Straub spurned again; Union vs. Icahn, Round Two

By David McKee ~ March 5th, 2015 @ 11:48 am No Comments »

Revel has been snatched from Glenn Straub‘s grasp, at least for another week, even though Revel AC has switched its position from contentious opposition to Straub to support. Or, as Revel_1340Revel attorney John Cunningham said, they have “82 million reasons” to close the deal. However, Los Angeles-based DTLA Development Group is singing a siren song to Judge Gloria M. Burns. DTLA’s position is that Revel can keep Straub’s $10 million deposit, thereby making their $80 million “offer of funds” the superior bid. Fired back Straub attorney Stuart Moskowitz, “You have no bond, no guarantee, nothing submitted to the court. It’s illusory.” Despite not having been given access to Revel, rival bidder Izek Shomof proclaimed, “We love it, that’s why we’re very interested.”

Straub was not impressed, saying, “This guy from Los Angeles doesn’t know a thing, and I don’t believe he’s a real bidder. He was not there when Continued >>

IRS money grab; Nastiness at Wynn

By David McKee ~ March 5th, 2015 @ 10:25 am No Comments »

Gaming is a “soft target” for politicians and the Obama administration is looking into a backdoor method of engorging more gaming taxes. It is “considering” (but not yet imposing) Slot reelslower thresholds for the “IRS lockdown” on winnings at keno, bingo and slots. In the case of slots, the proposal is fiendishly clever: If you hit a $1,200 jackpot or higher, you would no longer be taxed on that win alone but on any other winnings from the same, 24-hour period. (Ah, the downside of the player’s card!) The official mumbo-jumbo is here.

The taxmen are also considering halving the Continued >>

Fear and loathing in Washington; New goodies at Borgata

By David McKee ~ March 4th, 2015 @ 1:58 pm 1 Comment »

Sheldon Adelson sock puppet Rep. Jason Chaffetz (R) would be holding his much-ballyhooed hearing on Internet gambling today, had Mother Nature not intervened and forced a postponement. When it Chaffetzhappens, it’ll be pretty much the kangaroo court you’d expect. His star witness is rabid and troglodytic University of Illinois boffin John Kindt, who has advocated for the federal seizure of all tribal casinos on the grounds of “allegations of misuse, non-accounting, and even malfeasance involving gambling revenues in Native American operations.” Blithely ignoring tribal sovereignty, he would convert them to “educational, cultural, and business facilities.”

But Kindt doesn’t just reserve his wrath for aboriginals. Known for his dodgy research claims, Kindt idolizes the anti-gambling policies of Vladimir Putin and advocates the criminalization of gaming. Compared to the despot-slurping Kindt, the other witnesses are practically Continued >>

Fly the friendly slots; New tax takes aim at slot routes

By David McKee ~ March 4th, 2015 @ 12:40 pm No Comments »

Unlike most states, Maryland hasn’t hit the saturation mark and a bill to put a slot route into Thurgood Marshall Airport will probably have little effect on that. The slots will Great_Seal_of_Maryland_reverseonly be accessible to ticketed passengers, with the idea being to ‘tax’ out-of-state travelers for Free State infrastructure improvements. Not only has the airport stopped opposing the concept but the House Ways & Means Committee has new 13 members, at least some of whom could be receptive to the idea, which has been killed annually for the last six years, like some sort of legislative skeet shoot.

According to the Baltimore Sun, the city’s airport would — if the legislation is passed — have more slot machines than McCarran International Airport. Look to thy laurels, Continued >>

Further Reading

Straub spurned again; Union vs. Icahn, Round Two

IRS money grab; Nastiness at Wynn

Fear and loathing in Washington; New goodies at Borgata

Fly the friendly slots; New tax takes aim at slot routes

Naughtiness at Las Vegas Sands; Caesars makes bankruptcy plan official

Caesars’ wheel of pain

New problem for Straub; Broad casino push in Florida

Macao in freefall; A RAWA deal

First big hurdle in Indiana cleared

Caesars quits Ohio; Adelson’s Iran problem

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