Casino 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 >>
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 unregulated 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 >>
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 Resorts, 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 >>