New Jersey casino regulators released a statement Wednesday alluding they had evidence that gambling tycoon, Stanley Ho has extensive ties to organized crime in China. Consequently, these speculations have led the MGM Mirage to cut off ties with MGM Grand Macau, the later co-owned by Ho’s daughter Patsy Ho.
The New Jersey Casino Control Commission released a 74-page report as part of MGM's settlement with the Division of Gaming Enforcement that will result in the company leaving Atlantic City rather than cutting its ties to Macau, which is not what it had originally hoped to for. The commission approved the planned sale of MGM Mirage's stake in Borgata Hotel Casino & Spa in Atlantic City.
Additionally, that report accuses Stanley Ho of having criminal connections.
The division also concluded that his daughter is dependent on him and his money and remains under his influence. However, it found no evidence of any illegal behavior on the part of Patsy Ho.
“Numerous governmental and regulatory agencies have referenced Stanley Ho's associations with criminal enterprises, including permitting organized crime to operate and thrive within his casinos,” said the report.
Janet Wong, a spokeswoman for Ho, said in an e-mail: “His (Stanley Ho's) position on the record is clear that there is absolutely no foundation in any suggestion that he is associated with organized crime or triads.”
Miss B says: Wow, this news really comes as a shock. I don’t know if we should believe these speculations quite yet, however. Not until there is a formal response from Mr. Ho himself. What do you all think?
Online sportsbooks holding odds on the Masters Golf Tournament reacted quickly to the news that Tiger Woods will be making a comeback at this year's event.
Woods recently released a statement confirming that he will be play at next month's Masters Golf Tournament.
In his statement, Woods said, "The Masters is where I won my first major and I view this tournament with great respect," Woods said Tuesday in a statement. "After a long and necessary time away from the game, I feel like I'm ready to start my season at Augusta. The major championships have always been a special focus in my career and, as a professional, I think Augusta is where I need to be, even though it's been a while since I last played."
He continued: "I have undergone almost two months of inpatient therapy and I am continuing my treatment. Although I'm returning to competition, I still have a lot of work to do in my personal life."
The highly accredited golfer has barely been seen in public, let alone on the golf course, since Thanksgiving, when a police report of a car accident began the unraveling of a huge fiasco that involved a domestic disagreement and an a huge sex scandal on Woods’ part.
Woods' golf rival Jesper Parnevik, who introduced Woods to his wife Elin Nordegren and openly criticized Woods for his infidelity, told TMZ, "Nobody ever thought Tiger would miss the Masters. It was pretty expected."
Sportsbooks are predicting a record betting high for any golf event ever played at this Masters. Television analysts are also expecting ratings to hit an all-time Masters high.
Miss B says: I’m actually surprised Woods is back so soon. I thought it would be awhile before re would re-emerge on the golf course. Do you think he will play the same with all of this added pressure?
From the looks of it New Jersey just might be hosting the 2014 Super Bowl at the new Meadowlands football stadium. The Garden State is reportedly one of three finalists to host Super Bowl 48 along with Tampa and South Florida.
The odd thing about this news is that the Meadowlands will not have a retractable roof so, naturally, winter weather may be a problem with the Super Bowl being held in February.
However, the NFL has temporarily waived a requirement that Super Bowl sites must either have temperatures above 50 degrees in February or have a domed stadium.
League Commissioner Roger Goodell also has spoken highly about the idea of a New Jersey Super Bowl despite the risk that a major snowstorm could cause mayhem with fans flying across the country to see the game.
“The only reason for the ‘temporary' suspension of their weather requirements: to entice NJ's government away from its move toward legalized and state-regulated sports betting,” claims a source within the industry who wished to remain anonymous.
Many lawmakers want to legalize sports betting in New Jersey, allowing bettors to place wagers via phone or Internet. With Nevada raking in nearly $100 million in legal bets on the Super Bowl, New Jersey is looking to get in on the action.
State Senator Ray Lesniak, D-Union, has filed a federal lawsuit, seeking to override a 1992 ban that prevents the implementation of sports betting by the state.
Miss B says: The official host of the 2014 Super Bowl will be announced during the owners meetings in Dallas at the end of May. Do you think New Jersey will be the winning bid? Do you think the New Jersey Senate will draw back on its efforts to legalize sports betting in the state?
Paddy Power is well known for its Irish roots. Therefore it comes as a surprise to hear recent news that that the betting firm is considering a move abroad. The company’s chief executive Patrick Kennedy recently went on record last week to announce that Paddy Power was considering moving its operations offshore if the Government introduces plans to tax telephone betting operations.
In 2009 Paddy Power reported a 15% decrease in pre-tax profits, down to €67.2M.
The strict tax regime in Ireland is a major problem for Paddy Power, and the company is sensing new plans by the Department of Finance to impose more taxes.
Kennedy said that if the 1% turnover tax was imposed, a further €2.5 million would be dropped from its profits. This is especially problematic since the company has intentions of expanding their operations over the next few years, adding another 250 employees to their company to keep up with the growing popularity of online sports betting.
Consequently, Paddy Power is now considering taking its operations elsewhere to more tax friendly country like Gibraltar.
"This is a very competitive, cut throat market," said Kennedy. "The gap between doing well and underperforming is very, very narrow. You can't take too many structural impediments to your cost base, and that could lead to the tipping point."
Kennedy maintained that the company was not keen to leaving the country and said that the group retains a "strong commitment" to Ireland but the Government’s tax policies must change.
Paddy Power currently controls nearly one third of Ireland’s sports betting market.
Miss B says: Operating offshore could lessen the company’s tax burden. Take William Hill for example, last year the company moved operations offshore and since then they’ve seen an increased advantage over their competitors.
Two Democrat Congressmen from Missouri, William Lacy Clay and Russ Carnahan, have jumped on board as co-sponsors of Barney Frank’s Internet Gambling Regulation, Consumer Protection, and Enforcement Act, which outlines the licensing and regulation of online gambling in the US.
The two lawmakers strongly disapprove of the UIGEA, the US’s current ban on online gambling, saying it is foolish of the law's supporters to believe the ban will stop US citizens from visiting online betting sites. Clay notes, “We should not be so naive to think that we are going to do away with gambling by passing that (UIGEA) law.”
They compare the ban to an ostrich-with-his-head-in-the-sand type of approach to dealing with online gambling. According to the Congressmen, internet gambling is the new reality in the gaming industry. “It's the kind of thing that requires clear rules and regulations so that it functions well,” Carnahan added.
The representatives also want the US to take advantage of the massive revenue that could be generated by regulating online gambling.
Clay referred to a study by Price Waterhouse that estimated the revenue potential from online gambling and said, “I think $42 billion is a significant sum that the federal government needs to fund some of the programs that are worthy and that Americans benefit from.”
Miss B says: This is great news! The total number of co-sponsors for Barney Frank’s bill is now 66.
Big-time Las Vegas investor Steve Wynn is stepping up to save the Foxwood Casino project in South Philadelphia. The project has been delayed for the past three years due to political and neighborhood opposition.
Wynn Resorts Ltd. announced Tuesday that it had signed a letter of intent, outlining the terms and conditions of the deal and indicating its role as an affiliate responsible for managing and developing the project.
The deal comes at a vital point in the Foxwoods project.
The original investor, Philadelphia Entertainment & Development Partners (PEDP), is at risk of losing its license and needs to find a new partner who can bring both financing and leadership to the deal.
At a hearing last Jan. 27, the Pennsylvania Gaming Control Board gave the PEDP until March 3, 2010, to come up with a new platform and financing.
Steve Wynn has opened several luxury casino resorts in Las Vegas, including the Mirage, Bellagio, and Treasure Island Resorts. He sold those companies and launched Wynn Resorts in 2002.
Wynn Resorts currently operates two casinos resorts in Las Vegas and another in Macau.
“I am thrilled to be returning to the East Coast,” Wynn said in the statement, “in particular to the city in which I was privileged to have gained my college education.”
Wynn’s role in the project now awaits approval from the Pennsylvania Gaming Control Board.
Miss B says: The Wynn name holds much prestige within itself. There is no doubt in my mind that the Wynn establishment will be able to add the needed leadership and finances to the Foxwood project. What’s your take? Is this a good or bad thing?
Search engines play a major role within the online gaming sector, as the industry’s primary marketing tool. A ranking on Google, for instance, could literally make or break an online gaming business.
Now talks circulate that Yahoo and Microsoft will merge much of their Internet search platform.
According to sources, Yahoo.com and Bing.com will maintain their own separate brands but search results on Yahoo.com will read "powered by Bing." Yahoo, in turn, will be responsible for obtaining in valuable advertisers.
The ten year deal was established by the two companies last July to help Microsoft and Yahoo combat against Google, which has nearly 90% market share in the UK alone.
The European Union has already approved the deal and it is now being reviewed by the US Department of Justice, with a decision expected by June.
If approved, for the first five years Yahoo will receive 88% of the revenue from all search ad sales and will be given the opportunity to sell ads on selected Microsoft sites. For the remaining five years Yahoo will keep 93% of revenue earned.
Miss B says: A Yahoo/Bing merge would be very beneficial to the online gaming industry. This is defiantly a story to follow. I’ll be sure to keep you all posted on any updates.
The Academy Awards (Oscars) nominations are out - which means it time for everyone to place their bets on Best Picture, Best Actor/Actress, Best Director, as well as many other categories.
Bodog Sportsbook, a pioneer amongst online bookmakers, has put out an extensive list of wagers for the 2010 Academy Awards. Let us take a look.
Bodog currently has "Avatar" as the favorite to win the Best Picture Award with odds 4/13. "The Hurt Locker" comes in at second, listed with odds 13/10 to win the Best Picture Award this year. Distant third is "Up in the Air" with long odds 15/1.
Here is the full list of betting odds on the 2010 Oscars for Best Picture:
A Serious Man - 75/1
An Education - 50/1
Avatar – 4/13
District 9 – 75/1
Inglourious Basterds – 18/1
Precious – 28/1
The Blind Side – 40/1
The Hurt Locker – 13/10
Up – 60/1
Up in the Air – 15/1
Moving on to Best Actor category, we see Jeff Bridges (Crazy Heart) as the definitive favorite with short odds 4/29. Behind him, Bodog lists George Clooney (Up in the Air) at 17/4 and Colin Firth (A Single Man) with 10/1 odds to win the Best Actor Award.
Odds at Bodog Sportsbook favor Sandra Bullock to take home this year's Best Actress award for her role in "The Blind Side" with odds 2/5, followed by Meryl Streep (Julie & Julia) at 7/4 and, Carey Mulligan (An Education) with odds 15/2 to win Best Actress at the 2010 Academy Awards.
Finally, odds on the Oscar for Best Director set Kathryn Bigelow (The Hurt Locker), the favorite with 1/3 odds, toe to toe with Avatar's director James Cameron. Also nominated for Best Director are Jason Reitman (Up in the Air) with 20/1 odds to win, Quentin Tarantino (Inglourious Basterds) at 22/1 and, Lee Daniels (Precious) as the underdog with 35/1 odds to take home the Oscar.
Alec Baldwin and Steve Martin will be hosting the 82nd Academy Awards on March 7 in Los Angeles’ famous Kodak Theater.
Miss B says: I’m excited for the 82nd Academy Awards! 2009 saw a slew of great movies so the evening is bound to be full of excitement. Share your picks for the 2010 Academy Awards below.
The European Union (EU) was originally created to assist economic trade and development amongst member nations.
The EU requires a balanced competitive environment, with members handling each other’s commerce as their own without discrimination. Recently however, much stipulation has come up against Spain’s new gaming laws and their inconstancy with these requirements.
Currently in Spain, players who win money through lotteries and games of chance that are offered by Spanish-based companies are not required to pay any tax on their winnings. On the contrary, players who win money through foreign-based lotteries and games of chance must pay taxes on their winnings.
The European Court of Justice (ECJ) ruled that this practice unjustly discriminates against foreign operators, and that companies based overseas should be given the same privileges.
Now Spain must reassess its gambling laws or risk infringement charges from the European Court.
Miss B says: I am not surprised by this news. Many EU member countries have found difficult to regulate online gambling in matters consistent with the European Treaty. France, Germany, Italy, and the Netherlands are all under investigation for applying inconsistent rules to the requirements stated by the EU.
Much of the world is convinced that the United States will soon alter its strict Internet gambling laws. One UK-based payment processing company in particular, the UC Group, is so sure of the matter that it has announced plans to create a US subsidiary to process online gambling transactions in the US.
The UC Group will be conducting its US operation under the company name SecureTrading. The new subsidiary, which is run by several past employees of MasterCard, does not expect any delay in the processing once the Unlawful Internet Gambling Enforcement Act (UIGEA) is overturned.
"Momentum for regulated Internet gambling in the US has been building for some time," said Chris Thom, a former Chief Operating Officer at MasterCard, "As Congress prepares to take the final step, SecureTrading Inc.'s turnkey system is primed to enable our customers to go live the moment Internet gambling is regulated."
Representative Barney Frank (D-Mass) has been a leader among many online gambling proponents in Congress. In May of 2009, Frank introduced legislation that would overturn the UIGEA. In the proposed legislation Frank created a platform for a regulated online gambling industry in the US.
In recent months, there have been an increasing number of lawmakers that have joined in Frank's campaign. His legislation now has more than sixty-five co-sponsors, and several have proposed different forms of Internet gambling legislation themselves.
Miss B says: This is a smart move. I am sure the US government will overture the Unlawful Internet Gambling Enforcement Act within the coming year. When this happens the UC Group will have a head start over other companies that didn’t act earlier on. What do you all think?
New Jersey casino regulators released a statement Wednesday alluding they had evidence that gambling tycoon, Stanley Ho has extensive ties to organized crime in China. Consequently, these speculations have led the MGM Mirage to cut off ties with MGM Grand Macau, the later co-owned by Ho’s daughter Patsy Ho.
From the looks of it New Jersey just might be hosting the 2014 Super Bowl at the new Meadowlands football stadium. The Garden State is reportedly one of three finalists to host Super Bowl 48 along with Tampa and South Florida.