Macau Increases Penalties for Illegal Gambling With New Law
Posted on: October 29, 2024, 12:08h. Last updated on: October 28, 2024, 12:13h. The Chinese Special Administrative Region (SAR) of Macau has strengthened rules geared towards combatting illegal gambling in the casino enclave. A Judiciary Police vehicle in Macau. The Chinese enclave is increasing penalties for, and expanding the definition of, illegal gambling. (Image: Macau News Agency) Earlier this month, lawmakers in the Macau Legislative Assembly passed the Law to Combat Crimes of Illegal Gambling. Assembly President Kou Hoi In and Chief Executive Ho Iat Seng subsequently signed the statute. The illegal gambling measure officially became law today, Tuesday, Oct. 29, after the bill was published on Monday in the Macau Official Gazette, the city’s primary source of newly enacted laws. The law specifically prohibits anyone inside the SAR from gambling online and increases penalties for those found guilty of participating in illegal gambling with a prison sentence of up to six months. Anyone found guilty of running an illegal gambling operation now faces up to eight years in prison. The illegal gambling decree additionally bars someone from providing a loan to a gambler on the premises that they’ll share in any winnings. Violators face up to five years in prison. Also, the new law prohibits people in Macau from playing the Hong Kong Lottery and its popular Mark Six game. Currency Exchanges Targeted Among the bill’s more consequential aspects are the banning of “under the table” bets and the criminalization of unlicensed money exchanges. Under-the-table bets, or side bets, refer to the practice of high rollers multiplying the size of their on-table bets against an outside “house,” typically a junket. Side bets were estimated to have cost the Macau government over $1 billion between 2013 and 2021, the latter being when local law enforcement began cracking down on junket operators and city lawmakers began drafting the illegal gambling bill. Most consequential to the six casino licensees is that Macau is targeting illicit money exchange gangs that have facilitated the unlawful transfers of cash from the mainland into Macau. China forbids mainlanders from entering Macau with more than the equivalent of $5,000 in cash. To circumvent the law, many high rollers and premium mass gamblers have long sent electronic payments to money exchange gangs based in Macau that provide the customer’s funds, minus a substantial service fee, of course, to them once they arrive in Macau. Anyone who, without being legally authorized, exploits the currency exchange business for gambling purposes shall be punished with a prison sentence of up to five years,” the statute states. Macau’s Judiciary Police continues to ramp up its monitoring of the movement of money within the region. Last week, the law enforcement agency handed over 42 mainland residents to police in China. The suspects were alleged to have been participating in an unlicensed currency exchange business. New Regulatory Environment With the Chinese and Macau governments seemingly focused on limiting high rollers’ ability to move large sums of cash from the mainland to the casino hub where the individual tax rate is considerably less, the multibillion-dollar casino resorts are refocusing their attention to the mass and premium mass gambling demographics. The casinos continue to invest heavily in non-gaming attractions to keep their tens of thousands of resort hotel rooms occupied and many resort amenities bustling. Through three quarters of 2024, gross gaming revenue was up 31% from 2023 but remained 23% below pre-pandemic 2019 levels. Source link
Saracen Casino Hotel to open in 2025, promising significant economic impact
PINE BLUFF (KATV) — Saracen Casino Hotel in Pine Bluff is making headlines as it continues to transform the local economy and community. Since its opening in 2020, the Saracen Casino has rapidly become a significant contributor to the region’s economic growth, and the upcoming hotel project, set to open in fall 2025, is anticipated to attract even more visitors. “What we’re doing at Saracen, they like our product, they like our sports bar, they like our table games, they like our poker room, and they want more,” says CMO, Carlton Saffa. With a state-of-the-art gaming facility and a variety of dining options, the casino has attracted visitors from across the state and beyond. The only thing they say was missing was a hotel. “The hotel provides another amenity for folks who like our non-gaming offerings. But it also will mean more folks coming from out of state.” Since its inception, the Saracen Casino says they have invested half a billion dollars in Pine Bluff, and anticipating more with the hotel. “So, unquestionably, what will happen with the opening of the hotel is it will greatly expand the radius of our regular customers. Because, when you can stay the night, it just makes that much more sense to come to Saracen.” The new hotel is set to rise 15 stories high, include an event center with a capacity of 1,600 people, and feature 320 rooms, nearly half of which will be suites. This development is anticipated to attract visitors from across multiple states, as it will provide them with a convenient place to stay. “Folks who literally drive past casinos to come to ours. There’s not greater compliment than that. When someone drives an hour or two, from north Louisiana from southwest Mississippi to come to us. It means they like what we’re offering.” With a little more than a week left until Election Day, and issue two still being voted on, Saffa says he is grateful the people of Pine Bluff have accepted the casino welcomingly. “It’s a stark contrast. Pine Bluff has welcomed us with open arms and we’re brought five hundred million dollars in capital investment. Nearly a thousand jobs. And to this day, I think you still have neighbors divided in Russellville. It is amazing how an issue can be so divisive. In Pine Bluff, it’s been so uniting.” The Saracen Casino Hotel’s top beam will be hung tomorrow. They look forward with plans for even more community involvement and greater growth for the city of Pine Bluff with the completion of the project. Source link
GGRAsia – Self-bans common for foreigners barred at S.Korea casinos
Self-bans common for foreigners barred at S.Korea casinos Oct 29, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck   South Korea’s 17 foreigner-only casinos collectively had 1,870 foreign players registered as excluded as of August 2024, with those ‘self-excluded’ being the largest-single category, accounting for 492 individuals, or 26.3 percent of the total. The information is via the office of National Assembly member Min Hyung-bae, in a reply to GGRAsia. The original source had been the Ministry of Culture, Sports and Tourism, as part of a National Assembly audit on the casino industry, said the legislator’s office. Mr Min stated in a recent National Assembly discussion of the audit, that a creeping increase in the number of all forms of self-exclusion – up by 637 year-on-year in 2021; up by 693 in 2022; and up by 761 in 2023 – indicated players’ recognition of “gambling addiction”. He urged the Ministry of Culture, Sports and Tourism, and the National Gambling Control Commission to act swiftly, regarding countermeasures on gambling addiction. Mr Min’s office clarified to GGRAsia it did not have data regarding any possible exclusions at South Korea’s only casino for locals, within the Kangwon Land resort. GGRAsia approached that resort’s operator, Kangwon Land Inc, asking for information on if – or how many – locals were excluded, but it said the information was not publicly disclosed. Among foreign players barred at foreigner-only casinos – aside from the 492 that were self-excluded – there were: 431 individuals with ‘venue order violations’ (23.0 percent); 148 individuals as ‘requested by family members’ (7.9 percent); 95 due to ‘theft’ (5.1 percent); and 57 for ‘alcohol disorders’ (3.0 percent). There were additionally excluded: 30 people for ‘violence’ (1.6 percent); eight for ‘identity fraud’ (0.4 percent); seven for ‘property damage’ (0.4 percent), and 602 individuals categorised as ‘other’ causes (32.2 percent), as of August. According to the data via the lawmaker’s office, Paradise Co Ltd, which runs the Paradise Walkerhill venue in the capital Seoul, Paradise City at Incheon, Paradise Busan in that southern port city, and Paradise Grand Jeju on the island of Jeju, had 971 foreign players barred as of August. Among Paradise Co’s 971 exclusions, ‘venue order violation’ was the largest single category of exclusion, accounting for 343 players (35.3 percent of its cases); with ‘self-exclusion’ being the second commonest, with 332 players (34.2 percent of its cases). Grand Korea Leisure Co Ltd (GKL), which runs the Gangnam COEX and Dragon City venues in Seoul under the Seven Luck brand, as well as the Busan Lotte venue, had a total of 353 excluded people as of August. Among them were 20 individuals (5.7 percent of its total) under ‘venue order violations’. A further 65 individuals (18.4 percent of its cases) were counted as ‘self-exclusions’. Jeju Dream Tower casino, promoted by Lotte Tour Development Co Ltd, had 235 excluded players, though reasons were not specified in the data. The casino within Mohegan Inspire Entertainment Resort at Incheon, had 104 excluded players overall. A spokeswoman for Paradise Co told GGRAsia that its exclusion period ranges from ‘one week’ to ‘indefinite’. She said the company does not publicly disclose the criteria it uses for deciding on the length of exclusion. An official at GKL told GGRAsia that its criteria for length of exclusion are applied uniformly across its three properties, but it also does not publicly disclose them. An official from Jeju Self-Governing Provincial Government’s Casino Policy Division told GGRAsia that there is no national standard for casino exclusions, so the rule varies by property and might change daily. This was on the basis that – in the case of self-exclusion – a player might opt to lift their own ban in the course of 24 hours. Source link
Bucks County community in Bensalem bans casino-style skill games with some exceptions
BENSALEM, Pennsylvania (WPVI) — Following a unanimous vote Monday night, skill games are now banned in Bensalem, Bucks County, with some exceptions. During a township council meeting, Public Safety Director William McVey, at the request of the mayor due to complaints from the public, said his department had been looking into the issue for two years. In 2023 there were 100 estimated skill games in businesses across the township. That number jumped to 170 in 2024, according to police. The games can be found in businesses like delis, restaurants, bars, and convenience stores. Police said the unregulated games threaten quality of life and public safety in Bensalem pointing to robberies, theft, and even drug use connected to the skill games. “We’ve seen a proliferation of these machines and all types of businesses and we’ve also seen it welcome a criminal element,” said McVey. There are exceptions to the new rule for businesses and clubs with active, state-issued liquor licenses. However, they’ll now have to monitor gaming areas with video surveillance and place them in areas visible to employees and not accessible to children. The Bensalem solicitor said the guidelines are designed to mirror a proposal currently in the state Senate, Senate Bill 1142. In response to Bensalem’s new ordinance, Mike Barley — a spokesman for PA Skill — issued the following statement to Action News: “Pennsylvania Skill is alarmed that Bensalem Twp. Supervisors would pass a measure that will hurt small family-owned businesses and fraternal clubs that benefit from the supplemental revenue from skill games. We take the welfare of the communities where our games are located seriously and agree that the number of illegal gambling machines cropping up in communities across the state is a problem. A ban that includes legal skill games, however, is not the answer. It only jeopardizes the livelihoods of small businesses and fraternal groups already struggling because of inflation and other economic issues. We advocate for what Gov. Josh Shapiro supports: skill game regulation and taxation legislation that will rid neighborhoods of illegal gambling machines, especially mini-casinos, without harming law-abiding business owners. The legislation also would provide tax revenue for the state to use on priorities such as transportation and mass transit. Considering that the council is basing its ordinance on a casino-written piece of legislation, Senate Bill 1142, this tells us all we need to know about who is driving this effort. This is about protecting an internationally-owned casino. We urge Bensalem Twp. to prioritize their local businesses and fraternal clubs and not Parx Casino.” “My answer to that is we’re doing this based on the public safety need for Bensalem Township, based on the data that we’ve had. I’ve seen a 40% increase of these machines in our township in one year,” McVey said in response. Anthony Ricciardi owns Ricciardi Mini Mart and Sunoco gas station in town with his family and six employees. He has four skill game machines he’ll now have to get rid of as his business doesn’t fall within any of the exceptions. He says he’s had no issues of violence or crime and calls the new ordinance a blow to his small business. “As a small family-owned convenience store we work off of small margins, tight margins on our products so it’s just one of those extra things that helps us with the bills and payroll,” Ricciardi said. He sparred with town leaders advocating for his business Monday night but leaders, including the Bucks County District Attorney, said the move was necessary. “We hear it all the time — victims of violent crimes always say, ‘I didn’t think it would happen to me until it did.’ And as much as he believes that his establishment is safe, we know criminals target these facilities, these establishments because they know they’re not regulated,” said Bucks County DA Jennifer Schorn. This ordinance is effective in 10 days. During this time the town will work to notify businesses they’re aware of that would be affected. The town also says they will not be seizing machines but rather fines and penalties could be enacted for non-compliance. The City of Philadelphia took similar action earlier this year citing similar reasons of crime and violence connected to skill games. Copyright © 2024 WPVI-TV. All Rights Reserved. Source link
AGLC evaluating Camrose Casino relocation as owners are in receivership
Descrease article font size Increase article font size The ownership of the Camrose Casino is up in the air, meaning there are now questions surrounding if and when it moves to south Edmonton. Alberta Gaming, Liquor and Cannabis (AGLC) says Mayfield Investments owns the Camrose Resort Casino and Hotel and confirms the company is in receivership. Court documents shared by Ernst and Young it is now the receiver and manager of Mayfield Investments Ltd.’s assets. Get weekly money news Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday. Earlier this month, AGLC approved to casino’s relocation to Edmonton. The application laid out a plan to build the casino at 420 Parsons Road Southwest, which is currently an empty piece of land south of South Edmonton Common and north of Ellerslie Road. Now, AGLC is evaluating the receivership’s impact on the relocation application. Story continues below advertisement For more on this, see the video at the top of this story. 1:42 AGLC application to move Camrose Casino to Edmonton approved © 2024 Global News, a division of Corus Entertainment Inc. Source link
Top 3 Sweepstakes Casinos with the Best Daily Bonuses to Keep You Playing
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Black soil before blackjack: Gateway looks to bring in fill for casino site
Environmental and traffic concerns discussed before council OK’d plan for new casino site in southern portion of Innisfil Innisfil council helped Gateway Casinos and Entertainment keep the odds in its favour for opening a new casino site in the southern portion of the municipality. Council agreed to allow Gateway, which also operates Casino Rama, to start bringing in fill to the site it purchased at 255 Reive Blvd., which could be home to a new casino before the end of the decade. What was unique about the endorsement was that site plan approval hasn’t been granted yet, nor have the parties received word whether the requested Minister’s Zoning Order (MZO) will be approved by the provincial government. The site features “significant elevation changes which necessitate the need for importation of fill,” stated a letter from EXP, civil consultants retained by Gateway, that was included with the staff report for the Oct. 23 council meeting. “It was previously estimated by our Engineers that the property would need approximately +/- 109,500 cubic meters of fill to be brought on-site, for the development to be feasible,” the letter continued. The town isn’t the only governing body that will be required to sign off, staff indicated. “The proposal by Gateway to import material to the site meets the requirements for a site alteration permit under the current By-law. Furthermore, approval from the (Nottawasaga Valley Conservation Authority), as well as the (Ontario) Ministry of Tourism and Culture, will be obtained, and necessary securities will be collected prior to the commencement of any work,” the staff report on this issue stated. The conservation authority has approved the importation and stockpiling of fill, the report added, but not to spread it on site, town development engineering manager Devina Mohamed said during the meeting. The site alteration plan spells out how the fill be managed on-site, how erosion and sediment will be controlled, as well as a private water well survey, haul route plan and archaeological reports. Coun. Alex Waters wanted to ensure the importation of fill wouldn’t adversely affect the existing property and surrounding neighbourhoods. “When we originally passed the MZO, I asked specifically where they’re going to build and they said there was enough high land on the property that they wouldn’t have to touch the lands which have drainage areas in them,” Waters said. “I just want to confirm that the fill is not going to be in the regulated areas of drainage.” Waters was correct, Mohamed confirmed. “The preliminary grading plan shows that now work is proposed within the 30-metre setback of the flood line of that watercourse,” she said. “We have that level of comfort that no work will be within the flood plane, much less the setback.” She also added testing on the fill is done at its origin and then again once it arrives in Innisfil. How the fill would arrive in Innisfil was also discussed by council. Mohamed indicated as many as 11,000 truckloads would be required to move the fill to the Gateway site, taking about three to four months to complete. Coun, Kevin Eisses was concerned about what that might actually look like on area roads. “Will the applicant provide some traffic help at all times with the trucks as moving in?” he asked. “I know from past experiences these truck drivers, they get paid by the load, so they’re in quite a bit of a hurry to get back to the next one. For the majority of them, they do that well, but there’s always a small percentage that might want to take a shortcut through someone’s driveway.” Truckers will be forced to follow the haul route as outlined in the site application plan, Mohamed said. Currently, the only municipal road to be impacted will be Reive Boulevard, as the trucks will enter and exit the municipality via the Highway 89 exit at Highway 400. Trucks will also be staggered at the origin site of the fill to help control traffic, she added. That’s a section of road already used to heavy traffic, Mayor Lynn Dollin said, given the volume of vehicles using the exit to get to the Honda plant in Alliston. More importantly, no trucks are expected on Line 2, which is good news for residents and for the road itself. “That’s wonderful, because 2nd Line is not hard-surfaced, so it would not take that type of beating,” the mayor said. All costs associated with the permit are borne by the applicant, with no financial impact to the town. Source link
State audit calls Nebraska’s oversight of casinos ‘lackluster at best’
A report from the Nebraska Auditor of Public Accounts released Monday said the Nebraska Racing and Gaming Commission’s oversight of taxes is “lackluster at best but oftentimes completely nonexistent.” The report identified irregularities in the tax revenue received from each of the four racetrack casinos that have begun operations in the nearly four years since voters approved casino gambling in November 2020. “Without such a basic level of understanding, the commission was woefully unprepared to ensure, with any level of confidence, that the authorized gaming operators were paying the appropriate amount of gaming taxes,” the report said. The state’s four racetrack casinos generated nearly $20 million in taxes during the 2024 state fiscal year, and the audit found that the commission “failed to follow its own administrative rules and regulations, as well as neglected to review adequately the documentation received from authorized gaming operators to ensure that the state was receiving the proper amount of gaming tax revenue.” People are also reading… The audit also found issues with the travel expenses of several employees. Expectation vs. reality While the audit mentioned the fiscal year 2024 casino tax revenue, the examination was actually done on fiscal year 2023 revenue. In that year, the four casinos — WarHorse in Lincoln and Omaha, the Grand Island Casino Resort and Harrah’s Columbus Racing and Casino — paid just more than $17.8 million in tax revenue, about $100,000 less than they should have, according to the auditor’s office. The audit found that the two WarHorse casinos underpaid by nearly $300,000, while both Grand Island and Columbus had a higher tax revenue than expected with about $110,000 and $75,000 respectively. The report also noted that the Grand Island Resort Casino was audited by a CPA firm that was not licensed in the State of Nebraska. Additionally, the Columbus casino’s revenue was rounded to the millions, which could contribute to the difference noted in the audit. According to the audit report, there could be reasonable explanations for these variances, but the commission hasn’t made an effort to review the taxes received. Casey Ricketts, the executive director of the commission, said it appreciated the auditor’s office bringing all the issues to light. Ricketts Journal Star file photo “We had actually requested the auditors to come audit our agency, being a brand-new agency, so we had requested this,” Ricketts said. “Obviously we see that there are areas that we need to improve upon. We are committed to making the necessary changes, and we’d actually already begun implementing some of those changes.” Ricketts also said the commission will be following up with the auditor’s office in six months with all of its corrections. The audit also recommended that the commission work with the auditor’s office to find a legislative solution or transfer its responsibility to the state auditor. The commission isn’t looking at transferring any responsibility, but wants to have a good working relationship with the auditor’s office, Ricketts said. The auditor’s office highlighted a number of additional concerns, including that the commission did not seem to understand the information reported when it asked about the amounts on the weekly tax reports and the criteria used to generate the monthly gaming tax reports. The audit also expressed concern that the commission has not provided a review of its license fee structure in an annual report and that commission staff said they could not remember when an annual report was completed. The commission also could not provide documentation that quarterly reports were completed, according to the audit. The commission said in a response included in the report that it has expanded its team to review the documentation process. “Until June 2024, we relied on a single individual for all financial matters,” according to the response. “We are now collaborating with other jurisdictions to support our learning (of) gaming financials.” The commission also said it is reviewing changes to the titles referenced by the report, which the report said the commission violated. The commission also said it would submit its annual report to the governor’s office during the week of Oct. 21. Ricketts said the report has now been submitted. Vehicles and travel In addition to the tax revenue issues, the report also found discrepancies in the commission’s vehicle and travel expenses for several employees. The commission’s former Director of Enforcement Steven Anderson commuted in a state-owned vehicle, keeping it overnight, and was tracked by GPS as going to Walmart, a coffee shop and pawn shops, according to the report. Anderson gave the auditor’s office alternative reasons for the trips, like fueling the car or stopping for lunch. Anderson no longer works for the commission for reasons unrelated to the audit investigation, as of a month ago, Ricketts said. After Ricketts became interim director in March, she revoked the ability of employees to take the state-owned vehicle overnight and rescinded a request for the four vehicles leased by the commission to have regular license plates instead of the normal state plates used for a state-owned vehicle, according to the report. “I made the decision that we were no longer going to have take-home cars’” Ricketts said. “We now have pooled vehicles, so little changes like that, that were already previously addressed prior to the audit.” In addition to Anderson, the report named former Executive Director Tom Sage for his conference travel expenses. The audit listed eight conferences that Sage attended and listed three occasions where the former director stayed at a conference for extra days, incurring extra travel costs. Other employees also had expenditures for high lodging costs and other issues, according to the report. In March, the commission began implementing new policies and approval processes for conferences and trips and will not reimburse for non-work-related days or unapproved travel, according to the commission’s response in the audit. The report also mentioned the segregation of duties over revenues and issuance of licenses, expenditure issues, deposit support and other issues. Ricketts said that the travel and vehicle usage were issues her staff
Genting Singapore Credit Rating Supported by RWS, Says Moody’s
Posted on: October 28, 2024, 04:34h. Last updated on: October 28, 2024, 04:34h. Momentum at Resorts World Sentosa (RWS) is supportive of Genting Singapore’s solid credit rating, according to Moody’s Investors Service. Resorts World Sentosa. Operator Genting Singapore has a strong credit rating and a clean balance sheet. (Image: Mediacorp) In a new report, the ratings agency affirmed its “A3” grade and “stable” outlook on the gaming company, noting the duopoly status Genting has in Singapore is a driver of earnings growth and free cash flow. Resorts World Sentosa and Las Vegas Sands’ (NYSE: LVS) Marina Bay Sands are the two casino hotels in the city-state. Both operators are spending in significant fashion to enhance those properties. GENS is expanding and refreshing its offerings at RWS in phases for a total cost of SGD6.8 billion, which includes the amount already spent,” observed Moody’s. “Although the amount is significant, the capital expenditure will be spread across multiple years, peaking at an estimated SGD1 billion per annum between 2027 and 2029.” The research firm added Genting Singapore should post modest earnings growth this year even with the headwind of some of its RWS room supply being offline due to renovations. Genting Singapore Balance Sheet Impressive At a time when capital expenditures are necessary to bolster RWS amid increasing competition from the United Arab Emirates (UAE) and perhaps Thailand, Genting Singapore has a significant advantage in the form of its balance sheet. While “clean” balance sheets in the gaming industry are usually seen as a relative term, Genting Singapore’s fiscal position is pristine, indicating the operator will not be strained when it comes to improving its Singapore integrated resort. “The company will likely fund its capital spending using internal cash sources. Consequently, GENS’ credit metrics and liquidity will remain strong because the company has minimal debt and sizable cash holdings of SGD3.7 billion as of June 2024,” added Moody’s. Even if the gaming operator opted to head to capital markets to pay for some of its RWS-related spending, the cost of that financing would be low due to the company’s A3 credit rating, which is well into investment-grade territory. Genting Singapore sports a higher credit rating than its parent company Genting Bhd. Genting Singapore Faces Minimal Downgrade Risk At A3, there’s not much room for Genting Singapore to be upgraded as Moody’s has just three grades above that. That doesn’t imply the operator is at risk of a downgrade – a scenario that could easily be averted provided the company doesn’t rapidly take on significant debt. “We could downgrade GENS’ rating if there is a prolonged weakness in its operating performance, such that its earnings and credit metrics deteriorate; the company fails to maintain its 100% ownership of RWS; it increases debt at Resorts World at Sentosa Pte. Ltd., resulting in structural subordination risk; or its adjusted net debt/earnings before interest, taxes, depreciation, and amortization (EBITDA) exceeds 1.0x,” concluded Moody’s. An upgrade would be possible if Genting Singapore could maintain a debt/EBITDA ratio of below 3x and cash flow/net debt above 30%-35%. Source link
Camrose Casino Receivership Jeopardizes Edmonton Move
Posted on: October 28, 2024, 04:27h. Last updated on: October 28, 2024, 04:27h. The company that owns the Camrose Casino in Alberta, Canada, has been ordered into receivership by the province’s superior court, the Court of King’s Bench. The Camrose Casino in the small city of Camrose, Alberta Canada. Receivers Ernst & Young now have the power to change all the locks and conduct all business on its owners’ behalf. (Image: Camrose Casino) The judgment was handed down to Mayfield Investments Ltd. Thursday for debts unpaid to province-owned bank ATB Financial and for defaulting on forbearance agreements related to those debts. The order authorizes receiver Ernst & Young to exercise control over “all of the Debtor’s current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situate, including all proceeds.” Under the order, the accounting firm has the power to change locks and door codes at Mayfield’s properties and conduct regular business on its behalf. Relocation Rubberstamped The ruling throws into jeopardy Mayfield’s controversial plans to relocate the Camrose Casino to the city of Edmonton, which was signed off by the Alberta Gaming Liquor Cannabis (AGLC) two weeks ago. “We’re all a little flummoxed by this,” Howard Pechet, Mayfield president, told The Edmonton Journal Friday. “We’ve been good clients, as Treasury branch has reiterated on numerous occasions, for Alberta Treasury grants for 50 years now.” As well as the debt to ATB, Mayfield’s owes around C$1.8 million to the Camrose Regional Exhibition (CRE), host of the Big Valley Jamboree Music Festival. The local charity organization loaned Mayfield $2.5 million in 2006 to help it finish construction of the Camrose Casino. But repayments dried up during the COVID-19 pandemic, according to CRE executive director Dianne Kohler. Mayfield applied to relocate the casino to Edmonton in 2022, but the regulator rejected the proposal after a public backlash. That decision was upheld on appeal, with the AGLC citing a continued lack of public support and a “significant cannibalization” of gaming revenues that would hurt existing casinos in the area. Opposition Remains The latest application attracted similar opposition but was ultimately approved by the AGCL, which determined that it would generate “significant additional revenue” for the provincial government, provide jobs for Albertans, and “significantly improve returns for rural charities with minimal impact to charities assigned to the Edmonton pool.” The new proposal is for an 88,000 square-foot casino with 498 slot machines, 25 table games, and eight poker tables. Pechet declined to speculate on what the receivership order would mean for the casino’s relocation plans. Source link
