A landmark Gardnerville, Nevada casino has emerged from Chapter 11 bankruptcy after approval of a reorganization plan.
Owner Hal Holder told Gardnerville’s Record-Courier that the plan presented to U.S. Bankruptcy Judge Bruce Beesely was approved after a hearing last month.
Sharkey’s filed for Chapter 11 bankruptcy in April to prevent a trustee’s sale after the company was accused of owing creditors $3.7 million.
Holder says no employee was released or had work hours reduced due to the filing, and all vendors, suppliers and creditors will be fully paid.
He says business continued to improve during the eight months it operated under Chapter 11 and capital improvements will move forward unabated.
Holder says he purchased Sharkey’s from Milos “Sharkey” Begovich on a handshake in January 2002 for $5 million.
Macau casino marketing strategy approved
The U.K.’s famous (infamous ?) newspaper, the Guardian, which gave you the Snowden wikileaks information regarding spying by the National Security Administration (NSA), has given its approval of the Macau marketing strategy that is targeting China’s middle-class families.
According to the Macau Daily Times, a special correspondent was sent to the world’s gambling capital to see how Macau’s economy has been shaped around the gambling industry.
The correspondent described Macau as “a fitting Chinese counterpoint, a temple to the acquisition of extreme wealth by any means necessary.” But, as of now, he wrote, two-thirds of the gambling revenue still comes from closed-door VIP rooms, which are controlled by “junket operators.”
The Guardian, said the Times, portrays Macau as a city trying to reinvent itself with casinos providing not only gaming activities but also “lavish resorts, high-end shopping malls and elaborate stage show.”
The Macau Venetian (a property operated by the Las Vegas Sands Corp.), noted a Macau tourism expert at the University of Macau, “is leading the transformation” with a variety of entertainment presentations.
The bottom line, however, said another Macau professor, is that “Chinese gamblers don’t come here for fun; they come here to win…and play baccarat until first light.”
After wracking up more than $45 billion in gambling revenues during 2013, Macau, say analysts, will still enjoy revenue growth of 20 percent in this new year.
Figure 8 Technologies sued by City of Los Angeles
A North Carolina company that attempted to provide illegal casino-style games to California cyber cafes is being sued by the City of Los Angeles.
The company, Figure 8 Technologies, was charged with unfair competition and false advertising. Prosecutors contend the company provided illegal games that masqueraded as legal sweepstakes.
The lawsuit says the games spun reels or dealt virtual cards as in real casino games. Players bought and wagered in points and their winnings could be redeemed for cash.
There were five cyber cafes involved and all are out of business, officials say.
Maryland Live! schedules job fair for February
Some 1,600 workers will lose their jobs next week with the closing of the Atlantic Club Casino Hotel in Atlantic City. But, there is still hope of employment for some of them.
Operators of Maryland Live!, a casino owned by the Cordish Cos. and located in Arundel Mill Mall, halfway between Baltimore and Washington, D.C., in Hanover, Maryland, has scheduled a jobs fair next month.
Maryland Live! said it has openings for 100 workers and interviews would be held for the employees being terminated by the closing of the Atlantic City casino.
New Mexico Racing Commission charged in lawsuit
New In New Mexico, the state’s Racing Commission has been charged in a lawsuit with sabotaging a company’s plans for a $50 million casino and racetrack in Raton, in favor of a rival operator.
The lawsuit, filed on behalf of the La Mesa Racetrack and Casino group, accuses former commissioner Marty Cope of “intentionally blocking the project because she was a friend of a rival.”
Current members of the Commission noted for the press that the allegations were made against a former group of Commissioners.
“This is a different Racing Commission under a different administration from the one that the lawsuit makes allegations against,” said current Chairman Rob Doughty.
The previous board revoked the La Mesa license, saying developers failed to open the casino by the target date and didn’t show they had adequate financing to complete the racetrack.
N.H. lawmakers considering electronic keno bill
While New Hampshire lawmakers consider expanding gambling to include one or more casinos, a separate bill that would allow electronic Keno games to be played in bars and restaurants that serve alcohol will be considered.
Last fall, the House Ways and Means Committee voted 14-5 to endorse the idea with hopes of generating some $9 million annually, the sum that would come to the state should at least 250 properties offer Keno games.
Supporters of the bill argue electronic Keno is different from video slot machines, which have been rejected by House members for many years.