TOP STORIES

Build at a cost of $2.4 billion two years ago, the Revel Casino was bought by a Canadian company at a price of just $110 million.

About 8,000 Atlantic City casino employees have lost their jobs so far this year, but there’s new hope for them now that the Revel Casino Hotel has a new owner. Toronto-based Brookfield Asset Management has won the auction for the now bankrupt venue, with an offer of $110 million.

After filing for bankruptcy for the second time since it opened in 2012, the Revel finally closed its doors on September 2. The casino had been in business for just two years, and is one of four Atlantic City gambling venues to shut down this year.

According to gambling news, the Trump Taj Mahal may be the fifth one, with owners threatening to close it on November 13.

CBC News: Brookfield submits top bid for closed Atlantic City casino Revel

Brookfield Asset Management, a company based in Toronto, has won the auction for the Revel Casino Hotel located in New Jersey’s Atlantic City, with a bid of $110 million. The casino filed for bankruptcy earlier this year and was looking for a new buyer.

Although the initial deadline was Monday, the auction was extended into its third day on Wednesday. This was when Brookfield was revealed as the company that submitted the winning bid. Having $200 billion in assets under management, the Canadian company owns the Hard Rock Hotel and Casino in Las Vegas, as well as the Atlantis Paradise Island in the Bahamas.

“Revel is a brand new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” company spokesman Andy Willis told the press.

“We’re not currently in a position to discuss the business plan as we continue to explore various options [but] we will be in discussions with all parties and partners involved to formulate a feasible plan that ensures the long term viability of this property as a resort destination.”

Along with Brookfield, several other companies have been trying to get their hands on the casino. The gambling venue cost $2.4 billion to build, so the price Brookfield paid was much lower. Its original bid was at $98 million, but the company sweetened the offer to $98 million in order to secure the deal.

RTT News: WSJ: Brookfield Among Four Bidders Vying For Atlantic City’s Revel Casino

Four bidders competed in an auction to acquire Atlantic City’s Revel casino and hotel, after the business went bankrupt this year.

Canadian company Brookfield Asset Management, who owns the Hard Rock Hotel and Casino in Las Vegas, was the front runner in the auction, according to an article published in the Wall Street Journal on Tuesday. The company has topped Florida-based real estate developer Glenn Straub’s $90 million bid.

Straub offered to buy Revel casino hotel in a $90 million deal that was supposed to help the casino exit bankruptcy. For some time, he was the lead bidder, but now other takers have stepped up with better solutions. Apart from Brookfield, the casino’s management has received offers from a real estate investor from the Meruelo family, Richard Meruelo, and from a New Jersey real estate developer.

According to Revel’s bankruptcy filing, the casino’s value dropped from $2.4 billion to as low as $450 million. Experts predicted that the business would not be able to get back on its feet until 2017. The Revel was never among the city’s most profitable venues; it has had financial troubles ever since it opened to huge fanfare in April 2012, with a $2.4 billion investment.

By June 2014, the Revel was filing for bankruptcy for the second time, and on September 2 the casino closed because it had received no suitable bids to recover from its financial problems.

Wall Street Journal: Four Bidders Vying for Atlantic City’s Revel Casino

Things are heating up at the auction to sell the now bankrupt Revel Casino in Atlantic City. Newspapers wrote the auction has been shrouded in secrecy from the very beginning, sparking a dispute between the casino and lead bidder Glenn Straub.

“Our topping offer of $95 million will also contain terms giving priority to workers who lost their jobs when Revel shut down,” Straub’s lawyer Craig Galle explained. According to the attorney, the Florida-based developer “is committed to helping employees and their families that were affected by the Revel bankruptcy.”

An affiliate of Brookfield Asset Management has recently entered the bidding, topping the initial $90 million offer. However, if Straub loses the auction, he is entitled to a $3 million breakup fee for serving as the lead bidder.

The real estate developer’s attorneys are claiming Revel has broken an earlier agreement to disclose information about competing bids. “Any degree of confidence in [Revel’s lawyers’] ability to conduct a fair auction is nonexistent,” they told reporters of the Wall Street Journal.

But Revel lawyer John Cunningham has disputed allegations that the auction was conducted in an unfair manner. “This is a baseless objection,” he said. “The allegations of unethical conduct are just absolutely false.”

Build at a cost of $2.4 billion two years ago, the Revel Casino was bought by a Canadian company at a price of just $110 million.

About 8,000 Atlantic City casino employees have lost their jobs so far this year, but there’s new hope for them now that the Revel Casino Hotel has a new owner. Toronto-based Brookfield Asset Management has won the auction for the now bankrupt venue, with an offer of $110 million.

After filing for bankruptcy for the second time since it opened in 2012, the Revel finally closed its doors on September 2. The casino had been in business for just two years, and is one of four Atlantic City gambling venues to shut down this year.

According to gambling news, the Trump Taj Mahal may be the fifth one, with owners threatening to close it on November 13.

CBC News: Brookfield submits top bid for closed Atlantic City casino Revel

Brookfield Asset Management, a company based in Toronto, has won the auction for the Revel Casino Hotel located in New Jersey’s Atlantic City, with a bid of $110 million. The casino filed for bankruptcy earlier this year and was looking for a new buyer.

Although the initial deadline was Monday, the auction was extended into its third day on Wednesday. This was when Brookfield was revealed as the company that submitted the winning bid. Having $200 billion in assets under management, the Canadian company owns the Hard Rock Hotel and Casino in Las Vegas, as well as the Atlantis Paradise Island in the Bahamas.

“Revel is a brand new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” company spokesman Andy Willis told the press.

“We’re not currently in a position to discuss the business plan as we continue to explore various options [but] we will be in discussions with all parties and partners involved to formulate a feasible plan that ensures the long term viability of this property as a resort destination.”

Along with Brookfield, several other companies have been trying to get their hands on the casino. The gambling venue cost $2.4 billion to build, so the price Brookfield paid was much lower. Its original bid was at $98 million, but the company sweetened the offer to $98 million in order to secure the deal.

RTT News: WSJ: Brookfield Among Four Bidders Vying For Atlantic City’s Revel Casino

Four bidders competed in an auction to acquire Atlantic City’s Revel casino and hotel, after the business went bankrupt this year.

Canadian company Brookfield Asset Management, who owns the Hard Rock Hotel and Casino in Las Vegas, was the front runner in the auction, according to an article published in the Wall Street Journal on Tuesday. The company has topped Florida-based real estate developer Glenn Straub’s $90 million bid.

Straub offered to buy Revel casino hotel in a $90 million deal that was supposed to help the casino exit bankruptcy. For some time, he was the lead bidder, but now other takers have stepped up with better solutions. Apart from Brookfield, the casino’s management has received offers from a real estate investor from the Meruelo family, Richard Meruelo, and from a New Jersey real estate developer.

According to Revel’s bankruptcy filing, the casino’s value dropped from $2.4 billion to as low as $450 million. Experts predicted that the business would not be able to get back on its feet until 2017. The Revel was never among the city’s most profitable venues; it has had financial troubles ever since it opened to huge fanfare in April 2012, with a $2.4 billion investment.

By June 2014, the Revel was filing for bankruptcy for the second time, and on September 2 the casino closed because it had received no suitable bids to recover from its financial problems.

Wall Street Journal: Four Bidders Vying for Atlantic City’s Revel Casino

Things are heating up at the auction to sell the now bankrupt Revel Casino in Atlantic City. Newspapers wrote the auction has been shrouded in secrecy from the very beginning, sparking a dispute between the casino and lead bidder Glenn Straub.

“Our topping offer of $95 million will also contain terms giving priority to workers who lost their jobs when Revel shut down,” Straub’s lawyer Craig Galle explained. According to the attorney, the Florida-based developer “is committed to helping employees and their families that were affected by the Revel bankruptcy.”

An affiliate of Brookfield Asset Management has recently entered the bidding, topping the initial $90 million offer. However, if Straub loses the auction, he is entitled to a $3 million breakup fee for serving as the lead bidder.

The real estate developer’s attorneys are claiming Revel has broken an earlier agreement to disclose information about competing bids. “Any degree of confidence in [Revel’s lawyers’] ability to conduct a fair auction is nonexistent,” they told reporters of the Wall Street Journal.

But Revel lawyer John Cunningham has disputed allegations that the auction was conducted in an unfair manner. “This is a baseless objection,” he said. “The allegations of unethical conduct are just absolutely false.”

After rumors that Kate might be carrying twins, UK betting companies found themselves forced to change their strategy.

Less than a month after gambling news announced that bookmakers were taking bets on the name, gender and weight of the second royal baby, some companies are starting to fear they might be cleared out due to inside knowledge.

Bookmakers have become suspicious after a large number of newly opened accounts where users have placed a lot of money on Kate being pregnant with twins. While some of them have slashed the odds, but kept the option, others have suspended betting on it altogether.

On September 8, when it was confirmed that the Duchess of Cambridge is expecting a second child, odds for twins were at 20/1. But once the media spread the rumor that Kate is having twins and people rushed to the bookies to place money on it, most companies adjusted the odds in their favor.

At most online sportsbooks, wagering on two new royal babies could pay out a modest 5/2, while William Hill has decided to suspend bets entirely.

Daily Mail: All bets are orf! Insider info fears see bookmakers suspend betting on Kate giving birth to twins after surge in wagers from new accounts

The surge in baby bets started on Monday night, when William Hill initially slashed the odds on Royal twins from 20/1 to 9/1. After that, the company suspended wagers entirely. Rupert Adams, a spokesman for the company explained: “We have had a load of unexpected bets including a large number of new accounts. With any other market I would say that people know.”

Another major betting company, Coral, changed its odds from 20/1 to 10/1 and then to 8/1, in just a few weeks. The bookmaker claims it was the first one to make the change, after one customer placed a GBP1,000 bet on royal twins, at odds of 20/1.

Coral spokesman Nicola McGeady told reporters: “Since Will and Kate announced their news, all the big money has come for twins. With the gamble picking up pace overnight, we fear someone knows something we don’t.”

Ladbrokes was recently offering 8/1 and Paddy Power adjusted its offer to as low as 5/2. The odds for triplets remain at 100/1.

ParentDish: Duchess of Cambridge pregnant with twins? Betting suspended on royal baby

Newspapers have reported that the Duchess of Cambridge is pregnant with twins. What first sounded like unsupported gossip has started to seem highly probable, after bookmakers said they were suspecting that the large number of royal twins’ bets could mean the rumors are true.

Clarence House announced Kate’s second pregnancy on September 8, adding that she is suffering with hyperemesis gravidarum, or extreme morning sickness. Bookmakers quickly added baby names to their regular sports scores offers.

Meanwhile, the internet started to spread the information that Kate must be pregnant with twins, because the medical condition is more common in multiple pregnancies. The truth is that the Duchess suffered of the same extreme morning sickness with her first baby. It is unlikely that the Palace will release any more details about whether Kate is carrying twins or not. When she was expecting Prince George, all they did was confirm the month she is due.

But just to be on the safe side, top UK bookmaker William Hill suspended wagering on the couple expecting twins on Monday, and Coral followed its example putting all royal baby betting options on hold for now.

International Business Times: Kate Middleton, Prince William To Name Royal Baby Girl After Princess Diana: Report

Newspaper have already reported that Kate Middleton and Prince William received permission to name their new child after Queen Elizabeth, but royal biographer Andrew Morton claims the pair told friends they also want to honor William’s late mother, Princess Diana.

The Duke and Duchess of Cambridge have yet to learn the gender of their second child, but if female, she will be named Elizabeth Diana Windsor, British newspapers wrote. Morton says the couple is hoping for a girl to join their 14-month-old son, Prince George.

Morton, who is best known for his 1992 biography on Princess Diana, told reporters: “They discussed girls’ names before George was born and now they’re hoping the next one is a girl so they can carry out their wish to honor William’s mother. They’re not too thrilled at the thought it would be shortened to Princess Di but it won’t change their minds.”

The Globe cited an “inside source” saying: “They’ve already told the ailing queen that they believe it’s a girl. Like many of us, William and Kate fear the queen doesn’t have long left and want to honor her while she is still alive.”

After rumors that Kate might be carrying twins, UK betting companies found themselves forced to change their strategy.

Less than a month after gambling news announced that bookmakers were taking bets on the name, gender and weight of the second royal baby, some companies are starting to fear they might be cleared out due to inside knowledge.

Bookmakers have become suspicious after a large number of newly opened accounts where users have placed a lot of money on Kate being pregnant with twins. While some of them have slashed the odds, but kept the option, others have suspended betting on it altogether.

On September 8, when it was confirmed that the Duchess of Cambridge is expecting a second child, odds for twins were at 20/1. But once the media spread the rumor that Kate is having twins and people rushed to the bookies to place money on it, most companies adjusted the odds in their favor.

At most online sportsbooks, wagering on two new royal babies could pay out a modest 5/2, while William Hill has decided to suspend bets entirely.

Daily Mail: All bets are orf! Insider info fears see bookmakers suspend betting on Kate giving birth to twins after surge in wagers from new accounts

The surge in baby bets started on Monday night, when William Hill initially slashed the odds on Royal twins from 20/1 to 9/1. After that, the company suspended wagers entirely. Rupert Adams, a spokesman for the company explained: “We have had a load of unexpected bets including a large number of new accounts. With any other market I would say that people know.”

Another major betting company, Coral, changed its odds from 20/1 to 10/1 and then to 8/1, in just a few weeks. The bookmaker claims it was the first one to make the change, after one customer placed a GBP1,000 bet on royal twins, at odds of 20/1.

Coral spokesman Nicola McGeady told reporters: “Since Will and Kate announced their news, all the big money has come for twins. With the gamble picking up pace overnight, we fear someone knows something we don’t.”

Ladbrokes was recently offering 8/1 and Paddy Power adjusted its offer to as low as 5/2. The odds for triplets remain at 100/1.

ParentDish: Duchess of Cambridge pregnant with twins? Betting suspended on royal baby

Newspapers have reported that the Duchess of Cambridge is pregnant with twins. What first sounded like unsupported gossip has started to seem highly probable, after bookmakers said they were suspecting that the large number of royal twins’ bets could mean the rumors are true.

Clarence House announced Kate’s second pregnancy on September 8, adding that she is suffering with hyperemesis gravidarum, or extreme morning sickness. Bookmakers quickly added baby names to their regular sports scores offers.

Meanwhile, the internet started to spread the information that Kate must be pregnant with twins, because the medical condition is more common in multiple pregnancies. The truth is that the Duchess suffered of the same extreme morning sickness with her first baby. It is unlikely that the Palace will release any more details about whether Kate is carrying twins or not. When she was expecting Prince George, all they did was confirm the month she is due.

But just to be on the safe side, top UK bookmaker William Hill suspended wagering on the couple expecting twins on Monday, and Coral followed its example putting all royal baby betting options on hold for now.

International Business Times: Kate Middleton, Prince William To Name Royal Baby Girl After Princess Diana: Report

Newspaper have already reported that Kate Middleton and Prince William received permission to name their new child after Queen Elizabeth, but royal biographer Andrew Morton claims the pair told friends they also want to honor William’s late mother, Princess Diana.

The Duke and Duchess of Cambridge have yet to learn the gender of their second child, but if female, she will be named Elizabeth Diana Windsor, British newspapers wrote. Morton says the couple is hoping for a girl to join their 14-month-old son, Prince George.

Morton, who is best known for his 1992 biography on Princess Diana, told reporters: “They discussed girls’ names before George was born and now they’re hoping the next one is a girl so they can carry out their wish to honor William’s mother. They’re not too thrilled at the thought it would be shortened to Princess Di but it won’t change their minds.”

The Globe cited an “inside source” saying: “They’ve already told the ailing queen that they believe it’s a girl. Like many of us, William and Kate fear the queen doesn’t have long left and want to honor her while she is still alive.”

While focusing on how to increase taxes on remote gambling, officials seem to have forgotten about the more pressing issue of FOBTs.

UK’s problems with fixed-odds betting terminals are at the center of attention again. The latest gambling news have brought the issue up again, by publishing the story of a former gambling addict who revealed how he spent GBP200,000 on betting machines, over the past ten years.

Meanwhile, the government is having difficulty implementing its changes to the current remote gambling laws after online operators have challenged the decision in court, but the FOBT issue has not been handled yet. Politicians have talked about reducing the maximum stake from GBP100 to GBP50, but for now online casinos and sportsbooks seem to be a priority.

Other amendments granting local councils the power to deny betting shop applications were announced earlier this year, but they haven’t been implemented yet.

The Mirror: Gambling addict blew £200,000 in ten years after becoming hooked on fixed odds betting terminals

In an interview with The Mirror, a former gambling addict tells reporters how he blew GBP200,000 on FOBTs. Simon Perfitt had a good job, but in ten years he went from a GBP50,000 salary to living on benefits after becoming hooked on the controversial machines. He blew up to GBP3,000 per day, he told reporters.

Simon says he didn’t start betting until de has 45, but it only took him ten years to lose all that money. In 2001, the businessman from Dudley was living a lavish lifestyle. He could afford it, thanks to his well-paid in e-commerce. He had also just moved in with his girlfriend. But after becoming addicted to gambling machines – he liked to play roulette – he lost all of his hard-earned money.

“These fixed odds betting terminals destroy you. I became addicted instantly after a friend who played the machines asked me to pop into a bookies one day and have a go. After that, all I thought about all day was gambling.”

“I worked to go on these machines and could spend up to 12 hours a day in there. I used to get up early and go in to the bookies before I went to work, at lunchtime and would go straight into one after work. Within 10 years I had lost GBP200,000, a relationship and my home as well. My whole personality changed. I became very introverted, made excuses not to see family and friends,” he told reporters.

FOBTs have been dubbed the crack cocaine of gambling and have been causing players to lose fortunes. These betting machines bring bookmakers GBP1.5 billion in profits every year.

The Telegraph: Councils to get power to ban new betting shops in blow for gaming industry

The Government said it would give local councils the power to stop new betting shops from opening in their towns. The administration intends to create a new planning class for betting shops, which would allow councils to monitor new applications more closely, as well as to veto them.

The measure is designed to limit concerns over the damaging effects of gambling machines, especially fixed-odds betting terminals, found inside most betting shops. Critics refer to them as “crack cocaine” gambling machines because of their addictive nature.

The industry is expected to oppose resistance to such measures. William Hill has already announced its intentions to close more than 100 betting shops, blaming it in the increased taxes on FOBTs. But even so, the gambling machines are the highly profitable and account for a large part of the land-based betting sector’s profits.

Sources cited by the Telegraph said the new gambling laws would also force companies to comply with protection measures, including promotions and window displays.

The Guardian: Maximum cash stake on fixed-odds betting terminals to be restricted

After anti-betting groups have voiced complaints over the damaging effect of FOBTs, the government said it would impose a GBP50 limit on the maximum wager allowed on these machines, instead of the higher GBP100 stake allowed at present.

The new rules would require anyone who wants to bet more than GBP50 at a time to inform staff. Gamblers would be given the alternative to open an online account, where their spending history can be tracked. Campaigners are still unsatisfied with the announced measures, claiming that ministers have “ducked the big issue” by not cutting the maximum bet in all circumstances.

Matt Zarb-Cousin of the Campaign for Fairer Gambling told reporters: “Staff intervention does not mean player protection. We know from academic studies that employee training is the most commonly tried method to control problem gambling and the least effective. Why would staff stop people from putting money into FOBTs when their pay depends on it?”

On the other hand, the Association of British Bookmakers said new measures would “restrict growth for the sector and mean hundreds of shops and thousands of jobs are now at risk”.

In an assessment released by the Department for Culture, Media and Sport, officials argued that “account-based play allows players access to up-to-date information which can reduce biased or irrational gambling… and help people maintain control.”

“Making payments over the counter rather than on to the machine directly can provide opportunities for intervention which may give players a reality check,” it added.

While focusing on how to increase taxes on remote gambling, officials seem to have forgotten about the more pressing issue of FOBTs.

UK’s problems with fixed-odds betting terminals are at the center of attention again. The latest gambling news have brought the issue up again, by publishing the story of a former gambling addict who revealed how he spent GBP200,000 on betting machines, over the past ten years.

Meanwhile, the government is having difficulty implementing its changes to the current remote gambling laws after online operators have challenged the decision in court, but the FOBT issue has not been handled yet. Politicians have talked about reducing the maximum stake from GBP100 to GBP50, but for now online casinos and sportsbooks seem to be a priority.

Other amendments granting local councils the power to deny betting shop applications were announced earlier this year, but they haven’t been implemented yet.

The Mirror: Gambling addict blew £200,000 in ten years after becoming hooked on fixed odds betting terminals

In an interview with The Mirror, a former gambling addict tells reporters how he blew GBP200,000 on FOBTs. Simon Perfitt had a good job, but in ten years he went from a GBP50,000 salary to living on benefits after becoming hooked on the controversial machines. He blew up to GBP3,000 per day, he told reporters.

Simon says he didn’t start betting until de has 45, but it only took him ten years to lose all that money. In 2001, the businessman from Dudley was living a lavish lifestyle. He could afford it, thanks to his well-paid in e-commerce. He had also just moved in with his girlfriend. But after becoming addicted to gambling machines – he liked to play roulette – he lost all of his hard-earned money.

“These fixed odds betting terminals destroy you. I became addicted instantly after a friend who played the machines asked me to pop into a bookies one day and have a go. After that, all I thought about all day was gambling.”

“I worked to go on these machines and could spend up to 12 hours a day in there. I used to get up early and go in to the bookies before I went to work, at lunchtime and would go straight into one after work. Within 10 years I had lost GBP200,000, a relationship and my home as well. My whole personality changed. I became very introverted, made excuses not to see family and friends,” he told reporters.

FOBTs have been dubbed the crack cocaine of gambling and have been causing players to lose fortunes. These betting machines bring bookmakers GBP1.5 billion in profits every year.

The Telegraph: Councils to get power to ban new betting shops in blow for gaming industry

The Government said it would give local councils the power to stop new betting shops from opening in their towns. The administration intends to create a new planning class for betting shops, which would allow councils to monitor new applications more closely, as well as to veto them.

The measure is designed to limit concerns over the damaging effects of gambling machines, especially fixed-odds betting terminals, found inside most betting shops. Critics refer to them as “crack cocaine” gambling machines because of their addictive nature.

The industry is expected to oppose resistance to such measures. William Hill has already announced its intentions to close more than 100 betting shops, blaming it in the increased taxes on FOBTs. But even so, the gambling machines are the highly profitable and account for a large part of the land-based betting sector’s profits.

Sources cited by the Telegraph said the new gambling laws would also force companies to comply with protection measures, including promotions and window displays.

The Guardian: Maximum cash stake on fixed-odds betting terminals to be restricted

After anti-betting groups have voiced complaints over the damaging effect of FOBTs, the government said it would impose a GBP50 limit on the maximum wager allowed on these machines, instead of the higher GBP100 stake allowed at present.

The new rules would require anyone who wants to bet more than GBP50 at a time to inform staff. Gamblers would be given the alternative to open an online account, where their spending history can be tracked. Campaigners are still unsatisfied with the announced measures, claiming that ministers have “ducked the big issue” by not cutting the maximum bet in all circumstances.

Matt Zarb-Cousin of the Campaign for Fairer Gambling told reporters: “Staff intervention does not mean player protection. We know from academic studies that employee training is the most commonly tried method to control problem gambling and the least effective. Why would staff stop people from putting money into FOBTs when their pay depends on it?”

On the other hand, the Association of British Bookmakers said new measures would “restrict growth for the sector and mean hundreds of shops and thousands of jobs are now at risk”.

In an assessment released by the Department for Culture, Media and Sport, officials argued that “account-based play allows players access to up-to-date information which can reduce biased or irrational gambling… and help people maintain control.”

“Making payments over the counter rather than on to the machine directly can provide opportunities for intervention which may give players a reality check,” it added.

The situation of the Trump Taj Mahal seems hopeless after Atlantic City officials refused to reduce taxes in order to save the casino.

In May 1984, when Trump Plaza opened its doors to customers, it became Atlantic City’s 10th casino. The venue’s financial problems became evident this year, and by the middle of September owners were left with no other option but to close it.

The entire city is dealing with a huge budget deficit and several casinos have gone out of business this year, as the gambling Mecca is falling under the pressure of competition from neighboring states. In order to recover from the financial disaster, workers will be laid off and taxes on homes and businesses will be raised, as local authorities are planning to cut $40 million from the city’s budget over the next four years.

Out of the state’s 12 casinos, four have already closed. The Trump Taj Mahal Casino and Resort would be the fifth one, with Trump Entertainment threatening to shut it down mid-November. So far, all plans to save the venue have failed.

ABC News: AP: Mayor Nixes Tax Break to Save Taj Mahal Casino

According to the latest gambling news, Atlantic City Mayor Don Guardian has rejected a proposal to revive the Trump Taj Mahal Casino Resort. The city cannot afford to meet the owners’ demands for reduced taxes, the mayor explained in an interview with the Associated Press.

In the proposal, the venue’s owners asked local authorities to reduce the tax assessments of Trump Plaza from $248 million to $40 million. The hotel and casino complex closed at the middle of September. In addition, the company asked for another reduction – from $1 billion to $300 million – for the Taj Mahal.

“Given the difficult economic situation in Atlantic City, we are not in a position to accept these requests,” Mayor Don Guardian told reporters. “We cannot afford those demands.”

With these plans being rejected, the city will most likely say “no” to another offer proposed by billionaire businessman Carl Icahn, leaving the struggling venue with no other options. The entrepreneur has promised to bail the casino out with a $100 million investment, but the project comes with strings attached.

Now it looks like Trump Entertainment could close the Taj Mahal at the middle of November.

CTV News: Billionaire may invest $100M save Trump’s Taj Mahal Casino

Billionaire businessman Carl Icahn is considering spending $100 million to save the now-bankrupt Trump Taj Mahal Casino Resort, but his offer comes with considerable strings attached. The investor said he will bail the venue out “if and only if” he gets givebacks from the workers’ union, $25 million in funds from an agency in New Jersey, and tax breaks regardless of the state’s current taxation and gambling laws.

At a recent appearance in bankruptcy court, Trump Entertainment Resorts presented a letter from the businessman’s lawyer, detailing his conditions for saving the casino and asking that the debt he owns in it be converted to equity that would give him ownership.

“Notwithstanding the fact that putting more money into the Taj is a questionable business decision, we share the company’s desire to see the Taj Mahal remain open and preserve the jobs of the company’s employees,” the attorney wrote, adding that failing to get the concessions “would make it impossible to operate a viable company at this time.”

The court filing paints a dismal picture of the casino’s current financial situation and argues there is no hope for survival without Icahn’s investment. Trump Entertainment said it was going to close the venue in November, leaving 2,041 full-time and 825 part-time employees without work.

Union president Bob McDevitt warned that the businessman is “seeking to take advantage of the Atlantic City crisis to do away with the health care thousands of south Jersey casino workers and their families have fought for and relied upon for over 30 years,” and added that his proposal aims to cut total compensation for workers.

Wall Street Journal: Trump Eyes Possible Return to Atlantic City

Billionaire Donald Trump is considering buying back two casinos in Atlantic City, both of them bearing his name, but still wants his name removed from the properties. The businessman hasn’t been involved in the management of either the Trump Taj Mahal, or the Trump Plaza for seven years now. Moreover, he told the Wall Street Journal that he disagrees with the way the venues are being run.

“We have a very high standard” in the licensing contract, he told reporters, “and they don’t operate it to our standards.”

“I’d fix them and bring them back to a very high standard,” Trump said. While acknowledging that Atlantic is in a “very difficult place”, he added: “I think a smaller Atlantic City maybe has a chance.”

Trump’s lawyers argued in court that the licensing contract requires operators to maintain “the highest levels of quality, luxury, prestige, and success,” which the plaintiff believes were not met. Inspectors of Trump AC have found a “serious deficiency in quality” and demanded that they be fixed. The casinos responded, claiming they had a plan to address the “deplorable conditions” at the Plaza, but further notices culminated in a lawsuit where Trump asked for his name to be removed from the business.

The casinos were originally developed by Trump and have come close to bankruptcy before. The real-estate mogul is no longer involved in the management of these casinos, but still owns 5% of Trump Entertainment.

The situation of the Trump Taj Mahal seems hopeless after Atlantic City officials refused to reduce taxes in order to save the casino.

In May 1984, when Trump Plaza opened its doors to customers, it became Atlantic City’s 10th casino. The venue’s financial problems became evident this year, and by the middle of September owners were left with no other option but to close it.

The entire city is dealing with a huge budget deficit and several casinos have gone out of business this year, as the gambling Mecca is falling under the pressure of competition from neighboring states. In order to recover from the financial disaster, workers will be laid off and taxes on homes and businesses will be raised, as local authorities are planning to cut $40 million from the city’s budget over the next four years.

Out of the state’s 12 casinos, four have already closed. The Trump Taj Mahal Casino and Resort would be the fifth one, with Trump Entertainment threatening to shut it down mid-November. So far, all plans to save the venue have failed.

ABC News: AP: Mayor Nixes Tax Break to Save Taj Mahal Casino

According to the latest gambling news, Atlantic City Mayor Don Guardian has rejected a proposal to revive the Trump Taj Mahal Casino Resort. The city cannot afford to meet the owners’ demands for reduced taxes, the mayor explained in an interview with the Associated Press.

In the proposal, the venue’s owners asked local authorities to reduce the tax assessments of Trump Plaza from $248 million to $40 million. The hotel and casino complex closed at the middle of September. In addition, the company asked for another reduction – from $1 billion to $300 million – for the Taj Mahal.

“Given the difficult economic situation in Atlantic City, we are not in a position to accept these requests,” Mayor Don Guardian told reporters. “We cannot afford those demands.”

With these plans being rejected, the city will most likely say “no” to another offer proposed by billionaire businessman Carl Icahn, leaving the struggling venue with no other options. The entrepreneur has promised to bail the casino out with a $100 million investment, but the project comes with strings attached.

Now it looks like Trump Entertainment could close the Taj Mahal at the middle of November.

CTV News: Billionaire may invest $100M save Trump’s Taj Mahal Casino

Billionaire businessman Carl Icahn is considering spending $100 million to save the now-bankrupt Trump Taj Mahal Casino Resort, but his offer comes with considerable strings attached. The investor said he will bail the venue out “if and only if” he gets givebacks from the workers’ union, $25 million in funds from an agency in New Jersey, and tax breaks regardless of the state’s current taxation and gambling laws.

At a recent appearance in bankruptcy court, Trump Entertainment Resorts presented a letter from the businessman’s lawyer, detailing his conditions for saving the casino and asking that the debt he owns in it be converted to equity that would give him ownership.

“Notwithstanding the fact that putting more money into the Taj is a questionable business decision, we share the company’s desire to see the Taj Mahal remain open and preserve the jobs of the company’s employees,” the attorney wrote, adding that failing to get the concessions “would make it impossible to operate a viable company at this time.”

The court filing paints a dismal picture of the casino’s current financial situation and argues there is no hope for survival without Icahn’s investment. Trump Entertainment said it was going to close the venue in November, leaving 2,041 full-time and 825 part-time employees without work.

Union president Bob McDevitt warned that the businessman is “seeking to take advantage of the Atlantic City crisis to do away with the health care thousands of south Jersey casino workers and their families have fought for and relied upon for over 30 years,” and added that his proposal aims to cut total compensation for workers.

Wall Street Journal: Trump Eyes Possible Return to Atlantic City

Billionaire Donald Trump is considering buying back two casinos in Atlantic City, both of them bearing his name, but still wants his name removed from the properties. The businessman hasn’t been involved in the management of either the Trump Taj Mahal, or the Trump Plaza for seven years now. Moreover, he told the Wall Street Journal that he disagrees with the way the venues are being run.

“We have a very high standard” in the licensing contract, he told reporters, “and they don’t operate it to our standards.”

“I’d fix them and bring them back to a very high standard,” Trump said. While acknowledging that Atlantic is in a “very difficult place”, he added: “I think a smaller Atlantic City maybe has a chance.”

Trump’s lawyers argued in court that the licensing contract requires operators to maintain “the highest levels of quality, luxury, prestige, and success,” which the plaintiff believes were not met. Inspectors of Trump AC have found a “serious deficiency in quality” and demanded that they be fixed. The casinos responded, claiming they had a plan to address the “deplorable conditions” at the Plaza, but further notices culminated in a lawsuit where Trump asked for his name to be removed from the business.

The casinos were originally developed by Trump and have come close to bankruptcy before. The real-estate mogul is no longer involved in the management of these casinos, but still owns 5% of Trump Entertainment.

So, let’s starts with the good news first. Paris Fashion Week took place and it was, as always, extravagant: extravagant models, extravagant designers. Speaking of which, ex Posh Spice, Victoria Beckham had a speech at the UN at the same time her new fashion shop opened in London. A new social network, “Ello”, popped-up and apparently wants to be serious competition for Facebook. India has put a satellite on orbit around Mars and they are the first country in Asia that managed to do that on first attempt. For the first time a woman played prince Hamlet of Denmark in Manchester and congratulations are in order for actor George Clooney and Amal Alamuddin since they are now husband and wife.
On a not so happy side of the rainbow, The Shellshock bug made us change passwords again and iPhone 6 has an… unexpected bendable headcase.

Good and bad news for gambling too, I guess, but you can check that yourselves, in the pics below.

1.They keep saying that gambling is an art… The owner of the Museum of Old and New Art in Tasmania reinforces the saying by planning to build a casino on the island.

You’re invited to try your luck… here (Photo: 365tasmania)

2. Poker player Achilleas Kallakis thought he can play bankers as well but the game isn’t over and he’s looking at another seven years in jail unless he returns GBP 3 million within six months.

3 million pounds or 7 years in jail? (Photo: Irish Times)

3. Steve Wynn won the licence for building a casino in the Boston area and started rubbing his victory in competition’s face because that’s just what some winners do.

In your face, Mohegan Sun! (Photo: HeraldSun)

4. All week-long, football fans and punters checked the odds for matches taking place on Wednesday in Champions League. Online bookmakers are waiting you to place your bets.

Don’t forget to bet on Wednesday! (Photo: UEFA)

5. UK bookies had their share of problems in 2014. But sunnier days have to arrive because as long as there is Britons and football, there will be UK betting.

Betting companies don’t have it easy in the UK (Photo: DailyMail)

6. A drug smuggler was finally captured and the, now safer, world owes it all to poker. Robert Knight, one of UK’s most-wanted couldn’t stay away from the game and police just had to exploit his weak spot.

We’re wondering if Mr. Knight had any luck at poker that day… (Photo: ukwirednews.com)

7. Campaign managers most definitely should start visiting online betting sites more often because, apparently, political oddsmakers are the best sources for predictions on the 2016 Presidential Election.

Odds are never wrong (Photo: CBS)

So, that was last week but gambling news are always fresh. Check our top stories section!

So, let’s starts with the good news first. Paris Fashion Week took place and it was, as always, extravagant: extravagant models, extravagant designers. Speaking of which, ex Posh Spice, Victoria Beckham had a speech at the UN at the same time her new fashion shop opened in London. A new social network, “Ello”, popped-up and apparently wants to be serious competition for Facebook. India has put a satellite on orbit around Mars and they are the first country in Asia that managed to do that on first attempt. For the first time a woman played prince Hamlet of Denmark in Manchester and congratulations are in order for actor George Clooney and Amal Alamuddin since they are now husband and wife.
On a not so happy side of the rainbow, The Shellshock bug made us change passwords again and iPhone 6 has an… unexpected bendable headcase.

Good and bad news for gambling too, I guess, but you can check that yourselves, in the pics below.

1.They keep saying that gambling is an art… The owner of the Museum of Old and New Art in Tasmania reinforces the saying by planning to build a casino on the island.

You’re invited to try your luck… here (Photo: 365tasmania)

2. Poker player Achilleas Kallakis thought he can play bankers as well but the game isn’t over and he’s looking at another seven years in jail unless he returns GBP 3 million within six months.

3 million pounds or 7 years in jail? (Photo: Irish Times)

3. Steve Wynn won the licence for building a casino in the Boston area and started rubbing his victory in competition’s face because that’s just what some winners do.

In your face, Mohegan Sun! (Photo: HeraldSun)

4. All week-long, football fans and punters checked the odds for matches taking place on Wednesday in Champions League. Online bookmakers are waiting you to place your bets.

Don’t forget to bet on Wednesday! (Photo: UEFA)

5. UK bookies had their share of problems in 2014. But sunnier days have to arrive because as long as there is Britons and football, there will be UK betting.

Betting companies don’t have it easy in the UK (Photo: DailyMail)

6. A drug smuggler was finally captured and the, now safer, world owes it all to poker. Robert Knight, one of UK’s most-wanted couldn’t stay away from the game and police just had to exploit his weak spot.

We’re wondering if Mr. Knight had any luck at poker that day… (Photo: ukwirednews.com)

7. Campaign managers most definitely should start visiting online betting sites more often because, apparently, political oddsmakers are the best sources for predictions on the 2016 Presidential Election.

Odds are never wrong (Photo: CBS)

So, that was last week but gambling news are always fresh. Check our top stories section!

Japan is getting closer and closer to that critical point where casino developers will lose their patience and turn their backs on any investment opportunity in the country.

Since experts estimated that Japan has the potential to become Asia’s second largest casino market, Prime Minister Shinzo Abe’s administration has been pushing for a change in Japanese gambling laws to open the door to major casino developers before the 2020 Olympics in Tokyo. With the way things are going, it looks like the big dream is not going to happen anytime soon.

For Japan, it’s not a matter of “sooner or later”. If investors don’t have sufficient time to make their plans, obtain approval and start building, the effort will not be worth it. Having a favorable regulatory system as soon as possible was crucial for the success of the country’s gambling market. It’s becoming increasingly unlikely that everything will be ready in time for the Olympics.

Reuters: Costs, politics erode chances for a Tokyo casino by 2020

Japanese casino supporters are starting to panic as plans to change the country’s gambling legislation don’t seem to be coming together. As time passes and authorities are still undecided whether to approve the new casino bill, plans to open the first casino in Tokyo before the 2020 Olympics are becoming increasingly unlikely.

Even though Prime Minister Shinzo Abe has repeatedly stated that legalizing casino games is one of his main objectives, recent gambling news say building costs are skyrocketing, and the city government is not treating casino development as an economic priority anymore.

For months, casino companies have courted the governments of Tokyo and Osaka, hoping that they will convince them to open the market. Analysts have touted Japan as one of the world’s biggest untapped markets for gambling, but authorities are still undecided.

Major casino operators like Las Vegas Sands, Genting Singapore, MGM Resorts and Melco Crown Entertainment have proposed billion-dollar plans for the area, in order to position themselves as potential candidates for a license, should the casino bill be approved.

The parliament just began its autumn session, and the casino bill should be debated. Supporters of the idea are hoping that politicians will make a decision, giving the administration enough time to approve the bill and start making plans by 2015. But costs have become an issue and the Tokyo government is considering scaling back its plans for the Olympics.

Satoshi Okabe, a senior manager at a project being developed by Dentsu, said: “The reality is that preparations for the Olympics are going to be pretty challenging. Casinos are secondary. Building costs are going to spike and foreign casino operators are going to find investment returns inefficient.”

Meanwhile, Osaka is making progress with its plans for a casino and Caesars Entertainment is still interested. “We are actively in talks with potential Japanese partners about an Osaka project,” said Steve Tight, president for international development for Caesars.

Forbes: Japan Forms Casino Task Force To Boost Flagging Momentum

At the end of August, Prime Minister Shinzo Abe’s government announced that it was going to create a task force help speed up preparations for casinos in Japan. Decision-makers have postponed the issue for a while now, but the Abe administration is hoping the task force will revive momentum for the resorts to be open in time for the 2020 Olympic Summer Games in Tokyo.

Some major gaming companies said they were willing to spend as much as $5 billion or more to build integrated resorts in the country’s largest cities, but financial experts doubt that the Japanese market is worth that level of investment.

The casino legalization bill was introduced in December 2013, but the Diet didn’t include it in its June voting session. The issue was brought up for debate just a few days before the session closed, so there is still hope that it might come up again during the special session held in autumn.

A report released by Morgan Stanley says Japan is facing many issues in its ambitions to build integrated casino resorts. Analysts Praveen Choudhary, Thomas Allen and Alex Poon have concluded that the country’s gambling market may not be as profitable as casino developers are hoping.

GamingZion: Major Casino Developers Eager to Join the $40 Billion Japanese Casino Market

Experts agree that a casino industry in Japan could potentially generate a yearly profit of $40 billion. The news has convinced the world’s largest casino developers that they must have a share of that juicy revenue, so developers like Melco Crown Entertainment, Las Vegas Sands, MGM Resorts, Wynn Resorts and Caesar’s Entertainment Group have all pledged to invest billions of dollars.

Melco CEO Lawrence Ho said the company was willing to spend as much as $5 billion on a new investment in Japan, should the new law pass. The developer sees it as the perfect opportunity to expand outside of Macau.

Las Vegas Sands, Wynn and MGM are also interested in the Japanese casino market, and Caesars Entertainment has already presented its plans for a $5 billion resort, as Chief Executive Officer Gary Loveman said the company “will have no trouble raising the finance for a world-class facility in Tokyo.”

Japan is getting closer and closer to that critical point where casino developers will lose their patience and turn their backs on any investment opportunity in the country.

Since experts estimated that Japan has the potential to become Asia’s second largest casino market, Prime Minister Shinzo Abe’s administration has been pushing for a change in Japanese gambling laws to open the door to major casino developers before the 2020 Olympics in Tokyo. With the way things are going, it looks like the big dream is not going to happen anytime soon.

For Japan, it’s not a matter of “sooner or later”. If investors don’t have sufficient time to make their plans, obtain approval and start building, the effort will not be worth it. Having a favorable regulatory system as soon as possible was crucial for the success of the country’s gambling market. It’s becoming increasingly unlikely that everything will be ready in time for the Olympics.

Reuters: Costs, politics erode chances for a Tokyo casino by 2020

Japanese casino supporters are starting to panic as plans to change the country’s gambling legislation don’t seem to be coming together. As time passes and authorities are still undecided whether to approve the new casino bill, plans to open the first casino in Tokyo before the 2020 Olympics are becoming increasingly unlikely.

Even though Prime Minister Shinzo Abe has repeatedly stated that legalizing casino games is one of his main objectives, recent gambling news say building costs are skyrocketing, and the city government is not treating casino development as an economic priority anymore.

For months, casino companies have courted the governments of Tokyo and Osaka, hoping that they will convince them to open the market. Analysts have touted Japan as one of the world’s biggest untapped markets for gambling, but authorities are still undecided.

Major casino operators like Las Vegas Sands, Genting Singapore, MGM Resorts and Melco Crown Entertainment have proposed billion-dollar plans for the area, in order to position themselves as potential candidates for a license, should the casino bill be approved.

The parliament just began its autumn session, and the casino bill should be debated. Supporters of the idea are hoping that politicians will make a decision, giving the administration enough time to approve the bill and start making plans by 2015. But costs have become an issue and the Tokyo government is considering scaling back its plans for the Olympics.

Satoshi Okabe, a senior manager at a project being developed by Dentsu, said: “The reality is that preparations for the Olympics are going to be pretty challenging. Casinos are secondary. Building costs are going to spike and foreign casino operators are going to find investment returns inefficient.”

Meanwhile, Osaka is making progress with its plans for a casino and Caesars Entertainment is still interested. “We are actively in talks with potential Japanese partners about an Osaka project,” said Steve Tight, president for international development for Caesars.

Forbes: Japan Forms Casino Task Force To Boost Flagging Momentum

At the end of August, Prime Minister Shinzo Abe’s government announced that it was going to create a task force help speed up preparations for casinos in Japan. Decision-makers have postponed the issue for a while now, but the Abe administration is hoping the task force will revive momentum for the resorts to be open in time for the 2020 Olympic Summer Games in Tokyo.

Some major gaming companies said they were willing to spend as much as $5 billion or more to build integrated resorts in the country’s largest cities, but financial experts doubt that the Japanese market is worth that level of investment.

The casino legalization bill was introduced in December 2013, but the Diet didn’t include it in its June voting session. The issue was brought up for debate just a few days before the session closed, so there is still hope that it might come up again during the special session held in autumn.

A report released by Morgan Stanley says Japan is facing many issues in its ambitions to build integrated casino resorts. Analysts Praveen Choudhary, Thomas Allen and Alex Poon have concluded that the country’s gambling market may not be as profitable as casino developers are hoping.

GamingZion: Major Casino Developers Eager to Join the $40 Billion Japanese Casino Market

Experts agree that a casino industry in Japan could potentially generate a yearly profit of $40 billion. The news has convinced the world’s largest casino developers that they must have a share of that juicy revenue, so developers like Melco Crown Entertainment, Las Vegas Sands, MGM Resorts, Wynn Resorts and Caesar’s Entertainment Group have all pledged to invest billions of dollars.

Melco CEO Lawrence Ho said the company was willing to spend as much as $5 billion on a new investment in Japan, should the new law pass. The developer sees it as the perfect opportunity to expand outside of Macau.

Las Vegas Sands, Wynn and MGM are also interested in the Japanese casino market, and Caesars Entertainment has already presented its plans for a $5 billion resort, as Chief Executive Officer Gary Loveman said the company “will have no trouble raising the finance for a world-class facility in Tokyo.”

David Walsh, who owns the Museum of Old and New Art in Tasmania, has asked for permission to open a casino.

The Tasmanian Government it now seeking advice on whether to allow the millionaire to open a gambling venue targeted at high-roller tourists. The founder of the museum is planning to build a hotel in northern Hobart, at the Berriedale site, and has recently proposed to add a small casino to the hotel.

At present, the Federal Group has monopoly on operating gambling venues in Tasmania. The company has an arrangement with the local government, giving it exclusive rights to operate casinos here for a period of 20 years. The contract is due to expire in 2018.

According to local gambling news, Walsh’s proposal is for a pokie-free gambling venue for high-rollers, with a maximum of 12 gaming tables.

The Guardian: David Walsh plans mini casino for Tasmania’s Mona

Walsh made a fortune playing card games and now he hopes to offer tourists a small gambling facility that offers his type of entertainment: high-stakes casino games. The millionaire has begun to discuss his project with stakeholders.

“I would be very happy indeed to have a little high-roller, tourist-only, no-pokie casino to be part of the Mona package,” Walsh told reporters at the Mercury newspaper.

The casino would be called Monaco and it would have no more than 12 gambling tables for wealthy international art lovers to enjoy. The Museum of Old and New Art (MONA) opened in 2011 and has built a global reputation since, helping the Tasmanian tourism sector grow. Walsh thinks visitors would get a kick out of playing blackjack in highbrow surroundings.

A casino would certainly boost the museum’s profits, but for now the Federal Group has an exclusive license to operate the state’s two gambling venues. While Walsh does not believe his business would have a negative impact on the current casino operations, he still needs government approval to implement his project.

ABC News: MONA casino plan: Tasmanian Government seeks advice on proposal for high-roller tourists

The State Government received a proposal for a high-roller, no-pokie gambling venue and is now seeking advice on whether to allow it or not. Giving Walsh the green light would break the Federal Group’s 20-year monopoly on operating casinos in Tasmania, so it’s not an easy decision. On the other hand, the company’s exclusive arrangement expires in 2018.

Mayor Stuart Slade said he was surprised by the idea, but welcomed the absence of poker machines.Federal authorities have refused to comment on the casino issue, for now.

“We do have a number of poker machines in the City of Glenorchy, and of course that would just add further to that,” Slade said. “It’s my understanding… this is for a select group of people who wish to participate in a form of gambling and pokies wouldn’t be a part of that,” he explained.

David Walsh’s museum has brought thousands of tourists to Tasmania and has helped boost the local economy. The owner of the venue has been planning to expand accommodation for a while now, but recently added a small casino to the proposal.

With or without a casino, the hotel will be a huge success, says the Tourism Industry Council’s Luke Martin.

“I think everything MONA does is absolutely cutting edge, it’s innovative, it captures attention. Ultimately what that incorporates, whether that’s a casino or business events space, MONA is within its rights to look at the options and investment,” he said.

“Whether it does incorporate something like a casino, that’s obviously got a regulatory issue and they’re going to have to pursue that with the State Government.”

The Monthly: At Home With David Walsh, The Gambler

Most people didn’t hear the name David Walsh before 2009, when the man made global headlines thanks to a strange and somewhat macabre bet he placed. It was not your usual wager, where players try to guess football sports scores or place their money on a horse; Walsh had instead put money on the life of French artist Christian Boltanski.

The Monthly describes the details of the unusual wager placed by Walsh, this mysterious figure from Tasmania. Even in his home country, people know little about him apart from the rumor that he made his fortune by gambling.

Walsh built the highly successful Museum of Old and New Art in Tasmania, a private art museum dedicated to sex and death. The building resembles a post-apocalyptic fortress and it opened in January 2011, becoming a major attraction for art lovers.

David Walsh, who owns the Museum of Old and New Art in Tasmania, has asked for permission to open a casino.

The Tasmanian Government it now seeking advice on whether to allow the millionaire to open a gambling venue targeted at high-roller tourists. The founder of the museum is planning to build a hotel in northern Hobart, at the Berriedale site, and has recently proposed to add a small casino to the hotel.

At present, the Federal Group has monopoly on operating gambling venues in Tasmania. The company has an arrangement with the local government, giving it exclusive rights to operate casinos here for a period of 20 years. The contract is due to expire in 2018.

According to local gambling news, Walsh’s proposal is for a pokie-free gambling venue for high-rollers, with a maximum of 12 gaming tables.

The Guardian: David Walsh plans mini casino for Tasmania’s Mona

Walsh made a fortune playing card games and now he hopes to offer tourists a small gambling facility that offers his type of entertainment: high-stakes casino games. The millionaire has begun to discuss his project with stakeholders.

“I would be very happy indeed to have a little high-roller, tourist-only, no-pokie casino to be part of the Mona package,” Walsh told reporters at the Mercury newspaper.

The casino would be called Monaco and it would have no more than 12 gambling tables for wealthy international art lovers to enjoy. The Museum of Old and New Art (MONA) opened in 2011 and has built a global reputation since, helping the Tasmanian tourism sector grow. Walsh thinks visitors would get a kick out of playing blackjack in highbrow surroundings.

A casino would certainly boost the museum’s profits, but for now the Federal Group has an exclusive license to operate the state’s two gambling venues. While Walsh does not believe his business would have a negative impact on the current casino operations, he still needs government approval to implement his project.

ABC News: MONA casino plan: Tasmanian Government seeks advice on proposal for high-roller tourists

The State Government received a proposal for a high-roller, no-pokie gambling venue and is now seeking advice on whether to allow it or not. Giving Walsh the green light would break the Federal Group’s 20-year monopoly on operating casinos in Tasmania, so it’s not an easy decision. On the other hand, the company’s exclusive arrangement expires in 2018.

Mayor Stuart Slade said he was surprised by the idea, but welcomed the absence of poker machines.Federal authorities have refused to comment on the casino issue, for now.

“We do have a number of poker machines in the City of Glenorchy, and of course that would just add further to that,” Slade said. “It’s my understanding… this is for a select group of people who wish to participate in a form of gambling and pokies wouldn’t be a part of that,” he explained.

David Walsh’s museum has brought thousands of tourists to Tasmania and has helped boost the local economy. The owner of the venue has been planning to expand accommodation for a while now, but recently added a small casino to the proposal.

With or without a casino, the hotel will be a huge success, says the Tourism Industry Council’s Luke Martin.

“I think everything MONA does is absolutely cutting edge, it’s innovative, it captures attention. Ultimately what that incorporates, whether that’s a casino or business events space, MONA is within its rights to look at the options and investment,” he said.

“Whether it does incorporate something like a casino, that’s obviously got a regulatory issue and they’re going to have to pursue that with the State Government.”

The Monthly: At Home With David Walsh, The Gambler

Most people didn’t hear the name David Walsh before 2009, when the man made global headlines thanks to a strange and somewhat macabre bet he placed. It was not your usual wager, where players try to guess football sports scores or place their money on a horse; Walsh had instead put money on the life of French artist Christian Boltanski.

The Monthly describes the details of the unusual wager placed by Walsh, this mysterious figure from Tasmania. Even in his home country, people know little about him apart from the rumor that he made his fortune by gambling.

Walsh built the highly successful Museum of Old and New Art in Tasmania, a private art museum dedicated to sex and death. The building resembles a post-apocalyptic fortress and it opened in January 2011, becoming a major attraction for art lovers.

Achilleas Kallakis will serve an additional seven years in jail unless he returns GBP3 million within six months.

After fooling bankers into loaning him money which he then used to buy property and build a super-yacht, 46-year-old Achilleas Kallakis was sentenced to jail at the beginning of 2013, along with his partner Alexander Williams, who helped him forge financial guarantees.

Now the judge ordered Kallakis to pay back GBP3 million within the next six months. If he fails to do so, he’ll be facing another seven years in prison. His partner in crime Alexander Williams also has three months to return GBP477,000, or else he will be forced to serve a three-year sentence.

Both of them were originally sentenced to jail in January 2013, after the court found them guilty of conspiring to defraud banks through deception and forgery. The biggest victim was AIB.

DailyMail: Poker player who stole £750 million in property fraud to fund millionaire lifestyle of private jets, yachts and luxury villas is ordered to pay back just £3million

A high-rolling poker player who committed a GBP750 million bank fraud so he could fund a luxurious lifestyle for himself has been ordered to pay back just GBP3 million of that money. Achilleas Kallakis, 46, conned two banks into advancing huge loans so he could purchase 16 landmark properties in the UK.

The buildings bought by Kallakis, the nephew of a Greek shipping magnate, included the GBP225 million London headquarters of the Daily Telegraph, as well as a GBP100 million Home Office building located in Croydon.

Known for his impressive poker results after winning $1 million in one game, Kallakis teamed up with “prolific forger” Alexander Williams, also 46, in his scheme to defraud two major banks: the Allied Irish Bank (AIB) and the Bank of Scotland.

The pair operated out of an office in Mayfair, calling themselves the Pacific Group of Companies. Lenders were tricked into advancing loans totaling GBP766 million, all backed by forged or false documents.

Using the money he got conning banks, The Don then spent millions of pounds on an extravagant lifestyle. The man claimed to be a San Marino ambassador and called himself “his Excellency”. He spent GBP27 million on a private jet, bought a helicopter worth GBP5.2 million, owned a yacht moored in Monaco, a fleet of chauffeur-driven Bentleys, as well as a villa in Mykonos.

Last year, the man was finally convicted of two counts of conspiracy to defraud banks and sent to prison to serve a seven-year sentence, but now he was ordered to pay just GBP3.25 million of the money he got his hands on. If he doesn’t return it within six months, he will serve a default sentence of seven years.

Irish Times: AIB fraudster told to pay £3.25m or face seven more years in jail

After being convicted and sentenced for defrauding AIB and Bank of Scotland for GBP61 million (EUR77.9 million) in 2012, two fraudsters have been ordered to return a total of GBP3.7 million (EUR4.7 million) by Southwark Crown Court judge.

His Hon Judge Andrew Goymer ruled that Greek businessman Achilleas Kallakis has to return GBP3.25 million within the next six months, or he’ll have to serve another seven years in jail. His partner Alexander Williams also has six months to pay back GBP477,000 (EUR610,000), otherwise he’ll be spending another three years in jail, on top of his current sentence.

In a statement published in Britain’s latest gambling news, Serious Fraud Office (SFO) chief Mark Thompson told reporters: “The SFO is committed to ensuring fraudsters do not retain the benefit of their crimes. We will take steps to make sure the order is satisfied but if he does not pay, he faces a further lengthy term of imprisonment.”

The confiscated money is supposed to go to Her Majesty’s Court and Tribunal Service, which will then distribute it in accordance with orders issued by judges. The victims may also receive part of it as compensation.

During the trial, the SFO said: “This was an audacious, persistent fraud that enabled these defendants, Mr Kallakis in particular, to lead the lifestyle of the super-rich.”

Independent.ie: Judge brands AIB ‘careless’ as EUR920m fraudsters jailed

In January 2013, the judge handling the case of Achilleas Kallakis sharply criticized AIB for its practices during the boom. The judge said bank employees acted “carelessly and imprudently” when they decided to lend the fraudster money. Both Kallakis and his partner were jailed for the fraud they committed. Damages added up to EUR920 million.

The Greek businessman was sentenced to seven years in prison and Alex Williams was handed a five years sentence. The pair was found guilty of orchestrating a fraud in which fake documentation was used to obtain bank loans. The money was used to purchase a number of high-end properties across the UK.

The pair was found guilty by a unanimous verdict of the jury of conspiracy to commit fraud related to the loans, which were taken out between 2003 and 2008, mainly from AIB but also from Bank of Scotland. Judge Andrew Goymer said they had taken advantage of the lax standards in place at that time, but he added that bankers failed to act responsibly. The fraud was discovered five years after the first of 16 loans was approved by AIB.

The judge said: “The two banks, Allied Irish Bank and Bank of Scotland, have undoubtedly acted carelessly and imprudently by failing to make full inquiries before advancing the money. It is, however, quite apparent that both defendants took full advantage of the prevailing banking culture in which corners were cut and checks on applications were superficial and cursory.”

Achilleas Kallakis will serve an additional seven years in jail unless he returns GBP3 million within six months.

After fooling bankers into loaning him money which he then used to buy property and build a super-yacht, 46-year-old Achilleas Kallakis was sentenced to jail at the beginning of 2013, along with his partner Alexander Williams, who helped him forge financial guarantees.

Now the judge ordered Kallakis to pay back GBP3 million within the next six months. If he fails to do so, he’ll be facing another seven years in prison. His partner in crime Alexander Williams also has three months to return GBP477,000, or else he will be forced to serve a three-year sentence.

Both of them were originally sentenced to jail in January 2013, after the court found them guilty of conspiring to defraud banks through deception and forgery. The biggest victim was AIB.

DailyMail: Poker player who stole £750 million in property fraud to fund millionaire lifestyle of private jets, yachts and luxury villas is ordered to pay back just £3million

A high-rolling poker player who committed a GBP750 million bank fraud so he could fund a luxurious lifestyle for himself has been ordered to pay back just GBP3 million of that money. Achilleas Kallakis, 46, conned two banks into advancing huge loans so he could purchase 16 landmark properties in the UK.

The buildings bought by Kallakis, the nephew of a Greek shipping magnate, included the GBP225 million London headquarters of the Daily Telegraph, as well as a GBP100 million Home Office building located in Croydon.

Known for his impressive poker results after winning $1 million in one game, Kallakis teamed up with “prolific forger” Alexander Williams, also 46, in his scheme to defraud two major banks: the Allied Irish Bank (AIB) and the Bank of Scotland.

The pair operated out of an office in Mayfair, calling themselves the Pacific Group of Companies. Lenders were tricked into advancing loans totaling GBP766 million, all backed by forged or false documents.

Using the money he got conning banks, The Don then spent millions of pounds on an extravagant lifestyle. The man claimed to be a San Marino ambassador and called himself “his Excellency”. He spent GBP27 million on a private jet, bought a helicopter worth GBP5.2 million, owned a yacht moored in Monaco, a fleet of chauffeur-driven Bentleys, as well as a villa in Mykonos.

Last year, the man was finally convicted of two counts of conspiracy to defraud banks and sent to prison to serve a seven-year sentence, but now he was ordered to pay just GBP3.25 million of the money he got his hands on. If he doesn’t return it within six months, he will serve a default sentence of seven years.

Irish Times: AIB fraudster told to pay £3.25m or face seven more years in jail

After being convicted and sentenced for defrauding AIB and Bank of Scotland for GBP61 million (EUR77.9 million) in 2012, two fraudsters have been ordered to return a total of GBP3.7 million (EUR4.7 million) by Southwark Crown Court judge.

His Hon Judge Andrew Goymer ruled that Greek businessman Achilleas Kallakis has to return GBP3.25 million within the next six months, or he’ll have to serve another seven years in jail. His partner Alexander Williams also has six months to pay back GBP477,000 (EUR610,000), otherwise he’ll be spending another three years in jail, on top of his current sentence.

In a statement published in Britain’s latest gambling news, Serious Fraud Office (SFO) chief Mark Thompson told reporters: “The SFO is committed to ensuring fraudsters do not retain the benefit of their crimes. We will take steps to make sure the order is satisfied but if he does not pay, he faces a further lengthy term of imprisonment.”

The confiscated money is supposed to go to Her Majesty’s Court and Tribunal Service, which will then distribute it in accordance with orders issued by judges. The victims may also receive part of it as compensation.

During the trial, the SFO said: “This was an audacious, persistent fraud that enabled these defendants, Mr Kallakis in particular, to lead the lifestyle of the super-rich.”

Independent.ie: Judge brands AIB ‘careless’ as EUR920m fraudsters jailed

In January 2013, the judge handling the case of Achilleas Kallakis sharply criticized AIB for its practices during the boom. The judge said bank employees acted “carelessly and imprudently” when they decided to lend the fraudster money. Both Kallakis and his partner were jailed for the fraud they committed. Damages added up to EUR920 million.

The Greek businessman was sentenced to seven years in prison and Alex Williams was handed a five years sentence. The pair was found guilty of orchestrating a fraud in which fake documentation was used to obtain bank loans. The money was used to purchase a number of high-end properties across the UK.

The pair was found guilty by a unanimous verdict of the jury of conspiracy to commit fraud related to the loans, which were taken out between 2003 and 2008, mainly from AIB but also from Bank of Scotland. Judge Andrew Goymer said they had taken advantage of the lax standards in place at that time, but he added that bankers failed to act responsibly. The fraud was discovered five years after the first of 16 loans was approved by AIB.

The judge said: “The two banks, Allied Irish Bank and Bank of Scotland, have undoubtedly acted carelessly and imprudently by failing to make full inquiries before advancing the money. It is, however, quite apparent that both defendants took full advantage of the prevailing banking culture in which corners were cut and checks on applications were superficial and cursory.”

17th to the 23rd of the month went fast and full: Scotland said ‘no’, choosing to stay in the UK, New York said ‘green’, marching for climate in record numbers, Milan said ‘wow’ hosting the Fashion Week. Europa League and Ryder Cup made fans say ‘I bet’ and Nintendo turned 125. What’s your saying on that?

Meanwhile, in the gambling sector we spotted great pieces of news as well. Check the week out in the following pictures!

Olympics are paying off… debt (Photo: The Telegraph)

A letter sent to the Directory of Social Change (DSC) announced that the UK Government refunded part of the Olympic Lottery Distribution Fund, GBP69 million to be more precise.

Gov. Chris Christie gives gambling a chance (Photo: Mel Evans)

Before New Jersey players can legally enjoy the delights of betting, there are few more legal snags to take care of.

Good at playing parts, good at playing cards (Photo: Photo: Susan Walsh)

Ben Affleck admitted counting cards. The gambling tycoon from ‘Runner, runner’ either did a thorough research for the movie or he was ‘a natural’ for the part to begin with.

Senet Group will be watching… (Photo: The Senet Group)

The Senet Group has become the watchdog of bookmakers in the UK, pledging to promote responsible gambling standards.

Europa League is a League you can bet on (Photo: Europa League)

Europa League made its début with great matches and even greater betting opportunities, keeping fans connected for all the right reasons.

‘No, thanks’ for now (Photo: Stuart Forster/REX/Stuart Forster/REX)

The ‘No, thanks’ campaign prevailed! After more than 300 years as part of United Kingdom, Scots vote ‘No’ in independence referendum, proving betting odds right.

Keep calm, place a bet and watch the game! (Photo: Tom Jenkins/The Guardian)

Waiting for a ‘blue Sunday’ in Premier League! Odds and stats are keeping fans busy until then, when real football is set to steal the scene.

17th to the 23rd of the month went fast and full: Scotland said ‘no’, choosing to stay in the UK, New York said ‘green’, marching for climate in record numbers, Milan said ‘wow’ hosting the Fashion Week. Europa League and Ryder Cup made fans say ‘I bet’ and Nintendo turned 125. What’s your saying on that?

Meanwhile, in the gambling sector we spotted great pieces of news as well. Check the week out in the following pictures!

Olympics are paying off… debt (Photo: The Telegraph)

A letter sent to the Directory of Social Change (DSC) announced that the UK Government refunded part of the Olympic Lottery Distribution Fund, GBP69 million to be more precise.

Gov. Chris Christie gives gambling a chance (Photo: Mel Evans)

Before New Jersey players can legally enjoy the delights of betting, there are few more legal snags to take care of.

Good at playing parts, good at playing cards (Photo: Photo: Susan Walsh)

Ben Affleck admitted counting cards. The gambling tycoon from ‘Runner, runner’ either did a thorough research for the movie or he was ‘a natural’ for the part to begin with.

Senet Group will be watching… (Photo: The Senet Group)

The Senet Group has become the watchdog of bookmakers in the UK, pledging to promote responsible gambling standards.

Europa League is a League you can bet on (Photo: Europa League)

Europa League made its début with great matches and even greater betting opportunities, keeping fans connected for all the right reasons.

‘No, thanks’ for now (Photo: Stuart Forster/REX/Stuart Forster/REX)

The ‘No, thanks’ campaign prevailed! After more than 300 years as part of United Kingdom, Scots vote ‘No’ in independence referendum, proving betting odds right.

Keep calm, place a bet and watch the game! (Photo: Tom Jenkins/The Guardian)

Waiting for a ‘blue Sunday’ in Premier League! Odds and stats are keeping fans busy until then, when real football is set to steal the scene.

Officials say GBP69 million have been returned to the Olympic lottery distribution fund.

Last year Hugh Robertson, the former minister for sport and tourism, promised to pay lottery distributors part of their money back by July 2014. The Government official promised to return between GBP100 million and GBP150 million of unspent funds and proceeds from the sale of the Olympic athletes village.

Now Helen Grant, who has taken over his position, announced that money has been placed in the Olympic Lottery Distribution Fund. The news came through a letter sent to the Directory of Social Change (DSC).

According to gambling news, the previous government raised GBP675 million from lottery distributors to help pay for the 2012 London Olympics, with the biggest part of it coming from the Big Lottery Fund. After the end of the Olympic Games, National Lottery minister John Penrose said contributors would most likely be paid back by 2030 or 2031.

Third Sector: Government says £69m of Olympic money is set to be returned to lottery distributors

Earlier in July, the Government paid back an initial GBP79 million of the promised GBP150 million. Back then, the Department for Culture, Media and Sport said the rest of the money would come “later in the year”.

This month Helen Grant, minister for sport and tourism, sent a letter to the DSC saying that the GBP69.2 million sale of the Olympic Village was completed on August 6. The money resulting from these proceeds has been placed in the Olympic Lottery Distribution Fund, Grant said.

“The process for the final closure of the OLDF is now under way, and the balance will be moved to the National Lottery Distribution Fund for allocation in the usual proportions to good causes,” she wrote in the letter.

Under the country’s gambling laws, the National Lottery distributes good-cause money to lottery distributors such as the Big Lottery Fund, the Heritage Lottery Fund and Sport England.

DSC policy and research director Jay Kennedy said: “It is a good thing that now we know the village deal has concluded, the GBP69 million refund is happening and it isn’t going to drag on further into the end of the year.”

“But the government had originally said that this money from the athletes village sale would be coming back in July along with the GBP69 million in unspent OLDF funds.”

UK FundRaising: Big Lottery Refund campaign secures £148m refund

Led by the Director of Social Change, the Big Lottery Refund campaign to persuade the Government to return GBP425 million of Olympic money to the lottery fund was supported by 3,600 charitable organizations. The first signs that the campaign was making an impact came at the end of July, when authorities made an initial payment of GBP79 million out of the amount owed.

Considering that former sports minister Hugh Robertson promised to pay GBP150 million by July 2014, the partial refund was paid only at the very last minute. Out of the GBP79 million returned, GBP60 million is going to the Big Lottery Fund, and the rest to other lottery distributors.

“This is a brilliant victory for our supporters – their hundreds of letters to MPs and Ministers, statements to the press, and awareness-raising have held Government to account,” Jay Kennedy, Director of Policy and Research at DSC said in a statement.

“I want to thank them for their efforts. Without their support and pressure, I honestly believe Government might have just siphoned this cash off somewhere else. Now that it has been returned to the Lottery it can benefit charitable good causes across the country.”

The Telegraph: We want our share of the £528million Olympic surplus now, say charities

After the UK Government used money from lottery funds to organize the 2012 London Olympics, charities are asking for the money back. Last July, some organizations have accused ministers of pocketing hundreds of millions of pounds instead of returning what they borrowed.

This happened soon after sports minister Hugh Robertson disclosed that GBP528 million had been saved from the Olympics’ and Paralympics’ budget. The Government was planning on giving the money to the Treasury, but charities have criticized the decision claiming that part of the money should be returned to the Big Lottery Fund, after officials raised GBP425 million from lottery causes to help fund the Olympics and Paralympics Games.

Jay Kennedy, director of Policy and Research at the DSC told reporters: “Now that this money has gone unspent there really is no morally defensible reason why charities should not be paid back. There is a concern that the Government is playing politics with this money and using it to bring down the headline deficit figure.”

In its defense, the Big Lottery Refund argued that, despite having nothing to do with elite sports, it became the biggest Olympic lottery contributor. The amount it raised could have funded more than 10,000 charities, the organization said.

Officials say GBP69 million have been returned to the Olympic lottery distribution fund.

Last year Hugh Robertson, the former minister for sport and tourism, promised to pay lottery distributors part of their money back by July 2014. The Government official promised to return between GBP100 million and GBP150 million of unspent funds and proceeds from the sale of the Olympic athletes village.

Now Helen Grant, who has taken over his position, announced that money has been placed in the Olympic Lottery Distribution Fund. The news came through a letter sent to the Directory of Social Change (DSC).

According to gambling news, the previous government raised GBP675 million from lottery distributors to help pay for the 2012 London Olympics, with the biggest part of it coming from the Big Lottery Fund. After the end of the Olympic Games, National Lottery minister John Penrose said contributors would most likely be paid back by 2030 or 2031.

Third Sector: Government says £69m of Olympic money is set to be returned to lottery distributors

Earlier in July, the Government paid back an initial GBP79 million of the promised GBP150 million. Back then, the Department for Culture, Media and Sport said the rest of the money would come “later in the year”.

This month Helen Grant, minister for sport and tourism, sent a letter to the DSC saying that the GBP69.2 million sale of the Olympic Village was completed on August 6. The money resulting from these proceeds has been placed in the Olympic Lottery Distribution Fund, Grant said.

“The process for the final closure of the OLDF is now under way, and the balance will be moved to the National Lottery Distribution Fund for allocation in the usual proportions to good causes,” she wrote in the letter.

Under the country’s gambling laws, the National Lottery distributes good-cause money to lottery distributors such as the Big Lottery Fund, the Heritage Lottery Fund and Sport England.

DSC policy and research director Jay Kennedy said: “It is a good thing that now we know the village deal has concluded, the GBP69 million refund is happening and it isn’t going to drag on further into the end of the year.”

“But the government had originally said that this money from the athletes village sale would be coming back in July along with the GBP69 million in unspent OLDF funds.”

UK FundRaising: Big Lottery Refund campaign secures £148m refund

Led by the Director of Social Change, the Big Lottery Refund campaign to persuade the Government to return GBP425 million of Olympic money to the lottery fund was supported by 3,600 charitable organizations. The first signs that the campaign was making an impact came at the end of July, when authorities made an initial payment of GBP79 million out of the amount owed.

Considering that former sports minister Hugh Robertson promised to pay GBP150 million by July 2014, the partial refund was paid only at the very last minute. Out of the GBP79 million returned, GBP60 million is going to the Big Lottery Fund, and the rest to other lottery distributors.

“This is a brilliant victory for our supporters – their hundreds of letters to MPs and Ministers, statements to the press, and awareness-raising have held Government to account,” Jay Kennedy, Director of Policy and Research at DSC said in a statement.

“I want to thank them for their efforts. Without their support and pressure, I honestly believe Government might have just siphoned this cash off somewhere else. Now that it has been returned to the Lottery it can benefit charitable good causes across the country.”

The Telegraph: We want our share of the £528million Olympic surplus now, say charities

After the UK Government used money from lottery funds to organize the 2012 London Olympics, charities are asking for the money back. Last July, some organizations have accused ministers of pocketing hundreds of millions of pounds instead of returning what they borrowed.

This happened soon after sports minister Hugh Robertson disclosed that GBP528 million had been saved from the Olympics’ and Paralympics’ budget. The Government was planning on giving the money to the Treasury, but charities have criticized the decision claiming that part of the money should be returned to the Big Lottery Fund, after officials raised GBP425 million from lottery causes to help fund the Olympics and Paralympics Games.

Jay Kennedy, director of Policy and Research at the DSC told reporters: “Now that this money has gone unspent there really is no morally defensible reason why charities should not be paid back. There is a concern that the Government is playing politics with this money and using it to bring down the headline deficit figure.”

In its defense, the Big Lottery Refund argued that, despite having nothing to do with elite sports, it became the biggest Olympic lottery contributor. The amount it raised could have funded more than 10,000 charities, the organization said.