Joined: Nov 2, 2009
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July 10th, 2010 at 1:19:21 PM permalink
Massive fraud sounds like it would at least get someone's attention.

But define 'massive.'

Also, whoever looks into it will need to hear the other side of the story before any action takes place.
I invented a few casino games. Info: 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? 😁
Joined: Jan 14, 2010
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July 10th, 2010 at 2:04:53 PM permalink
I think you have to repeatedly fail to meet the bankroll requirements for the cashier. The bankroll requirements change depending on the size of the casino (over $72 million, $36-$2 million per year, etc.).

I have heard rumors that some places do not always meet the bankroll requirements.
Joined: Dec 16, 2009
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July 10th, 2010 at 2:11:52 PM 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.)


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 hope this isn't deemed too political...)
It was 2006...Corzine's first budget, and he bungled it immensely even though he had solid majorities in both houses. Four years later, Christie has the other party controlling both houses and he's able to get his through in time. Corzine learned his lesson quickly though, and the other budgets were not as troubled. What I remember the most is every news organization took a picture of the Roulette Screens that say "No More Bets" when the ball is in motion to signify the lack of gambling, but of course those screens were mostly just turned off during the actual shutdown.
Joined: Jan 14, 2010
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July 10th, 2010 at 2:22:39 PM permalink
Quote: Wizard

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.

link to bankroll requirements . You need anywhere from $2000 to cover a blackjack or roulette table up to a maximum of $30,000 for a major casino that makes over $130 million a year in gaming revenue.

Baccarat requires up to $100K and Craps can be as high as $60K. Slot machines are from $1K to $5K for a major casino.

Binion's was purchased by both Harrah's and Mountaineer Casino, Racetrack & Resort in West Virginia. Harrah's stripped the property of it's two valuable commodities, the brand name for WSOP and the "Horshoe brand name" . Mountaineering tried and failed to make money on the property until they gave up and sold it to Terry Caudill (who owns the Four Queens across the street) on March 11, 2008. Terry had ambitious plans, but ended up shutting down the hotel and the coffee shop and the keno pit.

Downtown has been losing revenue since June 2006 . From a broader perspective downtown peaked in 1992. Business in downtown improved when the Mirage and Rio opened, but when MGM Grand, Excalibur and Luxor opened it started to slide.

Still downtown holds an allure for some people who want to own a Vegas casino, and cannot afford anything else.
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February 4th, 2013 at 2:37:56 PM permalink
The Larry Volk case says a lot about it.
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