This week’s installment of Inside Gaming shares the inside track that Atlantic City casinos collectively enjoyed a revenue gain in the course of the first a part of 2016, reports on an IRS charge that an Iowa casino should lose its nonprofit status, and tells of the Las Vegas Sands agreeing to pay another fine due to allegations of violating gaming laws.
Atlantic City Casinos See Revenue Increase To start out the Year
While much of the financial news in regards to the eight remaining casinos on Atlantic City’s famed boardwalk have been negative during the last couple of years, the most recent revenue reports show 2016 has started out on a greater foot with a 4.4% increase in gambling revenue over the primary four months of the year.
As shared by the click of Atlantic City, regulators reported the scoop yesterday that the city’s eight casinos produced $812.8 million in gambling revenue from Jan.-Apr. 2016. That total includes online gambling revenue earned by the casinos, constituting $61.8 million of the whole (up a vital 29.3% year-over-year), while brick-and-mortar revenue added as much as $750.9 million (for a 2.7% yearly increase).
While bettering the beginning of 2015, that $812.8 million total is 7% not up to what Atlantic City casinos earned through the same period in 2014, and 35.6% not up to what they earned in 2009. Following the closure of 4 Atlantic City casinos in 2014, the remainder eight all enjoyed a rise in profit during 2015.
The Borgata Hotel Casino & Spa led as usual in total gaming revenue with $237.4 million for the primary four months of the year, up 4.5% over 2015. That’s about twice the revenue of the next-closest Harrah’s Resort which earned $114.7 million over that period, a decrease of 4.3% from a year ago.
Other casinos enjoying increases from Jan.-Apr. included the Resorts Hotel Casino (up 12.7%), the Golden Nugget Atlantic City (up 9.3%), the Tropicana Atlantic City (up 9%), and Bally’s (up 6.9%),
Meanwhile joining Harrah’s in seeing declines were Caesars Atlantic City (down 4.3%) and the Trump Taj Maha Casino Resort (down 3.4%).
For more at the overall gain by Atlantic City casinos to this point this year, take a look at the clicking of Atlantic City.
Iowa Casino Should Lose Nonprofit Status, Says IRS
Following a year-and-a-half long investigation by the interior Revenue Service, the Prairie Meadows Racetrack and Casino in Altoona, Iowa may now not be allowed to think about itself a nonprofit. Yesterday the Des Moines Business Record reported that a letter from the IRS have been sent to the casino, giving Prairie Meadows “30 days to reply and make a case for why it's going to retain its [nonprofit] status.”
The IRS’s investigation concluded Prairie Meadows to be “one of the highest 10 revenue-generating organizations operating as nonprofit social welfare agencies within the country, taking in $2 billion a year in bets or gross receipts.” Responding to the charge, an attorney representing Prairie Meadows noted how 92% of that quantity goes back to the gamblers.
First opened in 1989, Prairie Meadows uses revenues to assist support numerous community projects in and around Altoona and nearby Des Moines. Through the years the casino has ranked just behind Horseshoe Casino Council Bluffs with regards to gross gaming revenue within the state. E.g., for 2014, the Iowa Racing and Gaming Commission reported the Horseshoe earned just over $189 million to top the state’s nearly 20 casinos, with Prarie Meadows next at the list with $185.7 million.
If Prairie Meadows does lose its tax-exempt status as a nonprofit, “central Iowa stands to lose about $30 million a year that was returned to numerous charitable organizations and governmental bodies,” in step with Prairie Meadows President and CEO Gary Palmer.
Palmer noted that the casino has hired a tax attorney from Washington, DC to assist them prepare their response to the IRS.
For more at the not-so-tranquil scene at Prairie Meadows, visit the Des Moines Business Record.
Las Vegas Sands Agrees to Pay $2M Fine from NGCB
This week the Las Vegas Sands Corporation agreed to pay a $2 million fine levied by the Nevada Gaming Control Board following allegations that the corporate violated state gaming law.
VEGASINC reports the fine resulted from earlier federal-level allegations concerning accounting violations in China in addition to failures to follow mandated anti-money-laundering practices in Las Vegas.
As we reported here last month, in April Las Vegas Sands reached a civil settlement with the united states.. Securities and Exchange Commission with a view to end the SEC’s probe into even if the corporate had broken a federal anti-bribery law after paying a specialist to assist them in China and Macau.
The SEC had charged the Sands had created a deceptive “middle man” whose purpose was to hide the company’s effort to shop for a Chinese Basketball Association team (which gaming companies cannot do), one in all a few forbidden deals with which the representative was said to be involved for the Sands.
Over the process the SEC’s five-year probe, it was the Commission's revelation that the Sands had kept inaccurate records and lacked other needed documentation regarding its dealings that during part prompted the NGCB’s decision to institute the fine.
Also prompting the measure was another agreement reached by the Sands with the united states.. Attorney’s Office in 2013 which involved the Sands returning $47.4 million to the united states.. Treasury to finish another probe involving suspicious activity by a high roller, a suspected drug trafficker who’d wired conspicuously large transfers and cashier’s checks to the Venetian-Palazzo during 2005-2007. (See the Reuters story for more on that investigation and agreement.)
The Nevada Gaming Commission must now approve the settlement, and can meet next week to make your mind up the matter.
Read more concerning the Sands’ latest settlement at VEGASINC.
Photo: “Boardwalk Atlantic City NJ 6037,” bobistraveling. Creative Commons Attributions Share-Alike 3.0 Unported.
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