Aussie
Aussie
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July 8th, 2010 at 9:51:36 PM permalink
What would it take for a medium-large Vegas casino to lose it's gaming license? Given the huge number of people they employ, massive tax revenue they bring in, huge physical space they take up etc, I'm assuming it would take a hell of a lot. What are peoples thoughts here?
chook
chook
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July 8th, 2010 at 10:18:03 PM permalink
I'd like to know how they are regulated.
Is their equipment & software actually audited by the authorities?
Are probability checks carried out?
Are the slot machine programs tamper proof?
You can't trust a dog to mind your food.
FleaStiff
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July 9th, 2010 at 12:03:35 AM permalink
Owners and key employees have to be licensed...that means very thorough background checks.
Drop boxes and count room equipment is examined.
Box collection procedures are strict and the times are rigid.
The casinos employ slot machine auditors. The gaming commission checks various seals. The do spot inspections just as a gas station pump is tested from time to time.
Chips once approved will be checked by serial number.
Slot machine programs affect bells and whistles usually.

Most problems relate to record keeping.
Too much tax money depends upon slot machines for the authorities to tolerate sloppiness.

Undercover gaming commission officers do pay visits but they usually only catch procedural violations that the casino would catch and such things might lead to fines but not revocation.
AZDuffman
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July 9th, 2010 at 4:00:49 AM permalink
Quote: Aussie

What would it take for a medium-large Vegas casino to lose it's gaming license? Given the huge number of people they employ, massive tax revenue they bring in, huge physical space they take up etc, I'm assuming it would take a hell of a lot. What are peoples thoughts here?



To lose it outright would take quitew a bit I imagine. As it should be since so much has been invested in it. No casino would invest millions on getting a license and as much to keep it if it was easy to lose. It is the same reason people are more likely to purchase land in the USA where you get clear title than say Zimbabwe where a dictator takes what he likes.

I think thru history the gaming board has been more prone to "advise" an owner to sell than pull the license. This way the property stays open and the bad management who violated the rules gets the boot.
All animals are equal, but some are more equal than others
Wizard
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Wizard
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July 9th, 2010 at 7:19:47 AM permalink
The only incident I am aware of in which a casino lost its license was Binion's about five years ago. There is a formula that states how much cash a casino is supposed to have on site, relative to such things as the number of table games, the limits, and annual revenue. Gaming agents can do surprise visits to enforce this requirement. Binion's could not produce sufficient funds at such a surprise inspection one evening, so they were shut down.
It's not whether you win or lose; it's whether or not you had a good bet.
ruascott
ruascott
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July 9th, 2010 at 8:01:10 AM permalink
Quote: Wizard

The only incidence I am aware of in which a casino lost its license was Binion's about five years ago. There is a formula that states how much cash a casino is supposed to have on site, relative to such things as the number of table games, the limits, and annual revenue. Gaming agents can do surprise visits to enforce this requirement. Binion's could not produce sufficient funds at such a surprise inspection one evening, so they were shut down.



How long were they shut down for?
DJTeddyBear
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July 9th, 2010 at 8:31:08 AM permalink
Binion's 5 years ago? Is that when Harrah's bought it? I.E. To get them reopened?

(Yes, I know that Harrah's ultimate goal was to purchase the World Series of Poker, then dump Binion's, but this question is more a curiosity how Binion's reopened.)

---

On a totally unrelated note, a few years back, New Jersey had a budget crisis, and all non-essential state agencies were shut down for a couple days until the budget was approved. And even though they are paid directly by the casinos, that included the Casino Control Commission. As a result, ALL of the casinos shut down during that period. (In 2008, a new law states that casinos do not have to close if there is another similar budget crisis.)


However, the hotels remained open, and, as memory serves, athough occupancy was low, it was a lot higher than expected, as the town turned into a beach resort again. (Curiosity piqued, I actually tried to find info to back up this memory, but came up empty...)
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ 覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧 Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
DJTeddyBear
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July 9th, 2010 at 8:37:49 AM permalink
Quote: DJTeddyBear

Binion's 5 years ago? Is that when Harrah's bought it? I.E. To get them reopened?

(Yes, I know that Harrah's ultimate goal was to purchase the World Series of Poker, then dump Binion's, but this question is more a curiosity how Binion's reopened.)

Wikipedia is a wonderful thing.

From http://en.wikipedia.org/wiki/Binion's_Horseshoe:
Quote:

... After holding off numerous times, on December 5 2003, the Culinary Union obtained a court order authorizing the seizure of up to $1.9 million from the Horseshoe casino cage. The seizure took place on January 9; ultimately federal marshals and IRS agents seized $1 million in order to satisfy debts owed to the Southern Nevada Culinary and Bartenders Pension Trust Fund and to the Hotel Employees and Restaurant Employees International Union Welfare Fund. The seizure effectively depleted the Horseshoe's bankroll, forcing it to close. A day later, the hotel was shut down as well, and Behnen reached an agreement with the Nevada Gaming Commission to keep the casino closed until its bankroll was replenished.

A few days later, on January 23, Behnen reached a deal to sell the Horseshoe to Harrah's Entertainment. The deal closed in March 2004. Almost immediately, on March 11, Harrah's sold the Horseshoe to MTR Gaming Group. Harrah's retained the rights to the Horseshoe brand and the World Series of Poker when it sold the casino and hotel, but sold the Binion's brand. The land the casino sits on is still leased from multiple owners.

Binion's reopened in April 2004, with MTR Gaming operating the hotel and Harrah's Entertainment operating the casino, while MTR Gaming completed the process of acquiring the required gaming license. Harrah's continued to operate the casino under a temporary contract with MTR Gaming until March 11, 2005 when MTR Gaming Group officially took control of the operation of the casino and renamed it Binion's Gambling Hall and Hotel.

I invented a few casino games. Info: http://www.DaveMillerGaming.com/ 覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧 Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
Wizard
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Wizard
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July 9th, 2010 at 9:26:57 AM permalink
There you have it. From the player's perspective, Gaming suddenly shut down the place on Dec 5, 2003, at around 10 PM as I recall. Everyone who didn't have a hotel key was given the chance to cash out their chips before leaving the building. Those who had hotel keys were allowed to stay. I believe the poker room was not immediately shut down, because Binion's subcontracted that part of the casino to somebody else. As the Wiki article says, the hotel was shut down the next day.

A friend of mine had winning sports tickets at the time it was shut down. He was a little worried about being paid. I offered him 90 cents on the dollar for the tickets, as I recall, but he declined. In the end I think he had to mail the tickets in somehow, but he was paid, although it took a while.
It's not whether you win or lose; it's whether or not you had a good bet.
Asswhoopermcdaddy
Asswhoopermcdaddy
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July 10th, 2010 at 12:14:21 PM permalink
Quote: Aussie

What would it take for a medium-large Vegas casino to lose it's gaming license?



How about massive fraud caught on record and publicly printed?

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