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Archive for January 26th, 2019

Carl Masters Claims Second WSOP Circuit Horseshoe Tunica Title In As Many Days

Carl Masters took down two WSOP Circuit Horseshoe Tunica tournament in as many days, scooping two gold rings from the popular series

Carl Masters from Clarksville, Tennessee has been running hot the past few days as he managed to win not one but two gold rings in the ongoing WSOP Circuit Horseshoe Tunica stop. Last night, the player bested the field of the $400 buy-in Monster Stack for his second piece of gold and $38,885 in prize money.

The event drew 561 entries from all over the place. The field created a prize pool of $185,130 and the top 63 finishers were treated to a share of the money. The tournament took place over two action-packed days.

The unofficial final table of the event was reached at some point yesterday. Each of the ten finalists were guaranteed a min-cash of $2,903, but the top prize and the accompanying gold ring was what they really wanted.

Masters was about mid-stacked at the time when there were just ten players left at the tables. He had 1.96 million in chips at that point. Trent Bennett was the player to lead the ten final tablists into the closing stage of the tournament with a stack of 3.415 million.

Things kept getting better for Masters over the course of the final table. The player said in his post-victory interview that he ran hot, played good, got good cards, and got lucky when he needed to.

Down to Heads-Up

When the field 561-strong field of the Monster Stack was finally whittled down to just the final two players, it was Masters and Faith Bazemore who had to square off for the title. Bazemore, an 80-year-old cash game expert, was a real challenge to Masters.

However, during the final stages of the game, Bazemore started playing in the dark, losing multiple big pots and thinning her chip stack. Masters said that Bazemore might have got tired and that was why she was playing the way she did in the end. The champion went on that it would have been a “much closer match,” if his final opponent did not get tired.

Bazemore ended up walking away with $24,047 as a consolation prize for her second-place finish after she could not hold up against Masters in a confrontation that saw the champion turn a winning [As][2h] hand for the title and the gold ring.

As mentioned earlier, the Monster Stack win was Masters’ second big poker moment this week. The player topped the field of the $400 buy-in Pot-Limit Omaha a few days ago for his first-ever gold ring from the series and $13,539 in prize money. Masters also cashed in the multiple starting flight No-Limit Hold’em early into the WSOP Circuit Horseshoe Tunica stop. The player finished 60th in that tournament, good for a cash of $1,758.

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The post Carl Masters Claims Second WSOP Circuit Horseshoe Tunica Title In As Many Days appeared first on Casino News Daily.

Genting Granted Leave to Start Judicial Review of MoF Tax Incentives Decision

The major casino company is appealing a tax incentives decision of the Ministry of Finance concerning its Resorts World Genting redevelopment plan

Casino operator Genting Malaysia Berhad has been granted a leave for the commencement of a judicial review of a decision of the Malaysian Ministry of Finance to amend a previous agreement that would have given the company certain tax incentives.

Genting operates the Resorts World Genting integrated resort located just outside the Malaysian capital, Kuala Lumpur. The property includes the Asian nation’s only land-based casino.

The company said yesterday in a filing with Bursa Malaysia that there have been certain important developments in its ongoing dispute with the Finance Ministry over previously approved tax incentives.

The company explained that its application for tax incentives for its ten-year Genting Integrated Tourism Plan was approved by the Ministry in late 2014. Among other things, that approval entitled Genting “to claim for income tax exemption equivalent to 100% of qualifying capital expenditure incurred for a period of 10 years.”

The gaming and hospitality giant announced a few years back that it would invest nearly $2.5 billion into redeveloping and upgrading its Resorts World Genting property. Its renovation plan also included the addition of a Fox-branded theme park. That portion of the redevelopment scheme is currently being the subject of an expensive legal battle between Genting and Fox. The casino company is suing the entertainment conglomerate for backing out of the theme park plan.

Amendments in the Tax Incentives Agreement

In December 2017, the Malaysian Finance Ministry informed Genting that it had amended the tax incentives agreement. The company said in yesterday’s filing that the amendments do not “remove the tax incentives previously granted but will effectively prolong the utilisation period of the tax allowances significantly.”

Genting filed an appeal to the Ministry, seeking to reverse the latter’s decision, but the appeal was turned down in September 2018. The company then turned to the Kuala Lumpur High Court. The court yesterday granted Genting’s application a leave to commence judicial review of the Ministry’s decision and ordered a state of said decision.

Malaysian lawmakers created more tax trouble for Genting last year. The government agreed to increase gambling taxes and license fees in a bid to secure more funds for the country’s budget. Under the new tax structure, Genting will have to pay a 35% tax on its gross gambling revenue, up from 25%. In addition, its annual license fee has been increased to MYR150 million from MYR120 million.

As mentioned above, Genting is involved in another legal dispute stemming from its Resorts World Genting redevelopment plan. Last year, the company filed a lawsuit against Fox and Disney, seeking $1 billion in damages over a failed Fox-branded theme park project. News emerged earlier this week that Fox and Disney countersued the Malaysian casino group.

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The post Genting Granted Leave to Start Judicial Review of MoF Tax Incentives Decision appeared first on Casino News Daily.

Sports Betting Finally Appears on NYS Gaming Commission’s Agenda

Legal sports betting could be on its way to the Empire State as the New York State Gaming Commission finally included the regulation of the activity in its agenda

Following pressure from Governor Andrew Cuomo, commissioners have decided to act on sports betting or at least open discussions about the regulation of the practice within the state’s borders. Members of the regulatory body are set to meet on Monday and sports wagering is among the topics included in its agenda for that day.

Gov. Cuomo has been pushing for the eventual introduction of sports betting rules and regulation as the state has been losing gambling money to neighboring New Jersey, which jumped on the wagering bandwagon shortly after the US Supreme Court moved to strike down the long-standing PASPA ban.

The Garden State was one of seven states to join Nevada on the sports betting field in the months after the landmark SCOTUS ruling.

Unlike most of the other states looking into going live with wagering, New York does not need to craft and pass a new legislation. The state has already done that back in 2013. The legalization of sports betting was also endorsed by residents via a statewide referendum that took place that year.

Under that legislation, the four Upstate commercial casinos that opened doors in recent years will be able to provide retail betting services. New York’s tribal casinos will be able to get a piece of the wagering pie, as well.

Betting Regulations

The NYS Gaming Commission needs to craft the rules under which sports wagering will be operated on the territory of the state. As mentioned earlier, the Monday meeting will mark the beginning of discussions.

When the commission finalizes the betting regulations, a 60-day comment period will be launched and then a final vote will take place. Experts believe that if the process goes smoothly, sports gambling could go live in the state by May.

This means that the state’s casinos will be able to open retail sportsbooks where bettors will be able to place their wagers on various sports. Under New York’s betting legislation, the facilities will not be allowed to take bets on professional and college sporting events involving in-state teams or venues.

It should also be noted that online and mobile betting are not allowed under the state’s gambling law. A separate piece of legislation will have to be approved in order for digital wagering to go live in New York.

A number of out-of-state gambling operators have already expressed interest in entering New York’s yet-to-be-regulated sports betting field, and some of these operators have already locked up partnerships with local casinos awaiting the introduction of the necessary rules.

DraftKings and FanDuel, the daily fantasy sports companies that pivoted to sports betting offering in a bid to attack the lucrative betting market, partnered last year del Lago Resort in Waterloo and Tioga Downs in Nichols, respectively. Earlier this month, Caesars and the Oneida Indian Nation forged a betting partnership that would see the Las Vegas gambling giant operate sportsbooks at three of the tribe’s casinos around the state.

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The post Sports Betting Finally Appears on NYS Gaming Commission’s Agenda appeared first on Casino News Daily.

Belgium Could Fine Betway for Lack of Transparency, License Violations

Betway facing fine, further sanctions in Belgium over cumulative license and lack of transparency regarding its owners

The Belgian Gaming Commission has started a sanction procedure against online gambling operator Betway, local news outlet De Tijd reported Thursday citing information released by the gambling regulator.

Betway operates in Belgium in partnership with Casinos Austria International Belgium, which runs Grand Casino Brussels Viage Belgium. Under the country’s gambling law, international companies are required to enter partnership with a land-based operator in order to be granted a license for the operation of online gambling services.

The Belgian Gaming Commission has revealed that it has started a sanction procedure against the major Internet gambling company due to lack of transparency regarding its owners as well as the use of cumulative license.

Belgian gambling regulations prohibit a given company to hold licenses in more than one gambling category. Betway received its online gambling license in 2015 after clinching the Casinos Austria partnership. However, the Gaming Commission has discovered that a company affiliated with Betway had obtained a gambling manufacturer license from the regulator years ago.

The regulatory body opened its investigation into the gambling operator in November 2017 after De Tijd brought attention to the fact that little has been known about who exactly owns the group behind the Betway brand.

It should also be noted that the gaming and betting operator has a strong advertising presence in Belgium through strategic partnerships. The company sponsors the Croky Cup, known to be the country’s most prestigious football competition, as well as first division team RSC Anderlecht.

Little More Than a PO Box

Betway’s trouble with Belgian media and the local regulator started after the company was among those to be named in the so-called Paradise Papers, a leak of 13.4 million files from offshore service providers that threw light on the top end of the offshore finance world and on the lives of the rich and powerful.

Based on those files, De Tijd discovered that Betway’s Malta office in the town of Gzira was a nothing more than a PO address with a tiny nameplate next to a door leading into a shabby building. The Belgian news outlet also pointed out that little is known about Betway’s owners and the sources of money that flows into the company.

That combined with the use of a cumulative license could cost Betway a hefty fine, suspension or even termination of its license to operate in Belgium.

The gambling company’s spokesman Alan Alger has told local media that Betway was fully cooperative over the course of the Belgian Gaming Commission’s probe and provided answers to all of the regulator’s questions. Mr. Alger went on to say that they do not expect the company to be fined or penalized in any other way by the regulatory body.

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The post Belgium Could Fine Betway for Lack of Transparency, License Violations appeared first on Casino News Daily.

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