DOJ Indicts Bookmaker.com, True Poker, Doyle's Room and Friends

[pokeraddict]

Just as with PokerStars, Full Tilt and Cereus the feds seized their domains as well.

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I guess they do not care to see if the case they have against the others is a winner. FWIW this came out of Maryland, not SDNY.

 

[Mousey]

Dang... what a party the DOJ has cooked up this year! Everybody's invited... And here's another article from

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.


At least I'm not totally crazy for thinking the feds might be setting up phony processsing...

The indictments, returned late last month and unsealed Monday, are the result of a two-year sting operation by the Homeland Security Investigations in Baltimore, a division of U.S. Customs and Immigration enforcement. The agency set up a phony payment processing business in Atlantic City and spent two years infiltrating the world of illegal online betting.
Agents ultimately handled more than $33 million in transactions and uncovered a thriving criminal community in Maryland and beyond: "There are numerous individuals in Maryland who have authorized payments to these [foreign] businesses," claims one agent's sworn affidavit, filed with court records.

Anyone familiar with this "

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." of the fed's? Or would that be purely from the casino end of the payment processing? What about it casino reps? QT?

 

[pokeraddict]

Here is a link to the DOJ press release:

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They are doing a great job keeping those ports safe aren't they?

 

[Brooklyn]

I would just like to take this time to thank the good ole' DoJ for watching my back and protecting me from spending my own damn money and enjoying a good card game. WTF, seriously!


Land of the free, what's not to love?

 

[lots0]

Thats really bad news...

Want to know why Maryland...

Maryland casinos rake in nearly $13.6 million in April

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Protectionism at it's finest. I'll bet the government attorneys involved all have highly paid positions waiting for them at the casinos as soon as they retire from government....

 

[alfred666]

here is a copy of the affidavit for those indictments / seizures.

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Homeland Security Special Agent Lisa Ward at it again ...
The same person who brought down a key ACH processor for the top poker brands not quite two years ago (Electracash).

 

[lots0]

This is why QT has stopped payments.

Chargestream is QT

10.Thecontentsofaccountnumber0243058780inthenameofChargestreamLtdatABNAMROBankNV(FKA:FortisBankNetherlandNV)locatedintheNetherlands.

11.Thecontentsofaccountnumber0242087787inthenameofChargestrearnLtdatABNAMROBankNV(FKA:FortisBankNetherlandNV)locatedintheNetherlands.

 

[pokeraddict]

Lots0, is that in the indictments? Does it mention anything directly about QT or just their bank accounts being among those seized? I'm trying to figure out where they found that.

 

[lots0]

In the affidavit
sections 10 & 11 of the bank account seizures.

it shows QT's accounts in the Netherlands were nabbed.

 

[anniemac]

Well, I guess that explains alot. I am again dumbstruck.

 

[Mousey]

here is a copy of the affidavit for those indictments / seizures.

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Homeland Security Special Agent Lisa Ward at it again ...
The same person who brought down a key ACH processor for the top poker brands not quite two years ago (Electracash).

Eco Card and Chargestream are mentioned on page 10. I'm having a devil of a time getting that scrolly poly page thing to work, and can't C&P. Also won't let me download...

 

[oldtrvlagt]

It took a while but I managed to skim through most of it. This just plain sucks. I am so sick and tired of being told what to do and how to do it. I can go blow my children's inheritance at an Indian casino and the DOJ doesn't give a rat's ass...I want to spend $50 online at a reputable gambling site and I'm not allowed (God forbid if I won over $1200 the IRS wouldn't get their cut).

 

[pokeraddict]

Eco Card and Chargestream are mentioned on page 10. I'm having a devil of a time getting that scrolly poly page thing to work, and can't C&P. Also won't let me download...

I read it. I had a hard time too. Basically Ecocard, parent of QT/UMW, went to this bogus processor Linwood and set up processing for U.S. payments. They had two bank accounts seized. Presumably this is the reason players have not been getting paid for a few weeks.

 

[FreeDomme]

I don't understand how they can seize funds in the Netherlands !?! Is Interpol involved now?

I find the Affiant's statement of qualifications laughable. She certainly has not "...been a Special Agent with Homeland Security Investigations (HSI) for twenty years..." unless HSI has been around longer than the Patriot Act.

A material fabrication?

 

[rockycatt]

boy the language in that indictment [home land security my ass ] i thought this was about stopping terrorists , no mention of them that i could see what i did see is a waste of tax payers money chasing American citizens entertainment pleasure and creating some perky job security for all the special needs agents [my ass ] at a desk
laughing all the way to there summer cottages to play poker with there own friends

very sad

 

[lots0]

Bookmaker.com Press release.

Bookmaker: As you may already know, Bookmaker has temporarily lost the rights to the Bookmaker.com domain. We are confident that in time, it will be returned to us, until then, we have launched a new, temporary site:www.bmaker.ag.
Despite having lost the domain, none of the business operations have otherwise been affected. Player account balances and information are safe and secure. Effective immediately, players can log on to www.bmaker.ag and it's business as usual.

You likely won't notice any other changes at all and will experience all the same features and benefits as our original site; just on a new address.

We sincerely apologize if you were affected by our interruption. As always, if you have any questions or concerns please call our customer service department at 1-866-9Bookmaker.

So DOJ you feeling like you just wasted your time and the tax payers money?
Your not going to stop people from doing what they want...
How many times is it going to take before you morons in government learn that prohibition NEVER WORKS, it just destroys what it is supposed to protect...

 

[pokeraddict]

So DOJ you feeling like you just wasted your time and the tax payers money?
Your not going to stop people from doing what they want...
How many times is it going to take before you morons in government learn that prohibition NEVER WORKS, it just destroys what it is supposed to protect...

Think of all of the seized money they stole will more than cover the investigation. Also, you know that bogus processor they made up profited a fortune.

 

[lots0]

Think of all of the seized money they stole will more than cover the investigation. Also, you know that bogus processor they made up profited a fortune.

Ya and I'll bet all those feds lawyers will all have well paying jobs waiting for them in the land based casinos... after all Maryland land based casinos had a record month in profits last month... now they don't have to worry about those 'evil' online casinos cutting into their profits next month will even be better...

The idea that the police can seize money and then keep it.. should be illegal.

But here in America.. Prosecution for Profit is the way it is.

 

[Rhyzz]

Sad to say these places will probably get hit twice as hard as Stars, Tilt etc because of the sting operation and the vast amount of evidence they probably have against the operators.

It's going to be a bad year for US players I suspect. After this second lot I can see the majority of operators pulling the plug on the states.

 

[Mousey]

It's going to be even more difficult for the casinos to find processors now... unless of course they're set up by our gov. LMAO... As we've seen, if you help process the money, you've got to be prepared for arrest, seizure of all funds (whether it came from what you're accused of or not), seizure of everything you own, jail time, lawyers, blahblahblah.

And WTF did they need an 'informant' for?? Makes gambling sound more evil and underground, I suppose. Hell, I fully believe half the DOJ and FBI have as many gambling accounts as I do.

Well, at least we all know how we can safely play poker and the slots... work for the DOJ and/or HomelandInsecurity. They have their own processing and will let you play all you want.... Funny how 'money laundering' is illegal if someone else does it, but it's an 'undercover operation' (that makes a LOT of money) for 2 YEARS when the DOJ does it.

 

[Nifty29]

It's getting ridiculous over there.

It seems that a person can't fart without being indicted.

The land of the free indeed.....

 

[3mptyseat]

scissoring? lol!

Thats really bad news...

Want to know why Maryland...

Maryland casinos rake in nearly $13.6 million in April

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Protectionism at it's finest. I'll bet the government attorneys involved all have highly paid positions waiting for them at the casinos as soon as they retire from government....

Good point.

In the state with the most draconian laws against online gaming, Washington State, the penalties for users of gambling sites, including poker, are quite stiff, as the player is committing a felony, and what a coincidence, the largest lobby in King county is a casino group (Emerald Queen) and a major campaign contributor for Gov. Chris Gregoire's election was a Tribe from Spokane...

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Everywhere we look, the state is in bed with big business (violently scissoring each other in some cases). The system has eroded to such a point that transparency isnt even the problem... We now have no illusion of a sound and just system of checks and balances, and the only thing which is growing faster than the size of the federal government is the amount of debt that future generations will be saddled with...

The process has changed, and with it the policy has too... The process used to be center around fundamental principles as out lined in the Bill of Rights... But as special interest's have become the pocket books of lawmakers, the policies of the legislature have increasingly been 'for sale'.

...gambling experts say the state's arrangement, which gives the governor power to approve or reject gambling agreements with the tribes and allows those same tribes to contribute to political campaigns, is ethically problematic but not illegal.
"It's a payoff," said University of Nevada-Las Vegas professor William Thompson, who has been studying tribal gambling since 1988. "She shouldn't take any campaign money, nor should her political party, and it smells too quid pro quo for my liking."

And yet she has, and since her election, Gregoire has overseen the passing and placement of legislation that pisses on the constitution and has led to the uprise of literally dozens of places to places a bet in one form or another, in nearly every strip mall and shopping center, nearly every bowling alley and many a cafe and sports bar.

Here is a google maps search for places to gamble in and near downtown Seattle...

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When you then consider that there are another 12 or so places with-in three miles to the west of this map, on and around Bainbridge Island, a place with a very low population density, and you further consider that most of these establishments are new, it becomes quite clear Gregoire's pacts with the tribes were not to keep the good ppl of Wash. St. away from the corrosive vice of gambling nor limit the expansion of tribal gaming(although it has done that)...

And I assert that the actions by the DoJ are, each and everyone, similarly motivated: by kickbacks, by campaign contributions, and by the same force on every bottom line.

ps: lol scissoring! !ror!
($)

 

[jetset]

One of the things that has always mystified me about the approach to online gambling by the US in general (and Washington state in particular) is the fact that every kind of gambling known to Man is tolerated and even encouraged in one form or another - and just about everywhere.

And yet there is this almost pathological desire to wipe out the internet variety....give or take a few vested interest legislative carve outs for the likes of horse racing, fantasy sports and state lotteries, of course.

The attitude is just so inequitable that it smells to high heaven of protectionism imo - and I'm not given to conspiracy theory.

The amount of time and energy that federal government authorities devote to exterminating online gambling, and the lengths to which they go, would probably eliminate the drug problem if focused in that direction

The sequence of events now unfolding, and the years of work by the DoJ and others now becoming apparent, suggests some sort of long term coordinated plan (I know - that sounds like a conspiracy theory!) and it is suspicious that as events unfold there are growing indications that the US land gambling majors are showing every intention of climbing into the internet gambling driver's seat once the main opposition has been driven out of US contention.

 

[Mousey]

One of the things that has always mystified me about the approach to online gambling by the US in general (and Washington state in particular) is the fact that every kind of gambling known to Man is tolerated and even encouraged in one form or another - and just about everywhere.

And yet there is this almost pathological desire to wipe out the internet variety....give or take a few vested interest legislative carve outs for the likes of horse racing, fantasy sports and state lotteries, of course.

The attitude is just so inequitable that it smells to high heaven of protectionism imo - and I'm not given to conspiracy theory.

The amount of time and energy that federal government authorities devote to exterminating online gambling, and the lengths to which they go, would probably eliminate the drug problem if focused in that direction

The sequence of events now unfolding, and the years of work by the DoJ and others now becoming apparent, suggests some sort of long term coordinated plan (I know - that sounds like a conspiracy theory!) and it is suspicious that as events unfold there are growing indications that the US land gambling majors are showing every intention of climbing into the internet gambling driver's seat once the main opposition has been driven out of US contention.

Bingo!! Give the man his prize. LOL

 

[lots0]

Yup I believe that Jet has it figured out.

Protectionism... is a nice word compared to "Corruption".
and this government protectionism is nothing but corruption at the highest levels of state and federal government.

All they are 'protecting' is the land based casinos profits and the political campaign 'donations' that those same land based casinos invest in the politicos.

 

[anniemac]

Everytime there is even a sniff of the possibilty that Texas might legalize slots, the gambling machines in La dump enough cash into the opposition that there is not a chance in hell it will pass.

Shreveport is 30 miles from Texas border, Delta Downs Racino is 15 miles from border and Evangeline Downs is about about 50. That's not counting all the other casinos in LA. Sunland Park in NM is about 1/2 mile from El Paso Texas.

Funny thing that online gambling is illegal in Louisiana. Imagine that!

I can't get the local police or DEA to arrest the local drug dealers that live around my house, but I am looked at as a criminal for spending my money entertaining myself gambling online. And let me tell you, if you think these dealers around here pay taxes on their money, think again.

 

[sunflower]

Yup I believe that Jet has it figured out.

Protectionism... is a nice word compared to "Corruption".
and this government protectionism is nothing but corruption at the highest levels of state and federal government.

All they are 'protecting' is the land based casinos profits and the political campaign 'donations' that those same land based casinos invest in the politicos.

I agree, hell the US land based casinos may of setup, ran and paid for the whole thing . I wonder when they open up their online operations they'll be accept international players?
Terry

 

[cpdnd31]

Here is what I don't Understand.

#1. Every day on TV, Via ESPN or the Game Show network, What do we see? Poker and what are the professional poker players wearing. Sponsorship patches and shirts and anything else. From where online poker sites. How long has this been around years.

#2. Why are they not vocal about what is happening? All these famous players why haven't you stood up and shouted no more? Why are you not pooling your money for radio ads, TV ads, Paper ads, I just don't understand it..

#3. We as gamers online in our own little forums, can bitch and moan all we want. We may know that our government is stealing but until the general voting public understands it they will be able to do all they want with us....

Why hasn't someone shouted from the mountain tops already... Who are they so afraid of... This is wrong beyond belief. Buy the dam commercials, make the adds get our sites back... This has been a hidden secret for all, unless you play online..WHY WHY WHY>>>>>>>>>>We need big names to attract attention.. we need press.. we need someone to say OK you took this money and now where is it.

Rant over TY....

 

[lots0]

The professional poker players are all running scared...

Quite a few of them were deeply involved or actually owned part of the poker rooms in question that were seized. The last thing they want right now is the attention of the DOJ.

Using Doyle Brunson as an example, it appears he got a heads up from the feds before the sting went down. He and both his children tucked tails and ditched "Doyles Room Poker and Casino" a couple of days before the doj brought down the hammer. Coincidence... I doubt it.

If you try to buy air time to promote the legalization of online gambling... no one will sell you air time. I know I tried for years.

The powerful in this country have decided that they don't want to share the gambling market profits with ANYONE, except the politicians they own or bribe.

 

[samoas]

The powerful in this country have decided that they don't want to share the gambling market profits with ANYONE, except the politicians they own or bribe.

It's hypocrisy diguised as democracy. What a joke, huh?

 

[rockycatt]

should be a walk in the park

IF JUSTICE is equaly destirbuted here is a case to refere to [and i know ive posted it before ] but i think it cant be posted enough

--> ref Welcome to Gambling Review, an online
casino directory of the best casinos.

--------------------------------------------------------------------------------

Patrice Tierney gets 30 days in jail
Posted on: January 14th, 2011 11:14 am | By: Jeremy Schrute
It turns out Patrice Tierney will be going to jail after all. The wife of U.S. Representative John Tierney (D-MA) was sentenced yesterday to 30 days in prison followed by five months house arrest. In doing so, the judge rejected the sentencing recommendation of the prosecution and the deal they struck with Mrs. Tierney.

Last year, Mrs. Tierney agreed to plead guilty to four counts of aiding her brother with the filing of false tax returns in exchange for a lighter sentence. She had also been charged with money laundering, racketeering and running an illegal gambling business. She cooperated with the prosecution in a case that also involved two of her brothers, Robert Eremian and Daniel Aremian. There were 422 criminal counts charged in total against five people, including Mrs. Tierney.

Yesterday, during the sentencing hearing, U.S. District Judge William G. Young rejected Tierney’s deal with the prosecution, imposing the harsher sentence. It seemed that Young was making a point that the politically connected, like Mrs. Tierney, are not above the law. Judge Young said that he “cannot excuse a violation of the law of this severity.”

When her attorney insisted that Ms. Tierney was a good person who had simply made a mistake, the judge said that “people aren’t guilty of tax crimes because they make mistakes.” He then reminded Ms. Tierney that she was still getting a light sentence, since he could have sent her to prison for six months.

Patrice Tierney’s brother, Robert, ran an online gambling business in Antigua, where he relocated after his illegal gambling business in Massachusetts was raided in 1996. Patrice Tierney had traveled to Antigua to help her other brother, Daniel, care for his family and run his business, which involved collecting gambling debts for Robert. The money they made from the gambling business was sent to relatives in the United States. Patrice Tierney, who did the taxes and financial paperwork, reported that money as commissions, never disclosing the true source of the income

 

[jetset]

I agree, hell the US land based casinos may of setup, ran and paid for the whole thing . I wonder when they open up their online operations they'll be accept international players?
Terry

You can bet that when the big US companies get into online gambling they will definitely not confine their activities to the United States - they'll be going after every worthwhile legal market they can find around the globe, with aggressive marketing...that's my view.

They may even try to acquire existing companies outside the US, if they think the DoJ would let them get away with it.

 

[P.V.]

Some of the website pages are still live.

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I'm surprised that these gaming operators dealt with an operation like this.
They didn't even splurge for a toll free #.

What's next a undercover Casino?

 

[jetset]

You can bet that when the big US companies get into online gambling they will definitely not confine their activities to the United States - they'll be going after every worthwhile legal market they can find around the globe, with aggressive marketing...that's my view.

They may even try to acquire existing companies outside the US, if they think the DoJ would let them get away with it.

Straight from the horse's mouth - this is a quote from a special session on internet gambling at a major land gambling conference yesterday:

"If we look at this as a state opportunity, we will have lost the single largest opportunity for this industry," said Jan Jones, the Caesars Entertainment executive. "If you don't have that international capability — Europe, Asia — you can't go in there because you can't go outside your own state. You lost the worldwide opportunity."

She was suggesting that federal rather than state legalisation is preferable.

 

[Gremmyboy]

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Their about us page...... Very Honest, To say the least!

Cheers
Gremmy



Added............ Still can't fathom how online gambling comes under the jurisdiction of 'HomeLand Security'?

 

[DiamondGeezer]

You can bet that when the big US companies get into online gambling they will definitely not confine their activities to the United States - they'll be going after every worthwhile legal market they can find around the globe, with aggressive marketing...that's my view.

They may even try to acquire existing companies outside the US, if they think the DoJ would let them get away with it.

Personally I think it will be the other way round, I think it would be UK and Asian companies buying or partnering with US companies. Companies like Betfair, WillHill and Ladbrokes could raise capital easily if the opportunity was there. Also there are massive Asian interests like Genting and Mansion. Macau is bigger than Vegas now after all and still growing. The economic power is in the east but I think London will be important as you can raise money there. Also not least the two dominant software firms Playtech and MG are UK based and Playtech is UK listed.

Anyway it doesn't matter who takes over who too much because inward investment is still very good for the US economy.

US firms could buy UK, European and Asian companies but as each day goes by they are getting more powerful and it will get more expensive to enter the market. The land grab has already happened and anyone starting up is going to face huge costs from now on.

Another thing is I don't know how relevent US gaming brands are going to be in the rest of the world anyway. Few people outside the US have even heard of them, the only one I could name is Caesars. It's going to cost them a hell of a lot of money to gain that brand awareness.

It will be really interesting to see how it pans out but I suspect the best the US companies could hope for is to retain the home market. But from an economic standpoint the US govt has cost your economy a lot with these weird bans.

 

[jetset]

The US online gambling market is considerable, even in today's ridiculously obstructive and inequitable environment, and I can only imagine what the possibilities are if it were to be legalised and the big US gambling groups got their teeth into full-on marketing once the present political odium has been dispersed.

I see that as a definite possibility on the not-too-distant horizon, with consequent expansion that could well be beneficial for European based and well established and experienced software developers with quality products.

Betfair/Will Hill's penetration of the American horseracing industry to one side, I doubt that US corporates are likely to lay out the welcome mat for competing foreign operators unless there was a distinct benefit to themselves, and as we have seen, the American giants can muster significant clout when it comes to manipulating the domestic political situation to their advantage.

I personally doubt that the Americans will be content to stay in their own backyard once things start rolling, and they have the ability to make a major impression in overseas markets imo, offering attractive incentives.

However, one of the problems they might face is the unharmonised nature of regulation in the plethora of individual European states, where self-interest still appears to supervene over EU principles, and the present attitude of the European Commission appears to be collaborative rather than confrontational in enforcing compliance.

Perhaps the EC's Green Paper will ultimately lead to a more collegiate approach.

Regarding Asia, I have no doubt that it is a promising market, yet it does not seem to have caught fire in an online sense despite repeated attempts by European companies to build successful businesses in the Asia-Pacific region. That could obviously change, but there are imo too many imponderables right now, and the European arena, whilst intensely competitive, probably offers the best opportunities for US competitors...unless they can use their influence through their terrestrial Macau interests to overcome the significant political barriers to Asian internet gambling entry.

 

[DiamondGeezer]

Well you clearly know what you are talking about and I would love it if the big USA gambling interests did try and break into the european market.

 

[baldidiot]

Another thing is I don't know how relevent US gaming brands are going to be in the rest of the world anyway. Few people outside the US have even heard of them, the only one I could name is Caesars. It's going to cost them a hell of a lot of money to gain that brand awareness.

Unless they get licensed in an EU Approved Jurisdiction a US brand cannot purchase advertising in the UK (including TV, Billboards, Print etc...). So good luck getting a slice of the brits

 

[jetset]

I don't think that would be an insurmountable hurdle for US operators, or maybe US operators partnering with European companies.

Talking of which, we should soon be hearing what the new Brit requirements are going to be, which may well involve 'secondary licensing' in the UK before a company can advertise in that market

 

[DiamondGeezer]

Out of interest Jetset who are the biggest US gaming companies and what is their approx market cap?

One thing that has struck me is do the Vegas companies really have online expertise? I mean Vegas is more about entertainment and you could argue the Vegas firms are really in the hotel industry as much as gaming.

Another issue is why would they want to come to europe anyway when the market is saturated and many companies are having difficult times?

If you look at the performance of UK listed companies over the last five years it has mainly been dire. 888 have lost 90% of their value. The people who bought Coral lost their whole investment around £1BN which takes some doing. Ladbrokes and William Hill have lost about 70% of their share value. And Betfair floated a few months ago and has since halved.

People talk about the online gaming market being huge but in reality it is not as big as people think. Not least because of all the protectionism. It's very hard to turn a profit because there are few barriers to entry in the countries that are open for business.

For me this US business is more about factionalism than protectionism. I think it is that local interests have poisoned politicians and created this Frankenstein monster. I find it hard to believe the economic arguments of jobs and investment don't get more airtime though.

 

[jetset]

I'm open to correction, but I would say the following companies must be among the top land gambling outfits in the USA:

Las Vegas Sands

Market Cap - $29.93 billion
Enterprise value - $37.15 billion
Revenue trailing 12 months - $7.63 billion
Gross profit - $2.98 billion
EBITDA - $2.36 billion
Cash - $3.13 billion
Debt - $10.10 billion


Wynn Resorts

Market Cap - $18.12 billion
Enterprise value - $19.72 billion
Revenue trailing 12 months - $4.54 billion
Gross profit - $1.22 billion
EBITDA - $2.36 billion
Cash - $1.45 billion
Debt - $3.18 billion

MGM Resorts

Market Cap - $7.52 billion
Enterprise value - $19.33 billion
Revenue trailing 12 months - $6.07 billion
Gross profit - $2.26 billion
EBITDA - $1.03 billion
Cash - $431.27 million
Debt - $12.8 billion

Caesars Entertainment

Market Cap - $5.58 billion
Enterprise value - ?
Revenue trailing 12 months - $4.27 billion
Gross profit - $276 million (?)
EBITDA - ?
Cash - ?
Debt - ?

Although substantial, I don't think other firms like Boyd Gaming (market cap $810.08); Ameristar Casinos (market cap $738.5 million) or Isle of Capri Casinos (market cap $340.15 million) are statistically in the same league (source: Yahoo Finance stats).

I think this indicates the considerable resources that American majors can bring to bear on new ventures, even in an economic climate that has been the worst in recent times, although I would imagine these latest numbers include returns from investments in Macau - and the following is an example of how US big guns are doing there:

"MGM China Holdings has priced shares in its HKD 11.7 billion (USD 1.5 billion) IPO initial public offering at the top end of the expected range, reflecting an optimism of the world’s biggest gambling hub.

"The firm, a tie-up between Las Vegas based MGM Resorts International and Pansy Ho, a daughter of gambling tycoon Stanley Ho, said the stock would be sold at HKD 15.34 (USD 1.97) per share, according to company documents filed with Hong Kong’s stock exchange this week.

"MGM, who previously said the shares would be set between HKD 12.36 and HKD 15.34, is offering 760 million shares for sale with its Hong Kong listing set for June 3.

"Macau has become a key profit source for several US companies operating in the city, as the territory raked in a whopping MOP 188.3 billion in gaming revenue last year, outpacing the Las Vegas strip by at least four-fold, with the city’s April revenue figures showing a 43.3 percent year on year increase."

By the way, Pansy Ho is said to have surpassed her father's achievements in the deal, growing her orginal investment by 18 times! Other investors include US hedge fund giant John Paulson, who made billions of dollars after being one of the few investors to predict the collapse of the US sub-prime mortgage market in 2007 that led to the global financial crisis.

The initial public offering will catapult Pansy Ho into the ranks of Hong Kong’s wealthiest people with a net worth of around USD 5.1 billion, according to the South China Morning Post.

MGM Resorts will have a 51 percent stake and management control in the listed joint venture.

Regarding expertise in the online sector, I don't think the US giants would hesitate to head hunt the best the industry has to offer if they needed to do so (and remember the US is no slouch when it comes to internet technology and gambling). And there is the prospect of partnerships with foreign companies and software providers....

Caesar's Entertainment has been building capacity for some time in Montreal, where ex-Party Gaming boss Mitch Garber runs the interactive interests of the company and has already partnered with companies in the UK.

Why would US companies want to enter a competitive European market if internet gambling was legalised?

Because it's there, there's money to be made and there is always that drive to expand and grow profits for shareholders.

Various land gambling execs have shown an interest in markets outside the USA, the latest a Caesar's exec just last week who told a land gambling conference that federal legalisation was preferable because it would make ventures overseas easier than confining activities to individual states (see Casinomeister News btw).

IMO there is a real and growing interest in legalisation among US gambling companies, especially now that the competition has been substantially eliminated - take a look at this exerpt from the latest AGA white paper, authored by David O. Stewart, of Ropes & Gray, LLP:

"The business of online gambling spans the globe and touches every corner of the United States. Worldwide, online gambling is increasingly a legal and regulated activity that generates almost $30 billion of revenue a year.

"In the United States, public policy on the subject has been schizophrenic. Online gambling is presently being conducted domestically for pari-mutuel betting on horse races and for state lotteries, yet government policy has been hostile to other forms of online gambling, and has included criminal prosecutions of online gambling operators and their payment processing partners.

"Despite this government opposition, millions of Americans spend $4 billion every year to gamble online.

"Prosecutions against online gambling operators have driven the more responsible offshore operators out of the U.S. market, leaving Americans to conduct their online gambling through largely unregulated websites.

"In contrast, about 85 nations have chosen to legalize and regulate online gambling. Numerous Western nations — including the United Kingdom, France, Italy, and some provinces in Canada — have created structures for tight regulation of the online gambling industry.

"This course provides consumer protections for individuals while also generating jobs, economic opportunity and government revenue.

"Beginning with careful confirmation of the identity of every online gambler, which is the foundation for effective regulation, these nations employ technologies that effectively ensure:

• That the games are played fairly, according to their rules, and pay
off as promised;

• That underage gamblers are excluded from play;

• That people who struggle to control their gambling have access to
tools to limit their deposits, bets, and overall play, or even exclude
themselves from gambling websites entirely;

• That online gambling operators do not accept bets from
jurisdictions that prohibit online gambling; and

• That gambling websites are not used for money laundering and
other illegal purposes.

Similar protections are now required for U.S.-based websites that take
bets on horse racing or sell subscriptions for state lottery tickets."

Most of the Brit gambling groups have reported that in-game betting and online business activity generally have been very positive factors in their businesses - take a look at Paddy Power's results and those of Will Hill, where Management has acknowledged that the online contribution has helped to ameliorate less encouraging results from other verticals in these land and online groups.

As the world struggles out of the recession I see considerable promise for online gambling in the US and Europe...and the increased competition that this brings should be good for the player in terms of better offers, improved games and service and a wider choice of properly regulated sites.

 

[DiamondGeezer]

IIRC US hedge fund giant John Paulson bought about 4% of Playtech last week...

I don't doubt for a minute that the USA has the capital and expertise to make it work in europe. But the ban has given the USA a massive disadvantage and there would be a lot of catching up to do. And if you opened up your markets tomorrow the shares of all UK gaming companies would rocket and they could raise a lot of capital very quickly. If that happened my guess is the USA companies would have to bite the bullet and buy good european companies like BWIN/Party, Will hill, Playtech etc.

It certainly would make for exiting times .

 

[slotplayer]

Dang... what a party the DOJ has cooked up this year! Everybody's invited... And here's another article from

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.


At least I'm not totally crazy for thinking the feds might be setting up phony processsing...


Anyone familiar with this "

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." of the fed's? Or would that be purely from the casino end of the payment processing? What about it casino reps? QT?

its real alright - check out the notice

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[pokeraddict]

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That is where some of the forfeited money is going. Players hoping to get seized money back to the rooms so they can get paid are looking to be wrong.

 

[Mousey]

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That is where some of the forfeited money is going. Players hoping to get seized money back to the rooms so they can get paid are looking to be wrong.

The Anne Arundel County Police Department will be getting some new equipment after receiving more than $470,000 as part of the seizure of funds tied to a federal investigation into illegal gambling

Honestly... I don't know whether to laugh or cry. That is just so.... so... I am without words to describe it...

And don't you love that no has been convicted yet but the feds portion out the plunder anyway? Like the pirates of old... rape, pillage, and plunder...

It's always about the money...

 

[bpb]

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That is where some of the forfeited money is going. Players hoping to get seized money back to the rooms so they can get paid are looking to be wrong.

No, that money came from the proceeds of the processor Linwood. It did not come from the seized funds. Look at the date of the check in the article.

 

[pokeraddict]

No, that money came from the proceeds of the processor Linwood. It did not come from the seized funds. Look at the date of the check in the article.

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This article explains it more. It came from seized processors last year.

 

[jetset]

The idea that enforcement authorities get to share out money seized from criminal enterprises has always made me very uncomfortable, as I believe the police should be absolutely divorced from this largesse.

If money/assets are seized as required by a law, then these should go to Treasury for more general distribution rather than direct as reward to the people who confiscated it imo. After all, these government departments are paid to do what they do in the first place.

It presents a possibly tricky conflict of interest, I think.

Not reserving this money for the players is presumably motivated by two tactics - denying the offending operators the benefit of having their players accounts paid, thus pressuring them to pay out of their remaining finances and weakening them further; and maybe a little punitive and discouraging reminder to the players in making them wait for their just dues?

 

[lots0]

Honestly... I don't know whether to laugh or cry. That is just so.... so... I am without words to describe it...

And don't you love that no has been convicted yet but the feds portion out the plunder anyway? Like the pirates of old... rape, pillage, and plunder...

It's always about the money...

And of course it's about the lies... OH we didn't take your money... We don't know where the money is... Isn't that what woman from the DOJ said? They are liars and thieves... not a bit different than the people that they are supposed to be 'protecting' us from.
Ashamed to be an AMERICAN...