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Non-Tech : Casinos/Gambling and Favorite Destination Spots -- Ignore unavailable to you. Want to Upgrade?


To: AugustWest who wrote (87)2/25/2004 10:35:18 PM
From: AugustWest  Respond to of 141
 
(COMTEX) Las Vegas Hotel-Casino to Pay $1M in Scam ( AP Online )

LAS VEGAS, Feb 25, 2004 (AP Online via COMTEX) -- A hotel-casino has agreed to
pay $1 million for rigging three contest drawings, including one in which it
awarded a Mercedes-Benz sport utility vehicle to compensate a high roller who
had lost a substantial amount of money gambling, regulators said Wednesday.

The Venetian casino agreed to settle the charges after an investigation revealed
the Chinese New Year celebration drawings in February 2002 were a sham,
according to a complaint by the Nevada Gaming Control Board.

The complaint and settlement show a casino executive hid the winning ticket for
the SUV in his shirt sleeve and pretended to draw it randomly. Casino officials
reported the incident to gambling regulators shortly after receiving information
about the phony drawing.

The Venetian also acknowledged the executive involved in the Mercedes scheme
predetermined the winner of the two other drawings for promotional casino chips
worth $10,000 and $20,000.

The Venetian did not admit wrongdoing, but said in a statement that it fully
cooperated with investigators and regretted the actions of "certain rogue
employees."

Four Venetian employees were fired, including two senior executives.

In the settlement, the casino agreed to pay a $663,000 fine and $337,000 to
cover the cost of the investigation.

If approved by the Nevada Gaming Commission, the fine will be among the highest
ever paid by a Nevada casino. The Mirage was fined $5 million in June for
failing to file certain financial reports.


By ADAM GOLDMAN
Associated Press Writer

Copyright 2004 Associated Press, All rights reserved

-0-

APO Priority=r
APO Category=1110
(PROFILE
(COUNTRY:China; ISOCOUNTRY3:CHN; UNTOP:142; UN2ND:030; APGROUP:Asia;)
(COUNTRY:United States; ISOCOUNTRY3:USA; UNTOP:021; APGROUP:NorthAmerica;)
)


KEYWORD: LAS VEGAS
SUBJECT CODE: 1110

*** end of story ***



To: AugustWest who wrote (87)4/16/2004 1:18:58 PM
From: Glenn Petersen  Respond to of 141
 
WPT Enterprises, aka the World Poker Tour, is going public. They filed their S-1 today.

sec.gov

They are looking to sell off a 21.3% piece of the company to raise gross proceeds of $32.2 million. Lakes Entertainment (LACO) will own 66.1% of the company after the offering. The preliminary pricing values LACO's piece at approximately $100 million. Their market cap is approximately $283 million.