Issue 305
July 17 - July 23, 2006
Volume 6
page 1
 

This Issue

Gaming News

Casino City's July Sweepstakes

Atlantic City Casinos Bounce Back

Online Companies Overhaul Accounting

Tony G Launches Online Poker Room

Under-fire Prescott Will Still Be Left in Charge

Show Time Rita Rudner performs at New York-New York's Cabaret Theatre.

Column What Washington's New Felony Poker Law Means to You by I. Nelson Rose.

Check out our entertainment highlights & upcoming tournaments

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House Approves Online Casino Billing Ban
As Reported by the Reno Gazette-Journal

WASHINGTON, DC – "…On Tuesday [July 12, 2006], U.S. House members took a step toward banning online poker and other forms of Internet gambling. Lawmakers voted 317-93 to approve a measure that would prohibit banks and credit-card companies from paying off debts incurred on gambling Web sites.

"…Before the House vote Tuesday, U.S. Rep. Bob Goodlatte, R-Va., one of the bill's chief sponsors, argued on the House floor that the legislation could help 'purge the smear on the Congress' left by disgraced lobbyist Jack Abramoff.

"Abramoff lobbied against the bill in 2000 on behalf of an online lottery company.

"However, this year's version included an exception for online lotteries.

"The U.S. Senate would need to pass similar legislation before the bill could become law.

"…The efforts to ban Internet gambling is a blow to millions of Americans who go online to bet on poker, casino games and sporting contests each year, critics say.

"…About 70 million Americans now play poker and about 23 million of those people play online, according to the Poker Players Alliance.

"The group has lobbied heavily against the House bill. The alliance argues the measure would infringe on Americans' personal freedoms by requiring banks and credit card companies to monitor their cardholders' online transactions…"


Atlantic City Casinos Bounce Back

As reported by the Press of Atlantic City

ATLANTIC CITY, New Jersey -- "Despite millions of dollars in lost revenue and tons of negative publicity caused by their unprecedented shutdown, the casinos showed once again that, ultimately, the house usually wins.

"Casinos rebounded quickly after the three-day closing ended July 8, and Wall Street laughed off predictions of a meltdown in Atlantic City's sizzling gambling market. The gaming industry also benefited from the expiration of a tax on casino net profits in the new state budget.

"…Casinos already are capitalizing on public disgust with the state Legislature by pushing a bill that would shield them from future government shutdowns. Gambling was brought to a halt because New Jersey's budget crisis forced state gaming inspectors off the job. New legislation making the rounds at the Statehouse would allow gaming inspectors to continue to work during any other budget-induced shutdowns.

"…While gaming officials say it is premature to predict any long-term effects of the shutdown, the immediate damage is clear. The casinos lost an estimated $54 million in revenue and the state forfeited $1.3 million a day in casino taxes…"


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