Why not bookmark this page? FRIDAY SEPTEMBER 3, 1999
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BAD WEEK FOR STARNET. VERY BAD!
We are expecting to get more great documents any moment! stay tuned for the surprises! We always deliver!
Something to think about.
Starnet is a time bomb ready to go off any time. Only day traders, who are compulsive gamblers, "stick around" desperately with the company, to see what is going to happen next. All the serious investors have left, and they are not likely to come back. Why take the huge risk to deal with a crooked company when anything can happen to them any day?
Investors got plenty of warning, with many sure signs the company is going down rapidly. Why would anyone want to do business with a company so deeply in serious troubles, who has totally incompetent, immature and irresponsible management.
Their only goal was to make themselves rich, as quickly as possible, without any consideration for anything else. The huge problems they are now facing can only be attributed to poor management, or more precisely, lack of management. All these problems could be easily avoided with a responsible team, and we hope the stockholders will file a class action suit against Starnet.
At Starnet, you have upper management, if you can call it that way, and then nothing! The next step down is Jason King, (the ex gay club bouncer) a pathological compulsive liar. He is the link between what is really going on in the company, and the management. Whatever he tells them, they believe it, because none of them really understands what is going on, and they are not really interested either. They are all too busy trying to make the company look successful but are doing nothing to make it happen.
Jason King was in charge of sending a server down to Antigua some months ago. It took him over seven months to do it, and then everything still went wrong at the end, a disaster! This gives you an idea of who is running the company.
You also wonder what kind of auditors will take on the "dirty" job of looking after these crooks. Margaret Carley openly admitted Starnet was cheating and cooking their books to avoid paying taxes. She also admitted, and so did Ken White, the system administrator with the beautiful Harley Davidson, that Starnet was cheating the licensees.
We have never seen a company who has so many irregularities and inconsistencies in their accounting systems. The combination of a huge mess, incompetence, and straight fraud, is the worse you could find anywhere.
Either the new auditors will close their eyes on what is really going on, or they will resign as soon as they find out, and that should not take very long. We don't believe any decent auditors will take this company's work. Not after what everyone knows today, and there is plenty more to come very soon.
Starnet may possibly find "second hand" auditors, desperate for work. If stockholders cannot fully rely on the auditors, that is the end of any serious investing, there will be nothing left than the day traders, who will jump ship when the opportunity arises, or if the stock drops too much, a very high probability.
Starnet is heading fast into the red again. Jack Carley freely admitted the new licensees were all losing money, and out of the whole bunch, only two, maybe three, were making money. Many are already looking for a better software and company. A number of them already went broke, and the clever ones have already switched software.
Starnet's latest panic decisions are pretty useless, they just demonstrate the incompetence of the management. Good management is to plan ahead and avoid the problems. If the police find a body in your cupboard, you can move the empty cupboard to Antigua, the criminal charges will be pressed anyway. Starnet is just trying to clean up the mess to reassure the investors, but none of the problems will disappear.
The imminent filing of the Las Vegas Casino Inc. statement of claim will accelerate Starnet's massive problems, as many licensees will then realize they also got cheated. Investors will also discover the true Starnet, a junk company, run by crooks and criminals.
We are firmly convinced Starnet will not recover, and what you have seen so far, is nothing compared to what is coming.
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Some great documents confirming that Starnet is in much bigger trouble than they want you to believe! We are convinced the company is finished, it's only a matter of time.
Click Here to read the actual
68 pages: the POLICE documents!
EXCLUSIVE!!
Gambling Magazine publishes the Police Search Warrant details used to raid Starnet's Vancouver offices where computers, digital storage disks and paper records were seized in a dawn raid.
Fifty officers from British Columbia's Coordinated Law Enforcement Unit are even now sifting through the material. "The inventory is massive"
Peter Thiessen of the Royal Canadian Mounted Police: "More is yet to come. This is just the tip of the iceberg." Charges and arrests - not 'if' but 'when'
Gambling Magazine has decided forthwith to put ALL Starnet-licensed casinos on the Black List AND on the Not Recommended list due to the major problems Starnet is having with its software. It is just too risky to continue using their software; Starnet might not be around in a few days, if the Police move in again to shut them down.
Click Here To See The
"Not Recommended" Sites
To read about Starnet's problems, Readers need only refer to the section on Starnet's problems below, which has in-depth coverage and all the up-to-date news.
SPECIAL COVERAGE OF
STARNET'S HUGE PROBLEMS
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With a spectacular fireworks show and French music playing in the background, the new Paris resort in Las Vegas officially opened Wednesday. According to reports, an estimated 35,000 people were on hand to be the first people to step into the new resort.
While waiting to be let in, people got to enjoy a massive fireworks show staged from the hotel's Eiffel Tower replica. Fireworks lit up the night sky as Arthur Goldberg, the president of Park Place Entertainment, officially greeted guests over a loudspeaker and promised guests an experience they would not forget. [Read The Full Article...]
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Kerry Packer's entry into Australia's gambling industry has been soured slightly by an Asian high-roller gambler's success at the Crown Casino in the fourth quarter.
PBL revealed in a prospectus for its $200 million debt issue that Crown suffered a net loss of $142.6 million for the year to June.
Operating profit before abnormals was $14.1 million for the full year. Crown's operating profit before abnormals for the nine months to March 31 was $36.3 million. [Read The Full Article...]
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London Schoolboy £5 Million
A schoolboy aged 17 has had his Internet website valued at up to £5 million ($8 million) after being in business for only 7 months.
Since Benjamin Cohen, who attends the Jewish Free School in London started Jewishnet.co.uk the site has had 2.2 million visitors. It has also attracted the attentions of big business and Benjamin is set to join the list of successful Internet entrepreneurs.
His idea was simple: to put the large Jewish community in Britain in touch with Jewish businesses. His website is the equivalent of a Jewish Yellow Pages, enabling people to find everyone from a Jewish candlestickmaker to a Jewish plumber. [Read The Full Article...]
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Is Russia's Largest Business
Perhaps the most successful business in Russia today is organized crime, which is spreading across the world and threatens to do more damage than Soviet spies ever did during the Cold War.
Reports of alleged money laundering that link Russian organized crime to billions of dollars channeled through the Bank of New York could show how Russia's crime syndicates are multinational operations. [Read The Full Article...]
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Aristocrat Leisure cemented its "growth" status in Australia and internationally yesterday, reporting an 83 per cent rise in profit and promising a similar performance this year.
The gaming machine group reported a $51.7 million after-tax net profit for the year to June 30, most of which will passed on to shareholders through a 26c final dividend. The result finished slightly above most analysts' expectations. [Read The Full Article...]
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Halt A Habit
The state of Ohio has cured me of gambling. Well, not exactly - but it has cured me of betting on the daily lottery.
For years, it was simple, easy, and almost fun (especially fun when one of the numbers hit). All you had to do was choose three lucky numbers to play the "Pick 3" game or choose four lucky numbers to make a bet on the "Pick 4" game, and wager 50 cents or more on a "straight" bet and perhaps another 50 cents on a "boxed" bet (meaning that any combination of the numbers would win). [Read The Full Article...]
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Announces Plans to Add More Rooms
Along with the Paris resort opening, another Las Vegas Strip resort announced plans to expand Wednesday. On Wednesday, financier Carl Icahn informed gaming regulators that he plans to start building 1,000 additional hotel rooms at the Stratosphere resort in the coming months.
The rooms will be added to the 1,444 rooms that the Stratosphere currently has available for guests. [Read The Full Article...]
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Kidnappers abducted Palmeiras soccer player Paulo Nunes - and freed him 10 minutes later because they support the Brazilian club.
Shocked after discovering their mistake, the two captors released Nunes unharmed on a Sao Paulo highway.
"They said they were Palmeirenses and wished it hadn't been me, but unfortunately it was," Nunes was quoted as saying in media reports. [Read The Full Article...]
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As the trial began over Heather Devon's claim that the old Frontier hotel-casino deprived her of a $97,000 jackpot, the facts in her mind were clear and simple.
Eight years ago, after she had played a progressive dollar slot machine for an entire night without sleep or food, she took a break for breakfast with the understanding that the machine would be closed to play by anyone else.
But Frontier casino workers unlocked the slot machine before she returned and another person hit the jackpot she had anticipated for hours was ready to pay off. [Read The Full Article...]
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The Nevada wildlife will feel the effect, not the wild people walking the Las Vegas strip each weekend, but the natural wildlife found in the rural areas of Nevada, especially in the region near Elko.
As the summer of 1999 is coming to an end, Nevada faces a loss of over 2,300 square miles of destroyed rangeland with the most damage occurring in August. The damage, although not irreparable, will take years to reverse and the victims will be the wildlife of the state. [Read The Full Article...]
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"It's great, first-class. It reminds me of Paris, even though I've never been there."
-- Liz Millard of Las Vegas
"I've never been to the real Paris. So now I can say I've been to Paris."
-- Ben Turner of Honolulu
"It was brought in on budget and on time. We're not going to have three grand openings."
-- Park Place Chief Executive Officer Arthur Goldberg tossing in a jab at the slow-to-open Venetian
"It's nice and funny and very moving to see a piece of Paris on another planet. Even if the Eiffel Tower is half the size of the real one it's nice to walk around. . .We have a very special relation, the Eiffel Tower and I."
-- Actress Catherine Deneuve, who recalled helping to christen new lighting on the Paris tower a dozen years ago
"It was like salmon swimming upstream. We just kinda stood out of the way and let the waves pass."
-- Phyllis Blanck of Staten Island, N.Y. (who watched as her husband, Mel, fed quarters into a slot machine at a bank of slots bearing the name "Le Jacque Pot")
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I'm desperately trying to figure out why kamikaze pilots wore helmets.
Ever wonder if illiterate people get the full effect of alphabet soup?
I always wanted to be somebody, but I should have been more specific. [Read The Full Article...]
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GREAT NEWS!
Two superb online magazines will be launched in September and they will provide a very extensive coverage of the industry:
CasinoMagazine.com & GamingMagazine.com
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LOOK OUT FOR THIS!
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