Tropicana Entertainment LLC has lost the license for its Atlantic City casino and is in the middle of selling the casino. A battle with bondholders, however, is causing problems in the casinos potential sale.

Tropicana is claiming that bondholders are hurting the potential sale of their Atlantic City casino. The casino was stripped of its license last year for not keeping the casino up to a first class level.

The Atlantic City casino has been placed into the hands of a trustee. On Friday, Tropicana made their case in court filings that they did not default on a $960 million note since losing their license.

William Yung III is the owner of Tropicana and lost control of the casino back in December. Bondholders believe that they are within their rights to be paid now, before the sale of the casino.

Tropicana has an agreement with banks that they will sell not only the Atlantic City casino, but also two others before June. This will take care of some of the debt the company has accumulated.

The company claims that even though management has changed, bondholders do not have a right to declare a default because ownership has never changed hands.

Another Convicted Felon Wins Lottery in Massachusetts

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The world can be a cruel place sometimes. While many hard working Americans live the grind of daily life, there are others who cannot follow the laws. For the second time in a few months, a convicted felon has won the lottery in Massachusetts.

This time, the man that won is a former sex offender who bought the ticket back in January for $20. When he received the first of his twenty annual checks of $500,000, his picture was posted on the states lottery website.

The Massachusetts Lottery Commission received calls tipping them that the man, Daniel Snay, of Uxbridge, was a former sex offender. The state could not do anything about the situation.

Snay did nothing illegal when he bought the ticket. No restrictions have been placed on him regarding gambling. While the money remains safe, he may not.

Authorities in Connecticut are looking into possibly filing charges against Snay. He lived in Connecticut for several years and was required to report if he was to move out of state. He could face up to five years in prison if he is convicted of the crime.

His lawyer, however, claims it was a mistake. He says that Snay thought he only had to report to the state he was moving to, not from. “If that’s incorrect, we’ll have to fix it. He wasn’t running. He’s been living here for four years,” said Joseph Fabbricotti, Snay’s lawyer.

Snay said that he plans to pay for his children’s education with the winning money. He was convicted a few different times from 1974 to 1987. He has had no incidents with the law in the past twenty years.

The Aquinnah Wampanoag indian tribe has announced it will seek permission to build a new casino if the other tribe in the state is permitted as well.

The other tribe is the Mashpee Wampanoag, who is seeking to build a casino in the town of Middleborough, MA. They are in the final steps of sealing the contract. Initial reports on the agreement claimed the Mashpee will pay a fee of $7 million dollars per year to the local government for the rights to operate the casino.

If the Mashpee finalize their deal, the Aquinnah will immediately begin the process of requesting permission to build a casino. The tribe, which is located on Martha’s Vineyard, has said there are no plans to actually build on Martha’s Vineyard, but rather would seek an alternate location. It is predicted there would be strong opposition to any casino development by anyone on the Vineyard.

The Aquinnah Wampanoag tribe has been a federally recognized tribe since 1987. They tried for about ten years to start a casino in Southeastern Massachusetts, but the deal collapsed in 1997 when the State rejected a proposal to have the tribe take over state-owned land.

 

California Gambling Market Up For Grabs Due To Casino Expansion

It used to be that if people wanted to gamble, they took their vacation time and fled to the hollowed ground of Las Vegas, Nevada. The rest of the states are now catching up, and Vegas will soon face its biggest competition for the California market, as a Sacramento casino is trying to keep locals home.

The United Auburn Indian Community runs The Thunder Valley Casino, a gambling facility, that, four years ago, began challenging Las Vegas for patrons from california. Now, the casino is planning on renevations that could further deter these patrons away from Vegas, and towards Sacramento.

Thunder Valley announced plans to add a performing arts center, ballrooms, a 23 story hotel, and most importantly, more casino space to the already existing casino.

Although many believe this expansion will put pressure on the Reno casinos, Thunder Valley officials do not see Reno as a rival.

Spokesman Doug Elmets said,”Thunder Valley does not look at Reno as a competitor. We see Reno as complimentary to what we do and plan to do.”