the feds … and if there was, it wouldn’t necessarily be damning:  Continued >>

Further Reading

Paid to not play?; More trouble for Trump, Caesars

Failure in Japan … on to South Korea

New Jersey cuffed; Adelson stirs controversy

Are the feds scrutinizing Wynn … and why?

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