Featured Articles Archive - Page 402

Deal Me In: High hit frequency doesn't necessarily mean higher payback

Dear Mark: Is it better to play on a machine that offers a high hit frequency or one with a higher payback percentage? Or, am I to assume that slot machines that have a high hit frequency by design offer a higher payback percentage as well? Mike R.There is usually no direct correlation, Mike, between payout percentage and hit frequency...read more

PokerStars, Wynn Resorts reach partnership

LAS VEGAS, Nevada -- Wynn Resorts Ltd. announced a partnership with PokerStars to operate an a U.S.-based online poker website should federal legislation allowing Internet gambling be passed.In a statement released late Thursday by Wynn Resorts, Wynn officials said the companies will work to secure passage of federal Internet gaming legislation...read more

Nevada executive in favor of online poker

LAS VEGAS, Nevada -- South Point Hotel Casino and Spa owner Michael Gaughan became the first high-profile Nevada gaming executive to voice his support for bill that would legalize Internet poker in Nevada.In a statement expected to be released Tuesday, Gaughan said the Nevada Legislature should pass Assembly Bill 258, which would allow the Nevada Gaming Commission to adopt regulations for Internet poker."There is no doubt in my mind that online poker and other games are coming," Gaughan said...read more

Analyst skeptical on Texas casino legislation

LAS VEGAS, Nevada -- One gaming analyst isn’t putting much stock into Texas legalizing casinos anytime soon. And that’s good news for Las Vegas-based regional casino operator Pinnacle Entertainment. In a note to investors, Morgan Joseph gaming analyst Justin Sebastiano said a handful of bills were introduced in the Texas Legislature that support different forms of casino gambling legalization. The legislation proposals call for amendments to the state constitution, which require a two-thirds vote from both the House of Representatives and the State Senate...read more

Vin's top-10 poker rooms

The Gold Coast Hotel and Casino shut down its poker room recently and suggested customers head over to The Orleans to play instead. I have to admit, I'm not going to miss the Gold Coast poker room. It was tiny. It was filled with curmudgeons -- at least when I was there...read more

Banks to fund major Macau bridge project

MACAU -- Seven banks have agreed to finance construction of a long-anticipated massive bridge project that will allow automobile traffic to reach Macau from Hong Kong and the Chinese province of Zhuhai. Chinese media is reporting loan package is worth roughly $4.5 billion...read more

Vegas company acquires Carson City casino

CARSON CITY, Nevada -- A Las Vegas casino management company has acquired the Carson Station Hotel and Casino in Carson City.777 Gaming, which operates several small casinos in rural Nevada, purchased the Carson Station, which is located near the State Capitol, for an undisclosed price.The purchase...read more

Nevada regulators approve Caesars, 888 relationship

LAS VEGAS, Nevada -- Nevada gaming regulators said Wednesday they weren't passing judgment on the legality of Internet gaming in the United States when they tentatively approved the business relationship between Caesars Entertainment Corp. and online gaming provider 888 Holdings. The Gaming Control Board unanimously found that the arrangement between the companies was suitable under Nevada's Foreign Gaming Act following a hearing that lasted more than two hours. If the Nevada Gaming Commission agrees with the decision, it would be the first deal ever approved between a state-licensed gaming company and a foreign-based Internet gaming operator. "What we're doing today is looking at the suitability of a business relationship," control board member A.G...read more

Moneymaker happy to be back in spotlight

LAS VEGAS, Nevada -- Without Chris Moneymaker, there wouldn't be a National Heads-Up Poker Championship.For that matter, if it wasn't for Moneymaker we might not even be talking about poker.His story has become legend.Moneymaker, an unknown Tennessee accountant, won a $39 satellite tournament on the Internet gambling site PokerStars in 2003...read more

Tax ruling benefits gamblers

LAS VEGAS, Nevada -- Professional gamblers are now able to deduct business expenses incurred as part of their job.The catch, however, is determining what constitutes a professional gambler.A January ruling by the U.S. Tax Court changed a portion of a half-century-old opinion that equated expenses related to a gambling trip with gambling losses -- they were deductible only to the extent of their winnings.The court now believes the expenses to reach a casino or racetrack, and other expenses associated with the activity of gambling, can be written off.The ruling, experts say, was a victory for gamblers."On the whole, gamblers are probably celebrating," said Steve Johnson, a professor at the University of Nevada, Las Vegas Boyd School of Law who has an expertise in tax law...read more