Monthly Archives: September 2016

Galaxy Entertainment says it booted Iao Kun junket from its properties

Macau casino operator Galaxy Entertainment Group (GEG) says it booted junket investor Iao Kun Group Holdings (IKGH) from its properties, contradicting IKGH’s claim to have voluntarily closed two VIP gaming rooms.

This week, IKGH announced that it had closed VIP rooms at GEG’s Galaxy Macau and StarWorld properties based on its ongoing strategic review of its Macau operations. On Thursday, GEG issued a statement calling bullshit on IKGH’s claims, saying it needed to “put the record straight.”

According to GEG, it was the one who “terminated the promoter agreements with Iao Kun and closed” the two VIP rooms “as a result of Iao Kun’s breach of the agreements made with us.”

GEG offered no specifics on the nature of IKGH’s breach of contract but did say that it intends to “pursue vigorously against Iao Kun … by taking legal action against it and its relevant directors and/or officers.”

Suspected money launderer gambled $855m at Crown Melbourne

Australian casino operator Crown Resorts is in the news this week following revelations that a Chinese high roller suspected of money laundering had turned over A$855m (US $640.7m) at Crown casinos.

Chinese-Australian VIP Dan Bai Shun Jin is currently under investigation by the Australian Federal Police (AFP) and the US Internal Revenue Service (IRS) after an AFP agent found vast discrepancies between Jin’s known income and his profligate gambling activity.

Jim, who had multiple real estate properties around the globe seized in 2013, claims to earn an annual salary of $300k in China but has so far produced no documents to support this claim.

This week, Jin’s wife lost a bid to convince the Victorian Supreme Court to lift a restraining order on a $2.7m home in Fremont, California based on the Court agreeing with the AFP that the home was likely purchased with laundered money.

New York proposes landmark cybersecurity regulation financial, bitcoin companies

The United States is about to see its first cybersecurity regulation that aims to protect consumer data and financial institutions, including companies dealing with bitcoin.

The proposal, announced by New York Gov. Andrew Cuomo, will require banks, insurance companies and other financial services institutions regulated by the State Department of Financial Services “to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State’s financial services industry.”

So what does this mean for bitcoin?

If approved, the regulation will affect all financial license holders in New York, including bitcoin companies that have been approved by BitLicense. Then, once the 45-day notice and public period passes and the proposal is used, these regulated financial entities will be required by law not only to create a cybersecurity program, but also adopt a written cybersecurity policy, designate a chief information security officer who will implement, oversee and enforce the policy, and design policies and procedures that will ensure the security of information systems and nonpublic information accessed or held by third party entities, along with a variety of other requirements to protect the confidentiality, integrity and availability of information systems.

FanDuel changes ad strategy for NFL 2016

Unlike in the 2015 National Football League (NFL), American football fans will see less of daily fantasy sports (DFS) operator FanDuel’s advertisements this season.

Realizing that they have overdone the bombardment of ads last year, Business Insider reported that FanDuel is changing its advertising strategy this NFL season.

Though their last year’s blitzkrieg of advertising helped raise people’s awareness on the company, FanDuel Chief Executive Officer Nigel Eccles finds their last year’s marketing strategy to be regrettable and narrow as it focuses more on the money.

“What I would say about last year was that [the commercials were] really driving awareness. Prior to last season very few people had heard of us, so we really wanted to get out there and get people to know us. That was successful — maybe too successful,” Eccles told the business news website. “I think last year we probably focused too much on money,” Eccles said. “I think we probably were too narrow in what we were marketing.”

Alex Dreyfus on The Future of GPL Including Potential DFS Product; Staking; And The Introduction of New Games

Lee Davy talks to the Global Poker League founder, Alex Dreyfus, about the future of his baby including discussions around a potential Daily Fantasy Sports product, staking, and the introduction of new games.

Alex Dreyfus on The Future of GPL Including Potential DFS Product; Staking; And The Introduction of New Games Video

Coral in hot water over ‘misleading’ free bet ad

Another day, another scolding for Coral.

Coral once again found itself on the receiving end of the Advertising Standards Authority (ASA) scolding—this time over another email promotion offering free bets to new customers, which the operator sent out in error.

The gambling operator sent an email last April 9 that offered new customers a £20 free bet once they had placed a £5 sports bet. But Coral said the emails were mistakenly sent out, noting that customers were supposed to receive a free £5 bet after depositing the equivalent amount.

One complainant, who received the email and placed a bet, was informed that the offer had expired.

New Jersey lawmaker wants voters’ education on North Jersey casino plan

North Jersey casino supporters is set to launch its latest weapon to counter the bombardment of massive, anti-casino ads in New Jersey: Education.

NJ.com reported that State Assemblyman and casino expansion proponent Ralph Caputo has introduced a resolution on Thursday, which aims to educate the electorate on plans to expand casino gambling to the northern part of New Jersey.

Anti-casino groups are winning so far in the PR wars over New Jersey casino expansion. Recent polls conducted by Fairleigh Dickinson University shows that the majority is cool to the idea of allowing more casinos in the state.

New Jersey residents, which will troop to the polling precincts this November, have raised concerns on how much money would the state see when casinos are built in North Jersey and how much casino operators will pay in taxes.