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 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 >>
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) lower 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 >>
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 happens, 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 >>