Various Countries blame USA for ‘Casino Capitalism’

Seen at the Associated PressVarious countries are blaming the USA for their ‘casino capitalism’ and the US government’s failure to resolve the financial crisis threatening the foundations of the global free market.Especially the Latin American leaders say that America must urgently fix the financial crisis it created before the rest of the world’s hard-won economic gains are lost.According to President Oscar Arias of Costa Rica, whose economy is highly dependent on U.S. trade:”The managers of big business took huge risks out of greed, …. What happens in the United States will affect the entire world and, above all, small countries like ours.”Though Europeans seem to have more of a sense of shared responsibility, they also blame the U.S. government for letting things get out of hand. Germany’s Chancellor Angela Merkel delivered scathing remarks last week that stricter financial regulation is needed to prevent unfettered capitalism and all seem to agree that unless this is done, capitalism will destroy economies around the globe. Read article: link 

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Tropicana Entertainment LLC to re-open Sale for Riverboat Casino, Casino Aztar

Tropicana Entertainment LLC is to re-open the sale for their riverboat casino, Casino Aztar. Tropicana is hoping to get a better price for this casino in Evansville, Ind

On Friday, Tropicana filed a motion with the U.S. Bankruptcy Court in Delaware requesting approval to seek a new buyer for the riverboat casino. The company had negotiated a tentative deal with Eldorado Resorts LLC earlier, but said that it felt that it could draw a higher bid; specifically with new management in place.

Tropicana’s CEO Scott Butera said in a news release:

“We are committed to obtaining maximum value for our assets and doing what is right for all of our constituents,”

Former CEO William Yung resigned from Tropicana in June eralier this year when the casino operator filed for Chapter 11 bankruptcy. Yung also went on to resigne from the board of directors.


Tropicana is reported to be canceling its management services contracts with Yung’s Columbia Sussex Corp. and moving its headquarters to Las Vegas.

If Tropicana does gain court approval to re-open bids, and sells to another buyer, it will be required to pay Eldorado a $6.6 million break-up fee, and reimburse expenses up to $500,000.

New Mohegan Sun Casino of the Wind

Mohegan Sun, a gaming complex in Uncasville, Conn., have informed that Project Horizon is scheduled to debut next week. Project Horizon is the facility’s third major expansion.

Mohegan Sun:

“On August 29th, one of the largest gaming facilities in the world will get a little bigger as it opens the first portion of its $925 million expansion, the 64,000 square-foot Casino of the Wind, which will offer a 42-table poker room, more than 650 slot machines, 28 table games, Jimmy Buffett’s Margaritaville, and Chief’s Deli - a quick-service restaurant.”

Mohegan Sun will also introduce a new signature drink called “Windswept” in October this year. The commemorative drink is reported to be going for $15.00. “Windswept” is a blend of two special hand-crafted spirits – 1. the Bull Dog Gin and 2. the St-Germain Elderflower liqueur . Both these spirits are mixed with a dash of Pama liqueur, pomegranate juice, and garnish served over ice with a topping of Moet & Chandon Imperial Champagne.”

Mohegan Sun also added that Jimmy Buffett’s Margaritaville is set to open Sept. 29.

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Monarch Casino And Resort Inc holdings reduced by Strs Ohio

LONG BEACH (Mffais.com) - Strs Ohio sold -9,770 (-19.70 %) of their shares in Monarch Casino And Resort Inc (MCRI), bringing their current holdings to 39,800 shares as shown by filings made public on the 24th July 2008.

The stock is currently owned by 196 funds/institutions with a total activity score of -0.37. 31.46 % of owning funds reported recently buying shares, 10.48 % maintaining existing share level and 58.04 % selling shares.

Full details for Monarch Casino And Resort Inc (MCRI) available at http://www.mffais.com/mcri.html

About Monarch Casino & Resort, Inc.

Monarch Casino & Resort, Inc. through its wholly owned subsidiary, Golden Road Motor Inn, Inc., owns and operates the tropically themed Atlantis Casino Resort Spa, a hotel/casino and spa facility in Reno, Nevada.

Atlantis Casino Resort Spa

The Atlantis is the closest hotel-casino to the Reno-Sparks Convention Center and is recognizable due to its Sky Terrace, a unique structure rising approximately 55 feet above street level and spanning 160 feet across Virginia Street with no intermediate support pillars. The Sky Terrace connects the Atlantis to a 16-acre parcel of land owned by the Company that is compliant with all casino zoning requirements and is suitable and available for future expansion or growth.

Currently, the Company uses it as additional paved parking for the Atlantis. The existing Atlantis site offers almost 1,000 guest rooms in three contiguous high-rise hotel towers and a motor lodge. The tropically-themed Atlantis features approximately 51,000 square feet of high-energy casino space with 38 table games and approximately 1,450 slot and video poker machines, a sports book, Keno and a poker room, and offers a variety of dining choices in the form of nine high-quality food outlets.

Monarch is currently seeking additional strategic growth opportunities.

Chiefs call for investigation into Casino Rama payments made to non-existent band

Seen at the Canadian Press

Jun 27, 2008

OTTAWA — Ontario government lawyers are looking into Casino Rama payments made to a First Nation that doesn’t officially exist, and at least one chief, Chief Wilfred King of the Gull Bay First Nation in northern Ontario, is urging a formal probe and investigation. Grand Council Chief, John Beaucage, is also planning to raise the matter at an upcoming meeting of Ontario Grand Chiefs.

Earlier this month, the Chiefs of Ontario voted to de-list and cut off the Poplar Point First Nation, a so-called “near band” that operated out of a storefront in Thunder Bay in Ontario. A phone number posted online is now out of service, and the federal Indian Affairs department says it doesn’t recognize the community. A man claiming to be its hereditary leader and a small group of supporters began receiving Rama cash that has totalled about $3 million over a period of 10 years .

Chief Wilfred King says the Poplar Point members are actually on his own band list, something they conceded at an assembly meeting before chiefs voted to turf them as an accepted band. King wants the investigations to bring to light why funds from Casino Rama near Orillia, Ont. flowed for a decade to a “phoney community.” The funds were meant to help lift Ontario reserves out of poverty. Chief King had fruitlessly tried for years to get the Chiefs of Ontario to act.

Though Ontario lawyers for the province are looking into the Poplar Point issue, the Ontario minister responsible for casinos and acting spokeswoman for George Smitherman, Amy Tang, said that the province has no plans at this time to intervene. She issued this statement on Friday but added that the province had their legal department looking at the issues surrounding such a particular case. She further stated that:

“It’s up to the Chiefs of Ontario to oversee how Casino Rama money is disbursed by a five-member management board called the Ontario First Nations Limited Partnership - We do respect that governing structure that they’ve put in place.”

Since the de-listing of Poplar Point, 132 First Nations will now receive Rama cash instead of 133. The First Nations are all required to ensure they spend a total of about $60 million a year in five approved areas: community development, health, education, economic or cultural development and to submit yearly reports reflecting the requirement. However, such spending accounts are not subject to value-for-money scrutiny by provincial auditors under the terms of a complex deal with the government.This is due to the fact that gambling revenues are never entered into the provincial coffers and are further held in trust by the Ontario Lottery and Gaming Corp. before going directly to reserves through the First Nations partnership group.

The Canadian Taxpayers Federation, watchdogs over public spending, has repeatedly raised concerns over the lack of accessible Rama reporting. Only after a lengthy freedom-of-information fight with the province were the Poplar Point payments, cited in Rama audits, released in May to The Canadian Press.

John Beaucage, grand council chief of the Union of Ontario Indians, says his 42 member First Nations struck Poplar Point from the union’s list of bands years ago because of its lack of effort to be recognized by Ottawa; however, the broader Chiefs of Ontario assembly failed to act quickly as Rama payments continued to flow. Beaucage stated:

 ”I guess they were given the benefit of the doubt, … And once they were in … the so-called process, you just sort of go about all the other things you’ve got to worry about. … Maybe if there was a criminal aspect to it … a fraudulent misrepresentation, then an investigation should be launched by the Ontario Provincial Police (OPP).”

The Grand Council Chief plans to raise the matter in a meeting next month with the political confederacy of Ontario grand chiefs.

Upfront efforts underway to secure renewal of Casino Rama’s operating license

In 2011, Casino Rama’s is coming up for renewal. The Simcoe North MPP Garfield Dunlop is already pressing the province to ensure that Casino Rama remains in operation past 2011. Dunlop said that he wants to lobby for the renewal from now and not take it for granted.

Whilst acknowledging the license is under the jurisdiction of Ontario’s lottery and gaming agency, Dunlop urged Bryant,  Aboriginal Affairs Minister and Government House Leader, to support the casino’s renewal given his dealings with First Nation issues.

Concerns over the casino’s future emerged in recent years following a meeting between then-lottery and gaming head Duncan Brown and band officials when Chief Sharon Stinson Henry said Brown had suggested the license might not be renewed. The provincial agency had denied the allegation.

The government would likely begin to address the license issue in this fall, said Bryant, and mentioned that his ministry had to date focused largely on a revamped revenue sharing agreement for First Nation bands benefiting from Casino Rama’s operation.

Ontario Lottery and Gaming CEO Kelly McDougald in a presentation said her agency was “proud of the facility and wants it to continue.”

McDougald said a “new relationship”– agreeable to the local band, the province and the gaming corporation – was needed to “ensure that Casino Rama will continue to be a successful enterprise many years from now.” She further stated that:

“The continued success of Casino Rama and these relationships are essential for the long-term growth and economic well being of (the local native community) and the region,”