Revel refuses to give back overage on progressive Jackpots?

Apparently there are signs referring to this issue.

Whats the NJ laws ? Why is this not enforced in NJ?

Something about the money wasn't set aside into a separate fund owed to players, so in bankruptcy, they're off the hook.
This was what happened with Atlantic Club anyways.

I'm cloudy in my recollection about normal operations, but otherwise the laws are not so heavily regulated. Lots of history and lots of money never awarded since the regulations were changed. You'll have to look it up.

Showboat on the other hand should get stomped imo since they're just locking everyone out. Nobody has talked about it so I assumed something is going on.

Quote: onenickelmiracle

Something about the money wasn't set aside into a separate fund owed to players, so in bankruptcy, they're off the hook.
This was what happened with Atlantic Club anyways.

I'm cloudy in my recollection about normal operations, but otherwise the laws are not so heavily regulated. Lots of history and lots of money never awarded since the regulations were changed. You'll have to look it up.

Showboat on the other hand should get stomped imo since they're just locking everyone out. Nobody has talked about it so I assumed something is going on.

If someone hits a jackpot I assume they must pay and they have the cash to do so?. Gaming should force them to give it out. Players should always be paid first. Its the same as welshing on a future bet. Players gambled as a group and added money with the expectation they eventually would get back the money. No diffident then a lottery not holding a drawing after tickets were all bought. Gaming should be sued for not enforcing them to give back the money rightfully owed to gamblers. Law or not, it should be.

im going to look- there may be a difference in case law between casinos that close due to bankruptcy and casinos that close for other reasons-
i vaguely remembering walking through the atlantic club and noticing a sign about how long you had to cash chips and how short of a period it was

i think those progressives were transferrred to tropicana but I cannot be 1000 percent sure

In Nevada, the Gaming Board inspects licensees to make certain that there are separate accounts for slot payments and slot bonuses. One small licensee was fined for having a "cigar box" from which he made routine payments and later entered data into account books.

I can't believe Revel didn''t keep a proper set of books Progressive Accumulated but unpaid bonuses have to be segregated.

I looked into the issue of progressive jackpots when the Atlantic Club closed. Under NJ's current casino regulations the casinos can shut down progressive jackpots and not distribute the funds to players or transfer the funds to another machine provided that they provide 30 days posted notice on the machine. In the case of Atlantic Club this was not done. I called NJDGE a week before the Atlantic Club closed and was assured by a spokesperson that they were working with Atlantic Club to distribute progressive jackpots and that information would be available at the casino on the closing weekend. When I went to Atlantic Club on the closing day I was told that the outstanding progressive jackpots would not be distributed. The following week I called NJDGE to follow up and the spokesperson told me that they had changed their minds at the last minute. They weren't very nice about it either - basically said "get lost". Under the current regulations, when progressive jackpots are shut down and not distributed to players, the proceeds are split 50/50 between the casino and the state so there is plenty of incentive for both parties to not distribute progressive jackpots, but not providing 30 days notice is clearly a violation of NJ state regulations.

In my experience, since the NJCCC was stripped of its powers and NJDGE took over, the regulators in NJ have gone from being guard dog to being a lap dog for the industry, and personally I think it has hurt their business.

Thanks for the info- much appreciated-

Quote: strictlyAP

i think those progressives were transferrred to tropicana but I cannot be 1000 percent sure

It was not, I had someone checking daily. one machine seemed to have extra meat on it but nothing close to what should have been distributed. This could have just been an in house transfer.

Quote: mrfrancks

I looked into the issue of progressive jackpots when the Atlantic Club closed. Under NJ's current casino regulations the casinos can shut down progressive jackpots and not distribute the funds to players or transfer the funds to another machine provided that they provide 30 days posted notice on the machine. In the case of Atlantic Club this was not done. I called NJDGE a week before the Atlantic Club closed and was assured by a spokesperson that they were working with Atlantic Club to distribute progressive jackpots and that information would be available at the casino on the closing weekend. When I went to Atlantic Club on the closing day I was told that the outstanding progressive jackpots would not be distributed. The following week I called NJDGE to follow up and the spokesperson told me that they had changed their minds at the last minute. They weren't very nice about it either - basically said "get lost". Under the current regulations, when progressive jackpots are shut down and not distributed to players, the proceeds are split 50/50 between the casino and the state so there is plenty of incentive for both parties to not distribute progressive jackpots, but not providing 30 days notice is clearly a violation of NJ state regulations.

In my experience, since the NJCCC was stripped of its powers and NJDGE took over, the regulators in NJ have gone from being guard dog to being a lap dog for the industry, and personally I think it has hurt their business.

Wow! great information.(total F job) I cant believe some local or gaming publication does not write something on this.

I wonder how long the notices have been posted at revel.

After thinking more about it
I guess the only people who care are APs. Take away card counters and guys only specialize in bunk roulette systems its a very very small percentage of people interested. We would probably find more people who would agree that lem66 is not a welsher.

PS. Bob can teach VP classes there now.

+1111

I think Showboat will transfer their progressive player contributions to one of the other properties. Just so everyone understands, they don't have to transfer the whole progressive. They only have to transfer the amount it is over reset.

I was just at Showboat 8/19 and saw signs saying you have one year from date of closing to cash chips at the other CET properties. All offers for after date of closing are considered null and void. Reservations will be honored at one of the other 3 AC properties. The signs did not address progressive jackpots that I recall.

Revel on the other hand I'm sure they are going to screw everybody.