Despite losing its license, the Tropicana Hotela and Casino continues to operate, and suitors looking to buy the property have started lining up.

Any assumptions that Columbia-Sussex and William Yung losing the license fight Thursday was a statement that the Tropicana and Atlantic City are in decline seem to have been negated by immediate response from the market.

Several bidders have already appeared, and more will certainly show as the hotel and casino complex moves toward a sale date.

The Cordish Company has said it is interested in the Tropicana, looking to add to its holdings in The Walk, a $110 million area of retail shops, entertainment, and restaurants built by the company to connect the Atlantic City Convention Center and Atlantic City casinos.

Other names include Pinnnacle Entertainment, which is already building a $1.5 billion casino in the area; Dennis Gomes, who was CEO of the Tropicana under previous owner Aztar Corporation; and Penn National Gaming.

The quickness of the response to the potential sale shows a surety that business is still good in Atlantic City, and that the problems of the Tropicana were not inherent but due to mismanagement.

Meanwhile, Linda Kassekert, the acting head of the New Jersey Casino Control Commission, assured workers they would get paid; and Tropicana President Mark Giannantonio, who will continue day-to-day operations until the sale, foresaw a smooth transition, declared the hotel “open, vibrant, and ready for business.”

Although Columbia-Sussex is expected to appeal the refusal of license, the appeal is seen as a long shot, and the company may be forced into bankruptcy as its loans may now be due at an accelerated rate without the Tropicana to back them.

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.”

Online giants Yahoo and Google avoided any criminal problems when they agreed to settle with the United States government. The deal had the two companies, along with Microsoft, paying over $30 million for claims they profited from illegal gambling ads.

Now comes the next step in the legal process for the two companies. A civil suit that was filed back in 2004 in the state of California. The trial is set to begin on February 11th.

The lawsuit is trying to make the financial penalty steeper for the two companies. It is also trying to prevent any further involvement of the two companies associated with ads that promote illegal gambling.

The suit claims that the companies did not suffer a big enough financial loss to prevent them from accepting these same ads in the future. The lawsuit is also seeking to have the companies admit that the practice they were engaging in was illegal.

“We believe these companies have been profiting from this illegal practice for more than a decade, and we believe the agreement with the government does not go far enough,” said Reed Kathrein, the lead attorney in the case.

The complaint to be heard in February is also calling for money that the companies received from online advertising of gambling to be forfeited and used to help problem gamblers. The law, however, is not in their favor. It says the court legally cannot help former gamblers reclaim any of their money.

“The settlements(with the U.S. government) are a great victory and a tacit admission by these online advertisers, but there is still more work to do in holding these companies accountable for the harm they have done to Californians, and to keep them and others from continuing these practices,” Kathrein went on to say.

Cathy Walker has been spending her working time in the casino industry since 1995. She has been working for Trump Marina Hotel Casino in Atlantic City as a top executive. Now she is moving on.

Seneca Gaming Corporation apparently has the right fit for Walker. She has accepted a job as the new Chief Operating Officer for the Senecas.

The move will become official once the Seneca Gaming Authority approves her gaming license application. The Authority is the group that regulates the Seneca Indians gaming operations.

“Cathy will be a strong addition to our management team. Her experience and leadership will be a valuable asset as we continue to grow physically at all three of our properties, as well as our stature within the gaming industry,” said Seneca Gaming Corp. President and Chief Executive Officer Brian Hansberry.

Walker, in addition to being the General Manager at Trump, has also served for the New Jersey Casino Control Commission as Assistant General Council.

 

Multi State Mega Millions Lottery Jackpot Grows To $150 Million

States have found a way to make more money. In state lotteries were not enough, so multi state lotteries began being offered. One of those multi state lotteries has seen its grand prize grow to $150 million.

Mega Millions, a lottery that crosses several state borders, had no winners this week. The jackpot will now grow from the $125 million this week, to $150 million for next week’s drawing.

While the grand prize was not won, there was several winners at the lower levels. Seven people came awfully close to winning the big prize. They matched five numbers, but none of them hit the Mega Ball. Each of these people received $250,000, not a bad second prize.

Fifty Eight players were lucky enough to hit four of the numbers, and the Money Ball. Each of these players won $10,000. these people have received a nice consolation prize, but nothing compared with the joy they would have experienced if they had matched one more number.

The winning numbers and Money Ball that nobody was lucky enough to hit were 21,30,43,46,50, and 18. People will now begin buying tickets for next weeks drawings in hopes of cashing in on the $150 million grand prize.

The war that has been going on regarding the expansion to a third casino in East Baton Rouge, Louisiana, has come to an end. After all of the advertising was complete, voters went to the polls.

The outcome was what will soon be the addition of a third casino in the area. Voters approved the third casino on Saturday at the polls.

Pinnacle Entertainment is the beneficiary of the vote. The issue has caused quite a stir in Louisiana, where both sides spent much money trying to convince voters to vote one way or the other.

The result follows a pattern that is currently sweeping through the United States. Voters almost everywhere are realizing the advantages of casino gambling. The expansion throughout the country is creating jobs. It also is bringing in additional revenue to state budgets, a perk that is desperately needed in these tough economic times.

The vote on Saturday will now allow Pinnacle to move forward with their plans. They are building a hotel, a tennis club, a spa, an equestrian area, condos, shops, and a 250 acre golf course, in addition to the new casino.

 

EuroMillions Lottery Could Break World Gambling Payout Record Friday

Gambling on the lottery in the U.K. will reach new heights leading up to Friday’s draw. The jackpot prize is up to $185 million. That is the largest single lottery prize money in gambling’s history.

Other records could also be set this upcoming week. If one person wins the prize, it will be the largest individual payout in the world. This will be the last week that the figure will continue to grow.

If nobody wins this week, the money will then be divided up between the people who are on the next prize level down. The shot for history will have many in Europe scrambling to make sure they get their tickets.

With so many countries involved in the lottery, it will make for a hectic week of lunch hours and late night traveling to pick up tickets. The countries where the lottery is available are Portugal, Switzerland, France, the U.K., Spain, Belgium, Austria, Luxembourg, and Ireland.

United States lotteries have offered higher prize numbers in the past, several factors including spread out payments or taxes will make this prize the grandest of all time.