Hard Rock International's naming rights deal on an NFL stadium may be why it has yet to open a sportsbook, but NJ sports betting may still be in the cards.
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BetConstruct is to attend a preeminent gaming event, the SAGSE LatAm Expo in Buenos Aires, Argentina on September 11 – 13. Latin America is a huge market for BetConstruct. During the SAGSE LatAm Expo , the company will aim to impress all attendees with its powerful solutions and the freedom of choice they offer. Among the company’s showcase at its ...
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The new anti-money laundering measures have harmed the casino industry in British Columbia during the first half of 2018.
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Outside gambling competition is an issue for Atlantic City casinos as East Coast markets that once funneled gamblers onto the Boardwalk expand.
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Studio City, a Macau resort operated by Melco Resorts, has become only the second casino resort to be authorized to provide smoking lounges in the city. The other casino property is Ponte 16, which received its approval this past April.
The city’s Health Bureau revealed this past Tuesday that it was approving the Melco request. All casinos that want to continue to offer on-site smoking must apply with the bureau. The smoking lounges have stricter requirements than before, and must be equipped with air extraction devices that are more effective than what is currently permitted under current regulations. After January 1 next year, only those casinos who have received authorization will be allowed to offer smoking lounges.
According to several investment analysts, casino markets where on-site smoking has been 100% prohibited have seen a reduction in gross gaming revenue (GGR). However, the analysts emphasized that the reduction was only a temporary one, and that the GGR quickly began to climb after a brief lull.
Out of the 47 casinos and slot parlors in Macau, 13 have already applied for authorization to operate the updated smoking lounges, according to a report by the Health Bureau this week. Earlier in August, only 11 had applied. The 13 venues were not identified by name, but the bureau indicated that they had filed a total of 107 requests – 39 more than what had been submitted until the end of last month.
Venues have until September 28 to submit their requests if they’re to be approved before the city’s new smoking regime goes into effect next January. The Health Bureau said that the September 28 deadline was necessary to allow time for inspections of the smoking lounges.
Smoking on casino mass floors was banned by the Macau government in October 2014; however, an exception for smoking lounges that didn’t offer gaming activity was made. Any smoking lounges still operating after January 1 next year, if they don’t comply with the new regulations, can result in the operator receiving a fine of up to $24,747. For the first six months of the year, 436 smoking-related site inspections were conducted by the health Bureau, compared to 312 during the same period last year.
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Singapore took in around $1.1 billion in the first quarter of 2018, thanks to an increase in gaming, tourism and entertainment spending. The figure represents a 6% increase over the same period last year. Total tourism receipts during the period, however, actually decreased by 0.5% over the first quarter of last year to $4.9 billion.
The data was provided by the Singapore Tourism Board last Tuesday and indicated that an increase in spending on entertainment, sightseeing and gaming made up for a loss seen in spending on accommodations, shopping, eating and drinking. The numbers show that revenues from entertainment, sightseeing and gaming provided 22% of the total revenue. This put it in a tie with shopping for the second-most important tourism-spending component for the first quarter of the year.
The tourism board doesn’t provide a detailed analysis of the services that are listed in each spending category. However, the combined category of “entertainment, sightseeing and gaming” is reported to include entrance fees to nightspots and attractions, day tour purchases and spending on entertainment at Singapore’s casino resorts.
There are two casino resorts in Singapore—Marina Bay Sands, which is operated by Las Vegas Sands, and Resorts World Sentosa, a Genting Singapore property.
Around 4.6 million tourists descended on the country during the first quarter of the year, an increase of 7.3% over the same period in 2017. Approximately 933,000 of these visited from China, representing an increase of 10% year-on-year. 747,000 came from Indonesia for a 4% increase and 295,000 were from India—22% more than what was seen in the period in 2017.
For the entire first half of 2018, 9.2 million tourists visited the country, according to government data. This was 7.6% more than the amount seen last year during the same period. Of these, 24%—2.2 million—came from Greater China and 6%, or 584,555, came from Malaysia. Taiwan participation was also up during the first half of the year, with 211,213 citizens of the country visiting Singapore. This was an increase of 8% over the same period last year.
Singapore set a record last year in tourist volume when it welcomed 17.4 million tourists. This was an increase of 6.2% over the previous year and included 3.23 million trips by Chinese visitors.
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Imperial Pacific International revealed new delays for its Saipan casino.
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Sports betting in New Jersey won't be the panacea for state coffers that officials are hoping for, says Fitch Ratings. But NJ sports betting is only just getting started.
The post NJ Sports Betting Will Provide ‘Modest’ Boost To Economy, Agency Says appeared first on .
According to the Japanese media outlet Nihon Keizai Shinbun, there are now almost 40 municipalities in the country that are interested in joining the bidding process for Japan’s recently approved integrated resort (IR) market. It’s going to be a tough competition, however, as only three IRs are expected to be authorized in the initial round. Any additional IR approvals won’t 
come for another five to seven years following the launch of the first three.
Earlier this month, Japan’s Cabinet held an “IR Explanation Meeting” with local governments and tourism officials. The turnout was better than expected and the licensing process is going to be more arduous than originally anticipated.
The Cabinet stressed in the meeting that the government wants to move quickly on selecting the finalists for the first three IR locations. If a municipality wants to be considered, it is going to have to start making preparations immediately to ensure that its bid is accepted properly.
Many anticipate that some of the municipalities will back off and decide not to try for an IR during round one. However, as indicated by the media outlet, there was little indication that so many municipalities were interested in being considered.
There are several municipalities that are considered to be a definite location for one of the first IRs. Osaka is consistently mentioned as being at the top of the list and the region’s governor, Ichiro Matsui has been pushing the country to speed up the IR location process. Other locations include Tokyo and Yokohama.
Even after the country’s Diet makes its decision on where the IRs will be located, it will still be a number of years before gambling is seen in Japan. Following the choosing of the locations, the casino operators will bid for a license and many, such as MGM, Sands and Melco, have wasted no time schmoozing the municipalities, especially Osaka. According to reports, 11 casinos have held a combined 199 meetings with Osaka’s governor since May 2017.
Once the operators are chosen, the casino designs have to be approved, which could take several months. Then, construction begins and could take four or five years—longer if Imperial Pacific is allowed to build.
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Melco International released its financial report for the first half of the year to the Hong Kong Stock Exchange on Monday, and things look good. So good, in fact, that profits increased by 109.4% over the same period last year. In the first half of 2018, Melco picked up $43.9 million, a substantial jump over the $20.96 million reported in the first half of last year.
The increase came as a result of “better group-wide performance in all gaming segments and recovery of previously provided doubtful debt,” according to the company. Melco International is the owner of Melco Resorts, which operates casinos in Macau and the Philippines. The company’s Morpheus, a $1.1-billion hotel tower at City of Dreams Macau, opened during the first of the year, helping boost the company’s numbers.
Melco also recently opened another casino on the Mediterranean island of Cyprus. That facility is a temporary casino that will be a precursor to its permanent operations on the island. Melco is also said to be a possible contender for a license in the newly approved Japanese casino resort market.
Net revenues for the first half of the year came in at $2.52 billion, a decrease of 1.6% on the $2.56 billion seen during the same period last year. Its trade receivables, which is typically linked to VIP gambling credit, rose to $221.6 million, while the provision for impairment on the receivables dropped from 2017’s figure of $38.82 million to $31.1 million for the period.
Referencing updated accounting standards, the company said in its filing, “While the group experienced better performance in all gaming segments, this was more than offset by higher commissions, which are being reported as a reduction of revenue as a result of the group’s adoption of [the] new revenue standard from 1 January 2018.”
In a separate press release, Melco Chairman Lawrence Ho stated, “Internationally, we remain bullish on our exposure to an expanding network of global operations and business development opportunities beyond Macau. In Cyprus, we have opened Cyprus Casinos (C2) earlier in June and we are also excited with the development of our integrated resort City of Dreams Mediterranean which is going to be the first in the country upon its completion in 2021.”
He concluded by asserting, “Japan remains a pivotal focus of the group’s long-term plan. We view Japan as a market with the potential to rank among the largest global gaming destinations in Asia, second only to Macau. With the successful passage of the Integrated Resorts Implementation Bill at Japan’s National Diet, our goal is to become a trusted partner in Japan’s integrated casino resorts industry and we have been dedicating the necessary resources and investments for the development of this potential market. We are confident that these projects will further enhance our exposure in the global market.”
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Lui Che Woo, founder and chairman of Hong Kong-based Galaxy Entertainment, is “very confident” that his company’s planned Boracay casino will be built, despite recent orders from the Philippine government.
In a CNBC ‘Squawk Box’ interview with Emily Tan asking about the Boracay project, Lui said, “We are very confident. From the beginning until now, our plans have not changed.”
According to Lui, the casino aspect of the project has been overblown. He said, “Gambling will actually be a small portion. We expect a few dozen tables, as this is not our focus for Boracay. We hope it will become a truly good tourism spot and return to the beautiful island it once was. This is very different to what is being said out there. We don’t pay attention to unofficial commentary.”
Just two weeks ago, Philippine Tourism secretary Bernadette Romulo-Puyat denied any casinos will be operating on the island. This comes several weeks after Philippine President Rodrigo Duterte declared that “no casinos outside of what was existing” would be allowed. This was in the context of the cancellation of the land lease for casino investor Landing International Development Ltd.’s new resort in the country.
Galaxy already obtained its license last March, and looks to begin construction by next year, and open by 2021. In April, Boracay was closed to tourists supposedly for a period of six months, due to reports of dumped sewage turning the island into a “cesspool,” as Duterte termed it.
Lui saw his resort addressing the problems the island has had of late. “We want to restore the beautiful natural scenery to how it was before. Our plans are for a low-density environment, like in the Maldives, instead of a big casino floor like in Manila or other places that are dense or busy… [The Philippines] is no longer the top-tier natural scenic place it once was due to pollution and substandard facilities,” he told the news outlet.
Apart from the Philippines, Lui also spoke of Galaxy’s plans for Japan, saying that “focus will not just be on gaming.”
Japan is looking to award casino licenses beginning in 2020 after it passed the Integrated Resorts Implementation Bill in July. “We want to invest there and will… work with good partners,” Lui said, declining to mention potential partners by name.
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Say goodbye to summer with discounts! First 50 tickets to Blockchain & Bitcoin Conference Malta for 99 EUR each! From August 28 to August 31, you can buy tickets to the conference at the hottest price — 99 EUR! Hurry up, the amount of tickets is limited! Only first 50 lucky ones will be able to obtain tickets at the ...
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DraftKings Sportsbook finally has competition from playMGM and SugarHouse Sportsbook. The three NJ online sports betting sites offer a variety of features, and here are the highlights.
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One of Macau’s leading caisno junket operators is expanding its presence at Galaxy Entertainment Group’s StarWorld Hotel property.
On Friday, GGRAsia reported that Macau junket investor Tak Chun Group had confirmed plans to shift its current operations at GEG’s StarWorld property to a different floor, while also expanding the number of tables under its control.
According to the report, Tak Chun currently operates 14 VIP gambling tables at StarWorld, but the newly relocated VIP club – which will take up the whole 11th floor – will now feature 16 tables.
Tak Chun has been on an expansionist tear this year, launching new VIP clubs at Sands China’s Plaza Macao in February and at the Macau Roosevelt Hotel, which operates under a SJM Holding license, in May.
More recently, it was strongly suggested that Tak Chun will be among the junkets being welcomed to MGM China’s new MGM Cotai property. In 2016, Tak Chun closed its VIP club at MGM Macau, shifting its action to Sands’ new Parisian Macao.
Tak Chun is also making moves outside Macau, having set up shop in the new Okada Manila integrated resort in March, then followed that up with the launch of a new VIP club at the Crowne Plaza Danang resort in Vietnam.
Tak Chun is traditionally cagey regarding its financial performance but director Lei Chi Wai claimed in February that the company’s 2017 results had started off slow, then shot up 30% to 40% in the second half of the year.
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The Government of Myanmar is debating the approval of foreign-only casinos.
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A casino operator out of South Korea is looking to open operations in Russia. Asia Gaming Brief (AGB) reported that K International Incorporated has been discussing the possibility of opening a project with the state-owned Primorsky Krai Development Corporation (PKDC), the entity managing the Primorye Integrated Entertainment Resort (PIER) zone near Vladivostok.
K International reportedly wants to build a $263.6-million hotel and entertainment complex in the PIER. The complex would include the hotel, a casino, a shopping center and a duty-free zone to the area and would be built on a 49-acre parcel of land.
The PIER is a casino-friendly project established by the Russian government. It already has seen the completion of the Tigre De Cristal resort, built at a cost of $144 million, and NagaCorp Limited’s Naga Vladivostok resort is in the works. Additionally, the $900-million Selena World Resort and Casino, a project planned by Russia’s Diamond Fortune Holdings company, will soon open its first phase.
Of the land that was allocated for the PIER zone, 118 acres are still available. K International’s resort would consume a large chunk of this land and the company has been considering launching a project in the area for some time.
PKDC interim General Director Igor Trofimov confirmed that the group had been negotiating a possible venue with K International. He told AGB, “We have been engaged in negotiations since the beginning of this year. The company accepts the terms of cooperation and is ready to sign the contract. For the implementation of the project, it considers a 20-hectare site with a fairly flat landscape.”
K International Vice President Lee Dong Tek expects the final designs for the project to be completed by November. Once complete, they will be submitted to a working group led by Andrei Larin, deputy governor for the PKDC. He further indicated that the company will also request participation in a scheduled auction for rights to sub-lease a portion of the PIER space.
According to AGB, the project will be funded through a partnership between K International and “subsidiaries of the largest Korean corporations.” That partnership will result in the formation of a holding company that will subsequently fund and manage the project.
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Monmouth Park was the first venue in New Jersey to accept sports wagers following the repeal of PASPA. Yet, the racetrack is falling behind in the race to launch NJ online sports betting.
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The company has named Paul Salem as its 13th director and member board.
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Australian casino operator The Star Entertainment Group is celebrating its fiscal year results despite taking a beating from VIP gamblers on a hot streak.
On Thursday, The Star delivered its preliminary final report on its performance in the 12 months ending June 30, which saw revenue rise 6% year-on-year to a record AU$2.6b (US$1.9b), while earnings slipped 19.2% to AU$484.4m and net profit after tax (NPAT) tumbled 44% to AU$148.1m.
In addition to their statutory figures, Aussie gaming firms utilize a metric known as ‘normalized’ results, which assumes a constant VIP gambling win rate, on the assertion that this provides a more accurate picture of the situation. Applying this filter, The Star’s revenue was up 15.3%, earnings gained 14.3% and NPAT rose 20.3%.
The Star also noted that its statutory NPAT suffered from AU$37m in significant items, including debt restructuring and expenses related to the launch of its refurbished Gold Coast property.
As previewed in May, The Star’s Asian VIP gamblers – bundled under the heading of ‘international VIP rebate’ business – went on a prolonged hot streak in fiscal 2018. The year’s VIP win rate came in at 1.16%, well below the 1.59% in the previous fiscal year and the 1.35% average assumed under the ‘normalized’ heading.
On the plus side, VIP turnover was up 54.3% to AU$61.2b and statutory revenue rose 11.2% to AU$711.5m. The Star threw shade at its Aussie rival Crown Resorts by claiming that its VIP business was now the largest in Australia/New Zealand.
The company credited the VIP gains to “sales-driven diversification strategy” and “market normalization,” the latter referring to Chinese VIPs getting over their fears that Beijing wanted to mount their heads on pikes outside the Imperial Palace. Bad debts also hit a record low as a percentage of revenue.
The Star’s flagship property in Sydney claimed the bulk (AU$52.5b) of this VIP turnover. The property’s statutory revenue rose 3% to AU$1.74b but earnings dipped 28.7% to AU$410m due to higher operating costs and VIP win rate slipping nearly half a point to 1.07%. Domestic visitation was up 11.4% and non-gaming revenue spiked 15%.
Queensland operations reported revenue up nearly 13% to AU$843m while earnings were flat at AU$199m. The revamped Gold Coast property opened in fiscal Q3 with an expanded gaming floor and the new 57 all-suite hotel The Darling.
As for Queen’s Wharf, The Star’s AU$2.4b major integrated resort joint venture in Brisbane, the company says the project remains on schedule and on budget, with demolition works completed and foundation excavation work commenced.
Looking forward, The Star claims that FY19 has so far enjoyed “broad-based revenue growth” across all segments, while VIP turnover was said to be “pleasing.”
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GameArt is one of the young and quickly developing companies in the modern gambling market. From 2013 onwards, the provider succeeds in creating quality software for clients from different regions, e.g., Serbia, Slovenia, the UK, Malta, and many others. GameArt is pleased to announce a new stage of its development – the release of games with jackpots. The first batch ...
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Through the first six months of the year, Atlantic City casino net revenues are almost exactly what they were last year with gross operating profit down less than five percent.
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The drivers are ready at the starting line. They have their eyes on the prize. They are taking deep breaths and their pulses are racing. There’s only one goal: winning. The Valencia-based games company Red Rake Gaming brings innovation to the sector once again with a spectacular video slot machine game featuring a new theme: car racing. As soon as ...
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At long last, the playMGM sportsbook app enters the NJ sports betting scene, becoming the second online sports betting site to do so after DraftKings Sportsbook.
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Are live dealer games a must-have for NJ online casinos? For sure, but it may be that unique live casino games help separate the good from the better in the NJ online gambling pack.
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MGM Cotai is preparing to open VIP gambling rooms this September with the help of external junket partners. The casino resort, which is promoted by MGM China Holdings Ltd., anticipates five junket operators establishing their gaming business between then and the first half of next year, according to the company’s CEO, Grant Bowie.
Speaking to the media this past Wednesday, Bowie said, “In total we have facilities for five [junket] operators. We’re looking for two [to be launched] in September and probably another two in October and a fifth will open early next year.” He later added, “We’re now finishing off the construction of the [junket] rooms… now what we are working through is all the licensing process with the government. We’re very happy that the [junket room] construction is nearly completed, and the licensing process is being finalized.”
According to reports earlier this year, investment analysts have predicted that the first junkets will be provided by Tak Chun Group, Guangdong Group, David Group, Suncity Group and Meg-Star International. Meg-Star said at the time, “Due to the overall economy improvement and new [casino resort] projects entering into the market, Meg-Star maintains a positive view on the development of the Macau VIP market in 2018. We believe other [junket promoter] companies will also actively adjust their development strategy, depending on the development of the market, to maintain a healthy growth in coming years.”
When MGM Cotai launched earlier this year, the $3.5-billion resort was allocated 100 new-to-market live-deal tables in accordance with the city’s cap. An additional 25 new-to-market tables are positioned to be added at the beginning of next year and another 77 were approved to be moved from MGM Macau to the MGM Cotai.
Soon after the VIP rooms open, the resort will launch its “President’s Club.” MGM China has called it “an ultimate exclusive gaming area” targeting the company’s premium-mass customers, which bet in high multiples using cash instead of credit.
Bowie’s comments came during a talk with the media previewing MGM China’s International ion Dance Championship 2018. The event is scheduled for November of this year at MGM Cotai, whose theater can hold 2,000 attendees and offers ten different seating arrangements. MGM China has publicized it as “Asia’s first dynamic theater.”
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The company has submitted a proposal to develop a destination resort in New Mexico.
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On October 23, the international organization Smile-Expo will conduct the second Blockchain & Bitcoin Conference Malta – huge event with crypto discussions by blockchain specialists. The large-scale meeting of top industry experts will become the 50th anniversary event of the Blockchain & Bitcoin Conference series. Why Malta? Malta belongs to the list of the most DLT-friendly countries and takes one ...
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The parent company of the Studio City casino resort in Cotai, Studio City International Holdings Ltd., announced in August of last year that it was contemplating an initial public offering (IPO) 
in the US. At the time, it had reportedly submitted “on a confidential basis to the U.S. Securities and Exchange Commission a draft registration statement for a possible IPO of American Depositary Shares (ADSs) representing ordinary shares of Studio City International Holdings.” Fast-forward a year, and not much more has been discussed regarding the IPO. Now, Studio City has broken its silence and has said that the offering is still in the works.
In a press release issued by the company this past Monday, Studio City said that it “has been continuing its preparations for the proposed IPO, which is expected to commence as market conditions permit and remains subject to the U.S. Securities and Exchange Commission declaring the registration statement effective.”
Studio City is composed of two entities. Melco Resorts has a controlling 60% stake in the company and operates the Cotai casino. New Cotai Holdings LLC holds the remaining 40% stake. New Cotai is a company that is controlled by two investment firms, Silver Point Capital LP and Oaktree Capital Management LP, out of the US. Melco is already listed in the US on the NASDAQ stock exchange.
According to a filing with the Hong Kong Stock Exchange on Monday, Melco’s parent company, Melco International Development Ltd., said that the possible IPO would be “subject to, among other things, the registration statement being declared effective by the U.S. Securities and Exchange Commission, approval of the relevant stock exchange in the United States, the final decisions of the board [of Melco International] and the board of directors of Studio City [International Holdings] and market conditions.” It further stated, “Accordingly, there is no assurance that the proposed spin-off will take place or as to when they may take place.”
Studio City is a $3.2-billion resort that was built in 2015. It stands out among the rest of the casinos in the area by being the only one to feature a virtual reality ride, ‘Batman Dark Flight,’ which was designed by the Warner Bros. studio and DC Comics. The resort also features a distinctive figure-eight Ferris wheel.
Melco added an eSports venue to the resort last month. The Macau EStadium facility is designed to promote eSports events in the city and will host multi-player tournaments, as well as live-stream eSports events held elsewhere.
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The president of the Philippines, Rodrigo Duterte, cancelled the land lease provided to Landing International for a casino in Manila earlier this month. However, Landing apparently didn’t get the memo. It has stated that the casino is still going to progress and held a groundbreaking ceremony on August 7. After the Philippine Star media outlet published an op-ed piece yesterday regarding construction work at the site, Landing felt it was time to clear the air.
In an email sent to GGRAsia, a representative for the company said, “Other than [putting up] site hoardings and clearing the land, we have not commenced any construction works since our ground breaking on August 7.” This is in contradiction to the op-ed article, which said that construction was at “full steam.” The representative added, “The construction equipment that the news article referred to including the bulldozers, cement mixers, [and] batching [cement-making] plant belong to another adjacent site, which is unrelated to us.”
GGRAsia asked the company for clarification on its schedule for the casino construction. It was given a “no comment at this stage” response, but subsequently added that it plans on keeping the 2022 launch date it has previously publicized.
This has been a contentious ordeal for Landing, as well as for President Duterte. There has been a lot of back-and-forth, with Landing saying that it has not been denied its construction or casino permits, and the government arguing to the contrary.
When President Duterte cancelled the permits, he also fired all members of the Nayong Pilipino Foundation (NPF) board. The NPF is a government-controlled entity that had leased the land to Landing Resorts Philippines Development Corp., a Landing International subsidiary.
Later, it was announced that the country’s Department of Justice ordered a review of the land lease contract by the Office of the Government Corporate Counsel. Justice Secretary Menardo Guevarra said at the time, “The removal of all the board members of the Nayong Pilipino Foundation board, by itself… does not affect the implementation of the project.”
That statement, by Landing’s estimations, gave the company the green light to continue with the project. In a filing with the Hong Kong Stock Exchange, Landing said, “To the best knowledge of the company, the lease is legal, valid and enforceable.”
The resort project carries a price tag of $1.5 billion. The Philippine Amusement and Gaming Corp (PAGCOR) has already given the company a gaming license for the casino, but that license is only valid on the basis of a legitimate land lease agreement. “[PAGCOR] reiterates that the provisional licence it issued to [Landing Philippines] is precisely conditioned upon the latter’s continuing compliance with all the legal requirements and existing limitations of government, including the presence of a valid lease contract,” it said.
Like a bad weekday soap opera, the drama continues. The plot changes on almost a daily basis and at this point there’s no clear indication which way the chips will fall.
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The Nebraskan group seeks to place a proposal to legalise casinos on the 2020 ballot.
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Hard Rock and Kindred Group -- best known for its Unibet platform -- announced a new agreement last week. The deal allows Kindred to pursue a Casino Service Industry Enterprise License (CSIE) in New Jersey for sports betting and online gaming.
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Two casinos in the US state of Pennsylvania were slapped with fines this past week totaling $160,000. The fines were levied by the state’s Gaming Control Board (GCB) after its Office of Enforcement Counsel reached an agreement with the two offenders. The fines come as a result of “various infractions” found at both venues.
In a GCB press release, the agency said that it had fined Washington Trotting Association, Inc. $80,000. The penalty was a result of an investigation at the company’s The Meadows Racetrack & Casino, which found that employees at the racetrack had issued over $830,000 in complimentary services over an eight-year period starting in 2009.
According to state law, only select employees are authorized to provide complimentary services, and a cap is in place on how much can be awarded. The authorizations are part of any facility’s internal controls, which are approved by the GCB.
Another $80,000 in fines was given to the Valley Forge Convention Center Partners, L.P., which operates the Valley Forge Casino Resort. One fine in the amount of $50,000 was levied for several infractions, including “Failure to safeguard its revenues and assets” and “Failure to maintain reliable and accurate financial records, including ensuring access, record and compare its assets, conducting regular audits and ensuring segregation of audit functions and responsibilities.”
The issues came to light after an employee tried to fraudulently collect reimbursements in connection to his employment. That employee is also facing criminal charges.
An additional $30,000 fine was given for non-compliance of guidelines. According to the GCB, the operator was found guilty of not following its framework and rules governing Spanish 21, a type of blackjack.
Pennsylvania currently has ten stand-alone and racetrack casinos, in addition to two small resort casinos. They provide approximately $1.4 billion in tax revenue to the state each year, the majority of which is used to reduce property owners’ property taxes in the state.
The state is one of the few in the US to have already approved sports gambling. However, many expected the exorbitant licensing and tax scheme to keep many players away. Nonetheless, Penn National is willing to roll the dice. At the end of last week, it was announced that the operator will team up with William Hill and pay the $10-million licensing fee to offer a sportsbook in the state. In doing so, it is also acknowledging that it doesn’t object to the 36% tax rate Pennsylvania is charging.
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A casino in Argentina apparently played a key role in disrupting an alleged money laundering ring connected to Islamic militant group Hezbollah.
This week, Argentine media reported that police had raided a number of casinos and hotels in Puerto Iguazú, near the ‘triple frontier’ intersection of the borders of Argentina, Brazil and Paraguay. The raids were part of an ongoing investigation into the activities of Assad Ahmad Barakat, a Lebanese national with alleged ties to Hezbollah.
Last month, Argentina’s Financial Information Unit (UIF) froze the assets of Clan Barakat, a group associated with Assad, who has been designated a terrorist financier by the US Office of Foreign Assets Control (OFAC).
Barakat and 13 other individuals linked to the Clan reportedly paid hundreds of visits to Casino Iguazú over the past few years. One Clan member, Assad’s cousin Hassan Ali Barakat, reportedly made 620 border crossings during that span. All of the individuals cited in the reports reside in either Brazil or Paraguay and none appears to have any business interests in Argentina.
The Clan members reportedly crossed the border into Argentina bearing large sums of cash that they exchanged for chips at the casino, then cashed out after minimal play and carried the newly laundered cash back across the border without declaring the sums, either coming or going. Authorities estimate that the Clan may have laundered over US$10m via this method.
It remains unclear what level of complicity the casino – or its parent company HCI SA, which owns numerous other casino and hotel operations in the region — may have had in the Clan’s alleged money laundering activities.
However, this week, US Financial Crimes Enforcement Network (FinCEN) director Kenneth Blanco told attendees at the 11th Annual Las Vegas Anti-Money Laundering Conference and Expo that “reporting by a casino in Argentina helped piece together” the investigation into the Clan’s activity.
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