Income Tax and Gaming
I know that if you hit a fatty in one of the electronic games such as VP, you are going to get a 1099. With craps, however, what is the threshold where they fill out a report to the IRS?…
Commentaries What Kind of a Person Cheats at Poker?
By Ken Adams Did you hear the joke about the poker player who counterfeited chips? He got a flush, but still lost. In January, a poker player from North Carolina brought his own chips to a big-time poker tournament in…
Chinese VIPs Flee Las Vegas Tables Amid Anti-Corruption Drive
(Bloomberg) — Baccarat winnings on the Las Vegas Strip fell 36 percent to $97 million in October, echoing declines in Macau where a crackdown on corruption in China has crimped high-end play. Total casino revenue on the Strip fell 5.6…
Foxwoods, biggest US casino, cuts back on gambling
HARTFORD, Conn. (AP) – Foxwoods, the largest casino resort in North America, is reducing its number of slot machines and table games to free up space for nightclubs and other new attractions as it adapts to fierce competition, the new…
Hustler wants to be first strip club with sports book
Las Vegas’ Hustler strip club on Friday filed an application with the Nevada Gaming Commission to become the first strip club with a sports book. This is a serious application, not a stunt, and if Hustler has to tell strippers…
Caesars Creditor Group Sues for Receiver to Run Operating Unit
(Bloomberg) — A Caesars Entertainment Corp. creditor group said managers should be stripped of control of the casino company’s operating unit because they looted the subsidiary of billions of dollars in assets. UMB Bank, trustee for first-lien noteholders owed about…
Caesars Credit Swaps Jump as Lenders Said to Agree on REIT Plan
(Bloomberg) — Swaps protecting Caesars Entertainment Corp. investors from default jumped to a record after the largest U.S. casino operator reached an agreement with lenders to turn its biggest unit into a real estate firm, indicating the market has priced…
Borgata undergoing $13 million facelift targeting suites, spa and buffet
By Vicki Hyman | NJ Advance Media for NJ.com As one Atlantic City casino after another folds, the Borgata has announced a $13 million facelift of its casino floor, buffet, spa and suites starting next month. The renovation of the…
Icahn: Taj Mahal ‘a bad investment for me’
ATLANTIC CITY, N.J. (AP) — Billionaire Carl Icahn says buying Atlantic City’s Trump Taj Mahal casino would be “a bad investment for me.” But in a letter Tuesday to Bob McDevitt, the president of its main union, Icahn says he’s…
Bankruptcy wrangling for ex-Trump, Revel casinos
ATLANTIC CITY, N.J. (AP) – Some of the hottest action in Atlantic City involves closed casinos in bankruptcy court, where Donald Trump is trying to recoup rent he paid on a driveway and the city is fighting to collect more…