Monthly Archives: February 2016

Taj Mahal emerges from bankruptcy into Carl Icahn’s hands

Trump Taj Mahal is officially out of bankruptcy.

The Atlantic City casino emerged from Chapter 11 protection last Friday and became a wholly owned subsidiary of Carl Icahn’s Icahn Enterprises LP, Vegas Inc. reported.

Icahn, who held $292 million of the casino property debt, initially threw the Taj a $20 million lifeline in December 2014. Several months later, the billionaire investor reached a deal with Taj creditors that gave him control of the company. Then in June 2015, the state Casino Control Commission approved the businessman’s plan to rescue the Taj Mahal from bankruptcy.

Icahn’s move also completely removed Donald Trump’s remaining 10 percent ownership stake in Trump Entertainment Resorts, which operates the Taj Mahal. The casino company, however, will still continue to bear Trump’s name due to a deal that Icahn struck with the now Republican presidential candidate.

Taj Mahal emerges from bankruptcy into Carl Icahn’s hands

Trump Taj Mahal is officially out of bankruptcy.

The Atlantic City casino emerged from Chapter 11 protection last Friday and became a wholly owned subsidiary of Carl Icahn’s Icahn Enterprises LP, Vegas Inc. reported.

Icahn, who held $292 million of the casino property debt, initially threw the Taj a $20 million lifeline in December 2014. Several months later, the billionaire investor reached a deal with Taj creditors that gave him control of the company. Then in June 2015, the state Casino Control Commission approved the businessman’s plan to rescue the Taj Mahal from bankruptcy.

Icahn’s move also completely removed Donald Trump’s remaining 10 percent ownership stake in Trump Entertainment Resorts, which operates the Taj Mahal. The casino company, however, will still continue to bear Trump’s name due to a deal that Icahn struck with the now Republican presidential candidate.

People playing the lottery at Hong Kong Jockey club. Photo: Edward Wong

Since its introduction exactly 40 years ago tomorrow, tens of billions of dollars in proceeds have gone to the needy, giving hope and improving lives Whatever our views on gambling, the worth of the Mark Six lottery to Hong Kong cannot be denied. Since its introduction exactly 40 years ago tomorrow, tens of billions of dollars in proceeds have gone to the needy, giving hope and improving lives.

Tinian Dynasty forfeits $2.5M to United States after failing to report gambling activities

Tinian Dynasty Hotel and Casino’s failure to report its casino activities has cost the struggling resort millions in penalties.

The U.S. Attorney for the Districts of Guam and the Northern Mariana Islands recently announced that it has forfeited $2.5 million from Hong Kong Entertainment Investments Ltd., which operates Tinian Dynasty, Marianas Variety reported.

“This forfeiture is the culmination of a year-long investigation. The persistent and dedicated efforts of IRS criminal investigators were instrumental in recovering these funds,” U.S. Attorney Alicia A.G. Limtiaco said in a statement.

In July 2015, both parties entered into a non-prosecution agreement that required Tinian Dynasty to “administratively forfeit $536,969.12” in addition to the $2.5 million indicated in the U.S. district court’s final order of forfeiture. The amount is said to be the largest forfeiture ever collected by the United States in the Northern Mariana Islands.

Tinian Dynasty forfeits $2.5M to United States after failing to report gambling activities

Tinian Dynasty Hotel and Casino’s failure to report its casino activities has cost the struggling resort millions in penalties.

The U.S. Attorney for the Districts of Guam and the Northern Mariana Islands recently announced that it has forfeited $2.5 million from Hong Kong Entertainment Investments Ltd., which operates Tinian Dynasty, Marianas Variety reported.

“This forfeiture is the culmination of a year-long investigation. The persistent and dedicated efforts of IRS criminal investigators were instrumental in recovering these funds,” U.S. Attorney Alicia A.G. Limtiaco said in a statement.

In July 2015, both parties entered into a non-prosecution agreement that required Tinian Dynasty to “administratively forfeit $536,969.12” in addition to the $2.5 million indicated in the U.S. district court’s final order of forfeiture. The amount is said to be the largest forfeiture ever collected by the United States in the Northern Mariana Islands.

SafeCharge takes SuperBet online in Romania

London, UK, February 29, 2016. SafeCharge (LON:SCH) a leader in advanced payment technologies, today announces that SuperBet, one of the largest sports betting companies in Romania, has selected SafeCharge as their preferred payments partner for online deposits and withdrawals.

SafeCharge’s Personalised Cashier, a customised deposit and withdrawal solution, is integrated into SuperBet’s gaming platform providing unique localisation capabilities such as diversification of alternative payment methods, multiple currencies and languages and fraud prevention services.

The Personalised Cashier allows players to initiate deposit and withdrawal requests and to select payment methods of choice for each transaction. The withdrawals approval process is completely transparent, enabling players to track the status of withdrawals and allowing merchants to establish straight-forward, clear-cut operations. David Avgi, CEO of SafeCharge, comments: “As we continue to expand our technology based solutions to the leading sports betting companies such as SuperBet we are implementing our vision of improving every aspect of the deposit and withdrawal funnel. SuperBet demonstrates their trust in SafeCharge by partnering with us to take their existing land-based business to the online world. We are continuously advancing our payments technology in order to provide merchants with solutions that will simplify their players’ deposit and withdrawal journey.”

Sacha Dragic, CEO, SuperBet states: “We selected SafeCharge for their solid reputation in the online sports betting market. By supporting all payment methods that are available for our target markets, the unique customisation of their Personalised Cashier solution and robust fraud prevention services, we feel confident that SafeCharge will enable us to deliver a seamless and secure online offering to players.”

SafeCharge takes SuperBet online in Romania

London, UK, February 29, 2016. SafeCharge (LON:SCH) a leader in advanced payment technologies, today announces that SuperBet, one of the largest sports betting companies in Romania, has selected SafeCharge as their preferred payments partner for online deposits and withdrawals.

SafeCharge’s Personalised Cashier, a customised deposit and withdrawal solution, is integrated into SuperBet’s gaming platform providing unique localisation capabilities such as diversification of alternative payment methods, multiple currencies and languages and fraud prevention services.

The Personalised Cashier allows players to initiate deposit and withdrawal requests and to select payment methods of choice for each transaction. The withdrawals approval process is completely transparent, enabling players to track the status of withdrawals and allowing merchants to establish straight-forward, clear-cut operations. David Avgi, CEO of SafeCharge, comments: “As we continue to expand our technology based solutions to the leading sports betting companies such as SuperBet we are implementing our vision of improving every aspect of the deposit and withdrawal funnel. SuperBet demonstrates their trust in SafeCharge by partnering with us to take their existing land-based business to the online world. We are continuously advancing our payments technology in order to provide merchants with solutions that will simplify their players’ deposit and withdrawal journey.”

Sacha Dragic, CEO, SuperBet states: “We selected SafeCharge for their solid reputation in the online sports betting market. By supporting all payment methods that are available for our target markets, the unique customisation of their Personalised Cashier solution and robust fraud prevention services, we feel confident that SafeCharge will enable us to deliver a seamless and secure online offering to players.”

TopBetta to promote fantasy sports through Fairfax Media

Australian betting operator TopBetta Holdings continues to expand its reach, striking a deal with Fairfax Media to promote its fantasy sports and racing tournaments.

Under the deal, Fairfax will promote TopBetta’s tournaments across over 140 websites through its Australian Media Community with 3.4 million readers.

Topbetta aims to offer weekly and daily fantasy sports, setting itself apart from the traditional season-long competitions such the Herald Sun’s SuperCoach.

“There is no point in doing another SuperCoach,” TopBetta chief executive Todd Buckingham told the Sydney Morning Herald. “This is a way of competing against that market. People haven’t got the time to do a competition for the whole season these days.”

Rhode Island considers casino near Massachusetts border

A proposal to build a casino in Tiverton near the Massachusetts border is moving forward, with the Rhode Island General Assembly scheduled to vote this week on sending the question to voters. The legislation would guarantee at least $3 million each year to Tiverton, a town of just under 16,000 people, if the casino gets built.

Substitute bill could pave way for Seminole compact, expanded gambling across Florida

A 122-page measure could be the key that the Seminole tribe’s $3.1 billion gaming compact to finally move ahead in the Florida Legislature.

Filed over the weekend, the “proposed committee substitute” contains revisions to the new gambling deal between the state and the Seminole Tribe of Florida, according to FloridaPolitics.com. However, the new House measure is expected to “keep intact the guts” of the 20-year gaming compact, while also allowing for expanded gambling opportunities throughout Florida.

The original gaming deal will allow two new slots licenses—one at the Palm Beach Kennel Club and another for a potential new venue in Miami-Dade—but the proposed revision “allows slot machines in five of six counties where voters approved the gambling in local referendums” and “freezes the issuance of any new pari-mutuel permits, save for one in Miami-Date County.”

The proposal also allows expanded blackjack in Miami-Dade and Broward counties, albeit with a $25 bet limit, in addition to allowing dog tracks to “decouple,” or stop running live races in exchange for the more profitable slot machines and card rooms.

Substitute bill could pave way for Seminole compact, expanded gambling across Florida

A 122-page measure could be the key that the Seminole tribe’s $3.1 billion gaming compact to finally move ahead in the Florida Legislature.

Filed over the weekend, the “proposed committee substitute” contains revisions to the new gambling deal between the state and the Seminole Tribe of Florida, according to FloridaPolitics.com. However, the new House measure is expected to “keep intact the guts” of the 20-year gaming compact, while also allowing for expanded gambling opportunities throughout Florida.

The original gaming deal will allow two new slots licenses—one at the Palm Beach Kennel Club and another for a potential new venue in Miami-Dade—but the proposed revision “allows slot machines in five of six counties where voters approved the gambling in local referendums” and “freezes the issuance of any new pari-mutuel permits, save for one in Miami-Date County.”

The proposal also allows expanded blackjack in Miami-Dade and Broward counties, albeit with a $25 bet limit, in addition to allowing dog tracks to “decouple,” or stop running live races in exchange for the more profitable slot machines and card rooms.

[Newsmaker]Infantino: from Platini prodigy to FIFA chief

Gianni Infantino made his name as UEFA’s master of ceremonies until scandal forced his boss Michel Platini out of the race for the FIFA presidency. On Friday, after a remarkable journey, the shaven-headed Swiss-Italian lawyer ascended to the job that Platini coveted so much — the most powerful man in world football.

[Newsmaker]Infantino: from Platini prodigy to FIFA chief

Gianni Infantino made his name as UEFA’s master of ceremonies until scandal forced his boss Michel Platini out of the race for the FIFA presidency. On Friday, after a remarkable journey, the shaven-headed Swiss-Italian lawyer ascended to the job that Platini coveted so much — the most powerful man in world football.