Victorian Labor will back a state government proposal to extend Crown’s licence to 2050 even though it does not like it, after doing a side deal with the casino to retrain 500 retrenched workers.

The opposition leader, Daniel Andrews, said the only responsible thing was for Labor to support the government bill, despite the party’s misgivings.

“It’s more in sorrow than any sense of great joy that I can confirm that the Labor party will not oppose the Crown bill,” Andrews told reporters on Tuesday.

Under the legislation, Crown’s licence will be extended to 2050, with an increase to the number of table games and poker machines, in exchange for additional payments of up to $910m to the state.

Labor says it will support the bill after securing a side deal with Crown – a public commitment to retrain 500 retrenched workers for free at the Tafe college that operates within the complex over the next four years.

Andrews said without the benefit of resources of treasury and finance, the opposition’s choices were to scuttle the deal, which he says would cost jobs, rewrite the deal without knowing the detail or make the best of it.

“The alternatives are to cost jobs. Instead we’ve chosen to secure this public commitment which is very important at a time when unemployment is skyrocketing and our Tafe system is on its knees.”

The bill is expected to go before the parliament on Thursday.

Two poster adverts for Ladbrokes have been banned on the grounds that they "condoned an irresponsible attitude towards gambling".

One showed a character nicknamed Mr Brightside with the slogan: "When you win it's skill - when you lose it's bad luck." The other read: "Once is luck - twice is talent."

There were 98 complaints to the Advertising Standards Authority (ASA) about the bookmaker's wider multi-media campaign, which featured five friends and carried the tagline:

"They are the dreamers, the glory-seekers, the back-page philosophers, the Wednesday night warriors. They are the have-a-go heroes of Saturday afternoon. They are the betting men, and this is the Ladbrokes Life."

Ladbrokes said it believed most consumers, viewing the ads as a whole, would recognise their dryly humorous tone and would not interpret them as encouraging an irresponsible attitude towards gambling.

The ASA agreed that most people would not interpret the ads to imply that gambling would confer admiration or enhance personal qualities.

But it upheld the specific complaints about the two posters because, in its view, they lacked contain the same degree of context as the overall campaign.

It therefore decided that the two posters broke the committee of advertising practice rules and must not appear again in their current form

A former City trader who bet a record £900,000 on Scotland voting no to independence has insisted it was a rational decision based on scores of opinion polls that showed the yes campaign would lose.

The trader won £193,333 after increasing his original stake of £400,000 with William Hill for the third and final time on the eve of Thursday’s referendum to a final total of £900,000. The vote was won by the no campaign by 55% to 45%.

Bookmakers reported a record number of bets on the referendum, which thousands of smaller sums staked in Scotland on a yes vote as the polls tightened in the final stages of the campaign; none came close to the £900,000 stake made with William Hill.

Partially breaking cover in an interview with Jeremy Vine on BBC2 on Monday, the unnamed businessman, who lives in the London area, said he had applied 30 years of experience as a market analyst and trader to work out how plausible a yes vote would be.

There were comments in the papers calling him a “feckless gambler”, he said, but his decision to so much of his wealth was purely rational and had been supported by his wife.

Describing himself as a committed unionist of Pakistani-German heritage, he said he had been partly motivated to gamble that much money – the largest political bet in British history and believed to be one of the largest worldwide – because it was good publicity for the pro-UK campaign.

But he added: “The first thing I should say is: don’t try this at home. Perhaps I have a bit of a unique background given what I do given I have been involved in markets and as my daughters tell me, I’m a bit of a data geek and information nerd.”

Nicknamed “Peter” by Vine after he insisted on remaining anonymous, he said he had studied more than 80 polls on the academic referendum website whatscotlandthinks.org, overseen by the Strathclyde University polling expert Professor John Curtice.

He had also studied the Quebec referendum in 1995, when the yes vote spiked sharply close to polling day. He decided the Scottish referendum was following the same cycle – except in Scotland, very few polls gave the yes vote a lead.

He admitted that the final polls showing a brief yes lead and then a very tight advantage to no had made him nervous. But as in Quebec, the no campaign made a stronger offer of new powers at the last stage, enough to cement their lead and too late to allow the yes campaign to respond.

Yes policy pledges and tactics, such the allegations that Scotland’s NHS was under threat, used by Alex Salmond, the first minister and Scottish National party leader, were “a momentum of vapours”, Peter said.

“Then they [the pro-union campaign] released the kraken, this Norse mythic god called Gordon Brown, who came with exactly the presence” the no campaign needed.

Denying charges from Radio 2 listeners that he was both feckless, “super-rich” and superficial by gambling so much money, Peter said he had already written out “a significant cheque to charity.” He added: “I’m trying to warn people this isn’t something we should do lightly.

The millionaire owner of Tasmania’s Museum of Old and New Art (Mona), David Walsh, wants visitors to take a gamble. Literally.

Walsh, who made his wealth at card tables, hopes to open a high-stakes mini casino at the museum on the outskirts of Hobart and has begun talking to 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 has told the Mercury newspaper.

He would call it Monaco.

Walsh envisages no more than 12 gambling tables for wealthy international art lovers who would get a kick out of playing blackjack in highbrow surroundings.

Since Mona opened in 2011 it has built a global reputation and boosted the Tasmanian tourism sector.

Walsh said the casino would help underpin the museum’s finances.

Tasmania has two casinos operated by the Federal Group, which has an exclusive state licence.

Walsh does not believe his proposal would impact on current casino operations but he will need to get state government approval to go ahead with his plan.

David Walsh’s Museum of Old and New Art (Mona) in Hobart is a curation of surprising juxtapositions. Its provocative artworks include a sculpture of a dead suicide bomber cast in chocolate, a pinball machine that assists suicide and a couch that purrs like an animal when you sit on it.

Already incorporated into the subterranean exhibition galleries is a brewery and a boutique booze label, but Walsh’s recent decision to add a casino for high rollers to his labyrinthine complex is raising eyebrows among those with middle-class moral concerns.

Adding a casino to a world-renowned art museum poses a challenging conundrum for bourgeois people, who in Australia tend to enjoy art, wine and “Mona weekends” precisely as much as they frown upon gambling.

But Walsh is not of their bourgeois kin. He’s a Hobart boy from the working-class suburb of Glenorchy, a mathematical genius who dropped out of university to pursue a career as a professional gambler, skipping a transition into the middle class for a spectacular arrival into the ranks of the self-made rich. He privately funds Mona from a vast personal fortune amassed from his work in the gambling industry, and as such can and does exhibit work that speaks to his personal fascinations with sex, death, transformation, ennui and chance.

Walsh told the Hobart Mercury that he intends to call his casino “Monaco”, with 12 card tables for high-rolling tourists only. While Walsh has made Mona free for Tasmanians and charges very cheap admission for interstate and overseas visitors, the complex currently offers luxury visitor packages for wealthy tourists that include stays in designer bungalows stocked with collector artwork, Tasmanian produce and his Moorilla wine. The Mercury reports that Walsh’s intention is to cater to “wealthy, international art lovers who would get a kick out of playing blackjack in highbrow surroundings”.

Those appointing themselves police of moral purity in complaining about the proximity of gaming to art – while sipping the local chardonnay – may indeed be missing one of the conceptual triumphs of Walsh’s collection. Anyone familiar with the museum and the work it exhibits will recognise in Walsh’s casino plan another sly provocation from the most dynamic individual in the ecology of Australian art.

“I made my money gambling,” he told ABC journalist Leigh Sales in a recent interview. “It’s a zero-sum game. Like the stock markets, when someone wins, someone loses.” In the same interview, he was careful to acknowledge that his experience as a university dropout turned money man was a matter of good fortune – that the luck of circumstance was the difference between his prosperity and the limited material achievement of others.

In this context, the creation of a Mona casino is not so much a glitzy Packeresque money-sucker, but a restrained initiative artistically consistent with Walsh’s world-view. Mona opened in 2011, and Walsh describes his creation as “not a gallery so much as a museum of concrete philosophy”.

The distinction is, perhaps, the reason Mona’s impact on the Australian cultural landscape has been so momentous, renewing local enthusiasm for contemporary art and attracting the interest of a powerful international art audience to what was once the sleepy, if pretty, capital of island state Tasmania. Richard Dorment, an art critic from the UK’s Daily Telegraph, has said that Walsh “doesn’t collect famous names; his indifference to fashion is one of the strengths of the collection”.

Walsh’s personal philosophical enquiries are plainly on show in the magnificent sandstone structure built in to the side of a cliff on the Derwent river. That human communication, connections, even life itself, is a matter of chance, is explored in pieces like the famous waterfall that drops random internet search terms, or those that precipitate their own decay, like a giant buddha made of crumbling incense. Interviewed, Walsh makes much of the relationship between his extraordinary career as an international card sharp and the dynamics of luck.

That Mona must fund itself is, perhaps, also a pressing concern. Walsh has spent $100m on the building and its collection, and while the museum grows in popularity, the economics of accessibility means that Walsh’s $10m annual outlay is only returning $4m a year. Walsh has said in a previous interview with Guardian Australia that he feels Mona is a means of repaying a debt for his own luck.

The mechanism of a casino may facilitate the generosity of others with similar means to Walsh, but dissimilar feelings of obligation. To persuade their social contribution through a card table is arguably a conceptual artwork in itself, and something of a genius move.

A Canadian asset management company that won a bankruptcy court auction for the failed Revel casino hotel in Atlantic City plans to reopen it as a casino.

Toronto-based Brookfield US Holdings LLC told the Associated Press on Wednesday it plans to operate the Boardwalk property as a casino hotel, adding it to casinos it owns in Las Vegas and the Bahamas.

It submitted a bid of $110m (£68m) in an auction that began on Tuesday morning and lasted until early Wednesday. An opposing bidder, the Florida developer Glenn Straub, was selected as the backup bidder in case the Brookfield bid did not close on the deal.

“Revel is a brand-new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” said Andrew Willis, a spokesman for Brookfield Asset Management, the parent company of the firm that won the auction. “We are excited about owning the newest and highest-quality asset in Atlantic City at such an attractive basis. This acquisition is consistent with Brookfield’s history of contrarian investing and always on a value basis.”

He said the company is not ready to reveal specific business plans for Revel – or even whether they will still call it Revel – but confirmed the plan to operate it as a casino-hotel.

“With our ownership of the Hard Rock in Las Vegas and the Atlantis Paradise Island in Bahamas, we have expertise underwriting and operating these types of multifaceted assets,” he said. “We anticipate material synergies between these three high-quality properties.”

A bankruptcy court hearing to approve the sale is scheduled for 7 October.

Revel closed on 2 September after just over two years of operation, one of four Atlantic City casinos to go out of business this year. A fifth, the Trump Taj Mahal, may close on 13 November.

The attorney for Straub could not immediately be reached after Revel announced its decision on Wednesday morning. But on Tuesday night and early Wednesday morning, Stuart Moskovitz complained about the auction process and said the Brookfield offer that was made shortly before midnight came with a caveat that it be accepted by 6am Wednesday or else it would be withdrawn.

That left Straub with little ability to effectively plan a counter-offer, he said.

That sets up a likelihood that Straub will challenge the proposed sale at the hearing next Tuesday in federal bankruptcy court in Camden. The Florida developer and polo aficionado had spoken of reopened Revel as a so-called “genius academy” at which highly intelligent people would tackle the world’s biggest problems. He said the property might or might not have had a casino