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The British multi-millionaire and member of the Thatcher family, Duncan Bannatyne, was seen last week rubbing shoulders with Tony Blair. Mr. Bannatyne , a self-made businessman, is known for his work in establishing private nursing homes, a child nursery and a heath and fitness club. Apparently, Mr. Bannatyne has embarked on a new enterprise to build Bannatyne's Casinos. Plans for the new project are expected to be clarified this week. Reports say that Bannatyne is expected to open five casino sites tagging Scotland and the North East as possible territories for the project. As mentioned before, Mr. Bannatyne was seen in the company of the Prime Minister recently lighting curiosity around what was discussed. Mr. Bannatyne made a point to clear any rumors saying that no plans for new gaming legislation with the government were discussed. " I haven't had a discussion with anyone about it. It hasn't come up", he says. The affluent businessman has already donated mare than $23,000 to Britain's Labor Party. He said that he would contribute around $15,000 to the party "each year until the next General Election." This all comes after a more laxed British Government approach to Gaming Industry regulations. Mr. Bannatyne said that if this endeavor goes through with flying colors he expects to spread out nationwide.
Hong Kong has always been a legal gambling niche for lotteries and horse races, but since the new gambling laws, Hong Kong Police are cracking down on World Cup gambling. The new laws concerning gambling became effective on Friday. Friday evening the police already made arrests and confiscated $2.6 million in bets that were not legal. The World Cup Soccer tournament, which includes 32 nations, opened Friday, and by Saturday the Associated Press reported that in spite of the new gambling laws, people were placing bets ranging from $l3 to $640 via the internet and telephone. Alan Tang, a 27-year-old engineer said, The only way to curb the illegal gambling trend is to legalize soccer betting here."
Greek parliament has presented a bill to ban all gambling machines in public places. This means that cafes, hotels, ferries, restaurants and passenger ships will be affected. A three-month minimum prison term and fines no less than $4600.00 will be applied. This ban surfaced because public officials were involved in a non-licensed slot machine scandal. While government officials were making laws against gambling, they themselves were caught in the act on television. In fact, Pres. Costis Stephanopoulos had rented his privately held building to a company that was storing illegal slot machines. Technical games for entertainment usage were excluded from the ban. The ban, however, will cost the government at least $27million dollars in lost tax revenues.
Racetrack owners in West Virginia hope to be able to offer live poker, blackjack and other games played on video machines. Ted Ameault, President of Mountaineer Race Track and Gaming Resort, hopes for a 2003-2004 opening. The states four racetracks, Mountaineer, Charles Town Races & Slots, Tri-State Racetrack & Gaming and Wheeling Downs, would increase business by 20%. At least 300 more jobs would be offered with salaries ranging from $40,000 to $50,000. However, Speaker of the House, Bob Kiss, feels that it will be difficult to convince the legislature to allow the live poker. Although the Racetrack Video Lottery Tract law was passed to create jobs, the law was not intended to develop a casino business for the state.
Grand Virtual Inc.'s WagerCity Web offering aims to do away with the "Houses" position in order for sports bettors to wager against each other openly over the Internet. Grand Virtual also plans to implement this new system for other exhibitions including the popular Tyson - Lewis fight coming up. However, Grand Virtual will not profit from the U.S. marketplace due to online gambling illegalities, except for certain omissions. Though the U.S. will have access to the new system through the Internet gaming market, and in the event that it becomes legalized, Sebastian Sinclair, president of Christiansen Capital Advisors in New York says, "It is eBay for betting." The company anticipates on making its profit on legal betting in the U.K. and other popular legal Internet gaming markets. Grand Virtual looks forward to showing the new system's success and expects to license its software to casinos and gaming companies. It is important to note that Grand Virtual will try to prevent U.S. gamblers from using its system illegally.
With its launching of World Poker Tour, LLC. WPT will host l3 poker events worldwide with megabucks to be made. Finalists in each of these events will play for millions. At the end of the season, the grand finale will host the winners from each event. Anyone though, who offers a $25,000 buy-in, is eligible to play in the finals and to take a shot at the championship title. Lakes Gaming Inc., headed by Lyle Berman, a poker pro himself, and World Poker Tour head, Steven Lipscomb, have joined in the venture. World Poker Tour took off on May 26 in Las Vegas at a reception at the Bellagio. On May 27, the first event took place, the Bellagio Five Diamond World Poker Classic, with the final event marked on June 1st. This final event was taped and will be televised at a future date.
Hong Kong's new law on illegal wagering via telephone or Internet was enforced on Monday after authorities arrested four Bookies after confiscating more than $20 million in illegal World Cup betting receipts in their possession. Authorities also found and seized computers and cellular phones. Police commissioner, Tsang Yam -Pui, cautioned and said, "We should see less illegal betting now; but if it persists, we will be taking whatever action is necessary to stop it." Along with Monday's arrests, wagering via telephone and Internet went on making only $14 to $700. Hong Kong's authorities were responsible for 49 arrests for illegal gambling during the 1998 World Cup Finals, confiscating over $58 million.
Trumps Trump Tower Las Vegas, located close to the Las Vegas Strip. The $60 million Turnberry Place, developed by Jeffrey Soffer, and the $120 million Park Towers, developed by Steve Wynn a casino tycoon, is along the lines of what is expected of Trump and Ruffin's new project. The high class Towers and Turnberry Place are geared towards the upper echelon crowd offering breathtaking views, 24hr. concierge service, private lobby elevators, room and limousine service and more. However, the exclusive condominiums cost a fortune, with a whooping price tag ranging from $500,000 to $5 million and even more. Cindy Dellavalle , Park Towers director, says, It's a very small piece of the pie for the real-estate buyers market. It's not about price per square foot. It's all about image and how it {the condominium} enhances your life and the lifestyle you want to lead. Lifestyle living is a want, it's not a need.
As MGM Grand takes on a new pursuit to run a private gaming salon for high rollers, Park Place property, Caesars Palace, follows suit. On Wednesday Chairman Dennis Neilander said that MGM's submission for an International gaming salon would be measured next month by the state's supervisory body. On Monday Caesars Palace proceeded with its application for a gaming salon. So far Nevada has received two submissions since last years legislatures decision to start permitting salons. The chairman blames poor financial times as the cause of such low interest in submitting applications. The gaming salon will act as a "private club" for high rollers to bet privately. Gamblers who would like to take part in the "club" would have to have a minimum of $500,000 in cash, and would not be allowed to bet less than $500 on slot machines and table games. While MGM acts as "head honcho" in this new quest, Scott Scherer , a Gaming Control Board member, believes that other lots will sit back and wait to see if MGM is successful before diving in to a risky engagement. . He says, "they're willing to let someone else be first. If it works, they'll jump in."
On Friday, the New York Attorney General Eliot Spitzer and Citibank publicized their joint decision to obstruct all online gambling transactions that use its credit cards. The decision Is anticipated to considerably lower the number of illegal underage activity and likely gambling addictions. The new online gambling accord will be applied to outside of New York transactions as well. Mr. Spitzer said, "With this agreement, we will cut off an enormous line of credit that was a jackpot for illegal offshore casinos. " Seeing that Citibank, known for being one of the nation's leading companies to distribute Credit Cards goes forward with the accord, Bank of America, MBNA and Chase Manhattan Bank will follow suit. Moreover, in an attempt to Aid family members who have been confronted and harmed by gambling addictions, Citibank reining around 12% of the national credit card arena, has granted to shell out $400,000 to non-profit organizations that lend a hand to those suffering from gambling addictions. Maria Mendler, a spokeswoman for Citibank said, Citibank agreed to take these steps to help alleviate concerns raised by the attorney general about the impact that gambling on credit may have on New York residents."
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