Could Steve Wynn buy the Atlantic Club to gain New Jersey foothold?
How odd would it be if Steve Wynn were to buy the Atlantic Club in Atlantic City in order to gain a foothold in New Jersey’s highly anticipated Internet gaming market?
It’s not like he’s unfamiliar with the building.
Wynn built the Boardwalk’s southernmost hotel-casino, which opened as the Golden Nugget Atlantic City in 1980, and he sold it for $440 million in 1987.
Since then, the property has had six different ownership groups and six different names. The parent company of online gaming giant PokerStars wanted to buy the aging 800-room property for $15 million. That deal fell apart in May.
This brings us back to Wynn, the chairman of Wynn Resorts Ltd...(more)
Gaming laws could pose risk for fantasy football craze
"In many cases, state regulations are stricter than federal regulations," law professor Marc Edelman told FoxNews.com. "Most fantasy agreements -- especially those in any chance states -- violate state law."
"Chance states" are those that prohibit or limit the legality of a player getting paid if a game involves an entry fee or prize, or if the outcome of the game relies on an element of chance.
The argument some make, though, is that the victor of a fantasy game is determined through skill, not chance.
Arizona, Iowa, Louisiana, Montana and Vermont are among the "chance states," said Edelman, a law professor at City University of New York, Baruch College, Zicklin School of Business.
Federally, the law that regulates online gambling -- called the Unlawful Internet Gambling Enforcement Act of 2006 -- protects fantasy football leagues, though players are supposed to report their winnings to the IRS...(more)
Overwhelming Number Of North Americans Demand Sportsbetting Reform
A growing movement in the US supports legalizing sportsbetting outside the four grandfathered states exempted from a 1992 federal ban on the practice. The movement south of the border is expected to reignite tensions in Canada over single game sportsbetting, a motion that was defeated earlier this year though pro-reform lawmakers are determined to try again.
Americans were enlightened by a sportsbook in Bermuda called Sea Horses, which is a legitimate betting parlour licensed and supported by the national government. Sea Horses routinely offers odds on some of the world’s biggest sports games, including many matches among North America’s four major leagues – with the exception of the MLB...(more)
Zynga’s Slingo Ends Tenure on Facebook
Zynga Slingo is a hybrid of slot machine and bingo. During the game, players need to click the “spin” icon and match numbers in order to fill a “slingo card”. The game’s top feature is its “Play Friends with Button” which allow players to compete with each other.
Zynga Slingo has a total of 3.5 million monthly active users, making it one of Zynga’s most used games. However, Zynga seems unimpressed with the statistics as it sold Slingo to Real Networks for US$ 15.6 million in July...(more)
Amaya Online Gambling Still Growing Despite Losses
Montreal Canada based Amaya Gaming Group has seen its revenue stream grow at a great rate after expanding its empire for the past few years. While those with experience know you must spend money in order to make money there is usually a time where the spending can outpace the earnings.
Such is the case for Amaya Gaming. The firm reported revenue of $37.2m in the three months ending June 30,2013 posing a 157% increase over the same period last year. Adjusted earnings were up nearly five-fold to $10.1m as margins increased to 27% from 14%. But the company’s net loss for the quarter rose 320% to $11.44m primarily due to the costs of its acquisition spending...(more)
2UP Gaming Says Atlantic City Casino Purchase is Done
It’s been widely reported that Nov. 26 is New Jersey’s ‘go live’ date for its online gambling market, but last Friday saw New Jersey Division of Gaming Enforcement (DGE) director David Rebuck tell NJ Today’s Mike Schneider that the date in question was actually Nov. 23. Rebuck also reminded Schneider that the DGE has to give the industry confirmation of that deadline 45 days in advance or ask the state Casino Control Commission for an extension. Rebuck said both the DGE and the companies hoping to offer online gambling in New Jersey are “aggressively and feverishly” working toward making that Nov. 23 date...(more)
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