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ï»¿FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances
FantasyDraft will rescue the customer balances associated with the stricken and bankrupt Fantasy Aces internet site, its CEO announced on Monday on the RotoGrinders DFS forum.
FantasyDraft CEO Steve Krombolz said their company is stepping in so that they can save the ‘lifeblood for the industry.’ The vast majority of Fantasy Aces clients will be paid in money, while larger balances are topped up with FantasyCash.
FantasyDraft was on the verge of acquiring the site month that is last it pulled out of the deal citing ‘issues identified during our homework.’ It was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.
Bankruptcy filings soon unveiled the truth that is messy Fantasy Aces’ situation: the company had failed to segregate player funds from the operational costs and owed its customers $1.3 million.
An account placed in the filings as ‘Players Account’ contained just $2,419. Whilst the business listed assets of $1.8 million, that may be liquidated to pay creditors, it stated it had liabilities of $2.96 million.
In quick, Fantasy Aces could not pay its customers.
99.6 Percent to Receive Money
‘As members associated with the DFS community devoted to doing things the right way, we feel you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft that we need to do our part to protect the lifeblood of the industry.
‘So, we’ve determined to obtain involved. Today, we have ente more “FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances”
ï»¿Third Connecticut Casino Announcement Has All Ears Piqued in Northeast
A planned Connecticut casino will reveal its targeted location for construction in the coming days, and the impending announcement has the ears of all vested gaming interests operating in the northeast.
MGM Springfield in Massachusetts is causing quite a stir, as another Connecticut casino is in the works to offset the impact of the megaresort.
The Mashantucket Pequot and Mohegan Native American tribes are working together to bring the Constitution State a third casino venue. The joint venture is in response to MGM Springfield, the $950 million resort currently under construction in southern Massachusetts.
State lawmakers permitted the two tribal groups to build a third casino off their sovereign lands in order to keep gambling revenue in the state and protect jobs.
The Mashantucket and Mohegan people are considering building in the northern part of the state in the towns of Windsor Locks or East Windsor. That would place the Connecticut casino just 15 miles from MGM Springfield.
With MGM, state lawmakers, and residents anxiously waiting, the tribes say the official announcement of the casino will be revealed in the coming days. ‘We’re days, not weeks or months . . . from announcing a decision,’ Mohegan Chairman Kevin Brown said this week.
MGM States the Obvious
Once the Native American coalition pinpoints its gaming location, the state legislature will need to sign off on the construction. The facility is expe more “Third Connecticut Casino Announcement Has All Ears Piqued in Northeast”
ï»¿Casino Developers Will Have to be Patient on Japanese Regulation, Says Analyst
Global casino operators are bending over backwards to get a piece of the future Japanese casino industry, but they may have to wait just a little bit longer.
Union Gaming Analyst Grant Govertsen believes Japan is unlikely to develop a framework of regulation for casino gaming until the fall and it will likely be an ‘October or November’ event.
The Japanese Diet passed its Integrated Resorts Promotion Bill in December, after years of mulling the issue, paving the way for the opening up of a market with the potential to become the second biggest in the world, after Macau. But Japan has not regulated casino gaming, not yet, at least.
The Integrated Resorts Bill was an enabler, giving the Diet a 12-month deadline to prepare a framework of regulation, which will lay down licensing requirements and measures to protect problem gamblers from using casinos.
No Movement in Spring
With the Diet’s ordinary session getting underway nice and early, on January 20, it was hoped that process would begin soon, but not so fast, says Union Gaming Analyst Grant Govertsen. There is unlikely to be any movement on regulation during the spring session, he said in a note this week.
‘Rather, we think the Diet has already made the decision to handle the IR bill during the fall special session, suggesting that it is more likely going to be an October or November event,’ Govertsen said.
Prime Minister Shinzo Abe’s ruling Liberal Dem more “Casino Developers Will Have to be Patient on Japanese Regulation, Says Analyst”
ï»¿North Korea Deals a Last Hand to Kim Jong Un’s Casino-Loving Half-Brother, Assassinated in Malaysia
North Korean dictator and anti-gambling hardliner Kim Jong Un’s more fun-loving half-brother Kim Jong-nam was headed to Macau, presumably for a gambling junket, when he was reportedly assassinated on Tuesday at the Kuala Lumpur International Airport in Malaysia.
North Korea’s Kim Jong Un hasn’t publicly addressed the assassination of his decade older half-brother this week in Malaysia, but all signs point to the dictator being involved in the murder. The brother, known to be a gambler, was headed to Macau when he was accosted by a woman and killed.
Though details of the murder are still developing, the latest reports claim two women approached the exiled North Korean, with one placing a cloth containing a suspected poison over his face. Jong-nam died on the way to the hospital at the age of 45.
Malaysian police say they’ve arrested one of the women, and note she’s a 28-year-old holding a Vietnamese passport.
The oldest son of Kim Jong-iI, the notorious supreme leader of the Democratic People’s Republic of Korea (DPRK), Jong-nam was well-known for leaning towards much-frowned-upon Western frivolities like casinos. None of that flew well with his famously harsh and merciless sibling-in-command.
ï»¿Minnesota Charitable Games Charitable to State Coffers, Not Actual Nonprofits
Minnesota charitable games are used by roughly 1,200 nonprofits across the Gopher State as a way to grow revenue for the missions of their respective organizations.
But the latest fiscal report on the legalized gambling sector shows that state tax coffers are getting rich, while the actual groups themselves are barely pulling in more money than they deliver to St. Paul.
The Irving Community Club supports youth programs, but their website makes no secret about how they raise money. A Minnesota charitable games bill seeks to help lessen the organization’s tax burden.
The Star Tribune, the largest circulated newspaper in Minnesota, published a story this week showing that nonprofits paid $60.6 million in state taxes last year, while spending $62 million on their charitable work. And while overall the nonprofits engaged in charitable games still came out on top, that wasn’t the case for some groups.
For example, the Irving Community Association was on the hook for $733,000 in state taxes i n2016. But the 501(c)(3) group that supports youth organizations around the Duluth area spent just $306,000 on actual mission programs.
Tax rates vary depending on an organization’s total gambling revenue and which games they offer. Groups pay between 8.5 and 36 percent of their gross receipts on games like pull-tabs and electronic bingo to the state.
Some observers blame the nonprofits for having too much overhead, whil more “Minnesota Charitable Games Charitable to State Coffers, Not Actual Nonprofits”
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