Kansas Casinos Prove Wizardly in Gaming Revenue Growth

There’s no place like home for gross gaming revenue; at least according to the American Gaming Association’s (AGA) 2012 annual casino market report that is commercial. The fastest-growing state is: Kansas while Vegas and Nevada continue to lead the field in pure gaming revenues. Kansas? Yep, Kansas. Whom even knew they had casinos in Kansas? Perchance you simply can not see them through the wheat fields.

Beating out New Jersey (a suggest that has actually been on tilt within the gaming arena of late), Pennsylvania, New York, and even California, Kansas really could possibly be the Land of Oz when it comes to attracting casino customers, this indicates. Maybe Glinda, the Witch that is good dropping them from her magical bubble. Maybe there’s not great deal else to accomplish there.

Amazing Growth

We’re not speaking about doubling or even tripling in development here; nope, Kansas’ gross gaming revenue jumped an amazing 603.7 per cent in 2012. Maybe they’re handing down poppies into the gambling enterprises, but whatever the reason, casino revenues went from $48 million in 2011 to $341 million in 2012.

A lot of the enhance is merely due to more casinos having been built and exposed within the past years that are few. Kansas just made casino gambling appropriate in 2007, and by 2009, it still had just two casinos showing for itself. Now there are six, plus the state’s treasurers must be leaping up and down like flying monkeys in jubilation (somebody stop us).

2012 Good Year

Although no-one could top that 603 percent hike, 15 out of 22 states that have commercial casinos did see more revenue stream from their store in 2012 vs 2011, according to the AGA report. Maryland did nicely, with a 143 percent growth spurt, which translates to $377.81 million year that is last to $155.7 million last year. And in other states that are odd gaming growth, Maine held its very own with a 66.9 % leap: $99.2 million in 2012 vs. just $59.45 million the year prior.

The best news yet for the casino business is, based on the AGA report, the acceptability of casino gambling has hit an all-time high of 85 percent with Us citizens, who see it as acceptable both for themselves and others.

Now if we could simply buy them on board with the 21st Amendment that ended Prohibition back in 1933, Kansas might be a helluva fun place to go to.

Temporary Block Placed on Alternate Bid for New Jersey’s Atlantic Club

The parent company of the online poker site, successfully gained a court order that places a temporary block on the Atlantic Club casino-hotel owners from selling the venue to another bidder as the continuing saga of PokerStars’ attempted entree into the Atlantic City casino market unfolds, Rational Group US Holdings.

The temporary court order bars the owners of the casino venue, Colony Capital LLC, from attempting to sell up to a new interested party prior to a brand new Jersey Superior Court hearing set to take place in mid-May.

Deal Called Off

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The PokerStars owners filed a complaint because of the court after Colony Capital LLC’s declaration that the pending sale of the casino to Rational Group was off after the gaming operator’s New Jersey casino license approval was delayed beyond their originally agreed-upon deadline.

Rational Group claims the purchase agreement took into account the possibility of a delay in processing the license application if regulators needed submission of further information, and insists that Colony Capital LLC has now acted in bad faith.

Adding to Rational’s arguments is that they advanced the club $11 million to enable the financially struggling venue to keep up with its bills, after being told by the Atlantic Club which they had liabilities of more than $30 million in unfunded pensions, and could be forced into bankruptcy if the sale did not advance.

Prior to the current termination of the deal by Colony Capital LLC, the PokerStars parent company apparently approached the investment firm about an expansion on the closing date of the purchase agreement on April 23rd, and submitted a written proposition the following day to just take the workers on’ compensation claims against the Atlantic Club, likely as being a gesture of goodwill in the hope of gaining favor to extend the due date.

Over a Barrel

The Atlantic Club apparently felt they had Rational over a barrel, as well as on April 26th offered to extend the due date by just ten days if they agreed to pay an additional $6 million, while the club retained the proper to discuss the purchase with other interested parties with this extension period that is ten-day.

As if they hadn’t kicked sufficient dirt into the faces of the PokerStars owners, Colony Capital LLC approached the operator the very overnight, saying they wanted to end the purchase agreement, and formally declared the termination of the agreement on May 1st, even after Rational had offered to spend one more $4 million.

Atlantic Club must respond to the court on every one of these presssing issues by mid-May.

Phil Ivey Says ‘That’s a Crock’ to Britain’s Oldest Casino

Phil Ivey, the poker pro so good he is been termed the ‘Tiger Woods of Poker’, has popped up within the press after filing a £7.3 million ($12.1 million) lawsuit against the oldest casino place in Britain, Crockford’s Casino.

The poker legend claims the exclusive London-based casino is refusing to payout the £7.3 million in winnings to him which he won within a private game of punto banco, a form of baccarat, last August at the place.

Punto Banco Wins Unpaid

As if being regarded as the most successful player in poker isn’t sufficient for the nine-time World Series of Poker bracelet winner, Ivey is believed to have pocketed a $14.6 million fortune from playing punto banco, placing him sixth in the highest earner ranks of the card game. But that by no means proposes the basic idea he will let Crockford’s Casino get away with his winnings.

‘I am profoundly saddened that Crockford’s has kept me no alternative but to proceed with legal action,’ said Ivey in a statement presented by his legal team, incorporating that he has won and lost huge sums of money at the location in yesteryear, and has constantly honored his commitments.

The rockstar of poker reportedly lost £500,000 (approximately $750,000) playing high stakes punto banco with a young lady on his arm and continued, at the agreement of Crockford’s representatives, to play for £150,000 (more than $230,000) per hand to try to dig himself out of the hole on the night of the big win. He then continued to show their losings into a multimillion lb win in just seven hours of play.

Internal Research

Crockford’s withheld Ivey’s winnings, but did issue him a receipt, stating that they needed seriously to conduct an internal investigation, yet not actually divulging the details of just what exactly they were investigating.

A spokesman for Genting, the firm that is malaysian now has Crockford’s, stated that their position, ‘which is supported by strong legal counsel, is made clear to Mr. Ivey’s solicitors from the beginning. We will be filing our protection shortly’.

While the game itself involves skill that is minimal and is said to be almost impossible to cheat at, perhaps the owners of Crockford’s, whom are said to be viewing surveillance footage and questioning staff at the venue, are attempting to find Ivey’s lucky charm. Regardless of Crockford’s suspicions, whatever they may be, you need to wonder who would really get up against Phil Ivey in virtually any kind of competition. All things considered, the person doesn’t appear to know how to get rid of.

FBI Used Taxpayer Funds in Undercover Legends Sports Sting

Some interesting new reports are shedding light on the U.S. Department of Justice’s indictments against 34 people and 23 businesses in connection to online gambling operator Legends Sports, alleging that those indicted had been providing online and telephone sports betting services from Costa Rica and Panama. The firms indicted have been accused of assisting the Legends Sports web site in getting funds from their players, most of whom were U.S. residents.

Now it’s come to light that undercover FBI agents taking care of the situation used federal funds to place wagers on displaying events as one of their tactics to catch the illegal operators red-handed.

Misfortune

Termed ‘Operation Bad Luck’, the process included undercover FBI agents infiltrating the illegal sports business that is betting identify suspected bookies in the Oklahoma area, with the agents acting as simple sports betting customers enjoying a wager or two. By the final end associated with operation, several thousand federal dollars had been used to spot wagers on sporting events by the undercover agents trying to bust the wrongdoers.

Those assigned towards the investigation also met with suspected bookies to make transactions, such as paying losses or winnings that are collecting Oklahoma City. The operatives met bookies in areas such as for instance parking lots, restaurants and bingo halls, as if acting out real-life versions of film scenes.

Ten-Year Investigation

After almost ten years of investigations, the indictments have lead to your Panamanian authorities revoking the permit of Legends Sports, and those accused of the crimes which consist of money laundering, racketeering and running an illegal gambling company could face between five and 20 years into the slammer. In general, the near-decade-long operation noises like a resounding success, even in case it is easy to picture the agents having a whale of a time placing bets with the hard-working taxpayers’ money.

A person in the FBI’s Oklahoma branch, stated that individuals ‘cannot skirt the guidelines of the United States by setting up illegal gambling operations in a foreign country, while surviving in america and enjoying the advantages of U.S. citizens. at the full time of the indictments, Jim Finch’ evidently they can, they just wind up getting caught.

The pulse of which is unlikely to stop beating completely any time soon since Legends Sports garnered over $1 billion since its inception back in 2003, (which the courts are now attempting to take away from them), the illegal sports betting world is clearly a lucrative business.